Final Award - italaw

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UNCITRAL Arbitration Proceedings CME Czech Republic B.V. (The Netherlands) vs. The Czech Republic FINAL AWARD issued in Stockholm, Sweden, in the UNCITRAL Arbitration Proceedings between CLAIMANT:

CME Czech Republic B.V., Hoogoorddreef 9, 1101 BA Amsterdam Zuid-Oost, The Netherlands (hereinafter referred to as “CME”) represented by: Mr. John S. Kiernan, Mr. Mark W. Friedman and Mr. Michael M. Ostrove, Debevoise & Plimpton, 875 Third Avenue, New York, New York 10022, U.S.A.

and RESPONDENT:

The Czech Republic represented by the Minister of Finance of the Czech Republic Mr. Bohuslav Sobotka, Ministry of Finance, Letenska 15, 11810 Prague 1, The Czech Republic represented by: Mr. Jeremy Carver and Mr. Audley Sheppard, Clifford Chance, 200 Aldersgate Street, London EC1A 4JJ and Mr. Vladimir Petrus and Mr. Miroslav Dubovský, Clifford Chance Pünder, Charles Bridge Center, Křizovnické nám. 2, 110 00 Prague 1, Czech Republic

BEFORE:

Dr. Wolfgang Kühn, Düsseldorf, Chairman of the Arbitral Tribunal, Judge Stephen M. Schwebel, Washington D.C., Arbitrator, Mr. Ian Brownlie, C.B.E.,QC, London, Arbitrator

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2Table of Contents

TABLE OF CONTENTS Page

I. A.

B.

The Dispute

9

Background of the Dispute

9

(1)

The Parties

9

(2)

The Introduction of Arbitration Proceedings

9

(3)

The Netherlands / Czech Republic Bilateral Investment Treaty

9

(4)

CME’s “investments” under the Treaty

9

(5)

CME’s shareholding

9

(6)

The Broadcasting License

10

(7)

The Formation of ČNTS

10

(8)

The ČNTS Memorandum of Association

11

(9)

ČNTS’ Broadcasting Services

11

(10) TV NOVA’s success

11

(11) The Change of Media Law

11

(12) The Amendment of the Memorandum of Association

11

(13) The 1999 Events

12

(14) CME’s Allegations

12

(15) The Prague Civil Court Proceedings

12

(16) The ICC Arbitration CME Media vs. Dr. Zelezny

13

(17) The London Arbitration

13

(18) Investment Dispute and Breach of Treaty

14

Relief Sought

14

(1)

Relief Sought by CME Czech Republic B.V.

14

(2)

Relief Sought by the Czech Republic

16

C.

Procedure

17

I.

The appointment of the Tribunal

17

II.

The First Phase of the proceedings

17

FinalAwardu1303.doc

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3Table of Contents

(1)

Procedural Orders (First Phase)

17

(2)

The Procedural Hearing (First Phase)

17

(3)

The Tribunal’s Decision on Interim Remedies (First Phase)

18

(4)

Further conduct of proceedings (First Phase)

19

(5)

The Stockholm Hearing (First Phase)

19

III.

The Partial Award

19

IV.

The Quantum Phase of the Proceedings

20

(1)

Continuation of proceedings

20

(2)

Order No. Q 1 dated October 30, 2001

20

(3)

Order No. Q 2 dated November 6, 2001

20

(4)

Procedural Hearing in London on January 22, 2001 and Order No. Q 3

21