Overview
On October 1, 2024, Global Arbitration Review (GAR) featured the Steptoe team representing client Alpene in article titled, "First ICSID Claim Against Malta Clears Hurdle." The article discusses an ICSID tribunal's decision to uphold its jurisdiction over a claim against Malta by Alpene, a Hong Kong-registered entity, regarding the forced closure of Pilatus Bank amid corruption allegations (Alpene Ltd v. Republic of Malta (ICSID Case No. ARB/21/36)). The tribunal dismissed Malta's jurisdictional objections following a virtual hearing. Alpene, represented by Steptoe, filed the claim under the China-Malta bilateral investment treaty, seeking damages for the bank's loss in value. Representatives for Malta argued the case lacked merit. The tribunal also granted provisional measures to suspend proceedings impacting Alpene's rights.
The Steptoe team representing Alpene includes partners Steve Davidson and Michael Baratz, and associate Chloe Baldwin.
