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Anglo-Adriatic Group Limited v. Republic of Albania (ICSID)

Why it matters

This case clarifies the strict requirements for establishing a protected investment under Albanian law, particularly the prohibition on investment funds receiving loans. It also illustrates the importance of proving ownership of shares and the legality of investments under host state law.

Summary

Anglo-Adriatic Group Limited (AAG), a BVI company, claimed that Albania breached its foreign investment law by refusing to allow the Anglo Adriatika Investment Fund (AAIF) to participate in Albania's voucher-based privatization process. AAG alleged it owned shares in AAIF and had lent it over USD 5 million. Albania objected to jurisdiction, arguing AAG was not a protected investor and had not made a protected investment. The Tribunal found that AAG failed to prove it owned the shares; the shares were held by four foreign individuals, not AAG. Regarding the loan, AAG did not provide sufficient evidence of its existence. Moreover, even if the loan existed, Albanian law (Law on Investment Funds) prohibited funds from borrowing money, making the loan illegal and thus not a protected investment. The Tribunal therefore lacked jurisdiction ratione materiae and dismissed the claims. The decision underscores that investments must comply with host state law to qualify for protection.

The detail

Parties: Anglo-Adriatic Group Limited v. Republic of Albania

Case number: ICSID Case No. ARB/17/6

Outcome: The Tribunal dismissed the claims for lack of jurisdiction; each party bears its own costs, but Claimant must reimburse Respondent's advances to ICSID.

Applicable law: Albanian Law No. 7764 on Foreign Investments (LFI) and the ICSID Convention

Issues in play: The definition of 'investment' under the LFI and whether Claimant's ownership of shares in and loans to an Albanian investment fund qualified as a protected investment.

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