MNSS BV and Recupero Credito Acciaio NV v Montenegro, Award, ICSID Case No ARB(AF)/12/8, IIC 982 (2016), despatched 4th May 2016, United Nations [UN]; World Bank; International Centre for Settlement of Investment Disputes [ICSID]

Whether the Tribunal had jurisdiction to determine the claims of MNSS and Recupero Credito Acciaio N.V. (RCA) when there was a waiver of jurisdiction contained in clause 11 of the Privatization Agreement.

Whether the Tribunal had jurisdiction rationae materiae and ratione personae to determine MNSS and RCA’s claims under the ICSID Convention and the Netherlands - Yugoslavia BIT.

Whether MNSS effectively waived its rights under the Netherlands-Yugoslavia BIT.

Whether Montenegro’s interference with the operation and management of Zeljezara Niksic amounted to a breach of the obligation not to impair the operation, management, maintenance, use, enjoinment, or disposal of the investment, and to a violation of the fair and equitable treatment standard.

Whether Montenegro’s failure to ensure the protection of Zeljezara Niksic’s properties and management from its employees’ protests amounted to a violation of the most constant protection and security standard.