State General Reserve Fund of the Sultanate of Oman v. Republic of Bulgaria (ICSID Case No. ARB/15/43)
In an award issued on August 13, 2019, Arnold & Porter secured a complete and decisive victory for its client the Republic of Bulgaria. The case involved an EUR 80 million investment treaty arbitration claim brought at the International Centre for Settlement of Investment Disputes (ICSID), a World Bank-affiliated arbitral institution, by the State General Reserve Fund of Oman (SGRF). The Tribunal's award dismissed the totality of SGRF's claims with prejudice and awarded Bulgaria 100% of its legal fees and costs in the arbitration. The award followed a withdrawal of the claims by the claimant after Bulgaria's final written submission on the merits and shortly before the hearing.