The Republic of Indonesia has succeeded in obtaining the dismissal of a claim by a British investment banker brought pursuant to the UK-Indonesia bilateral investment treaty at ICSID. The claim arose from Indonesia’s bail-out of Bank Century, a major Indonesian Bank, in which British national Rizvi allegedly held shares. Rizvi was convicted by an Indonesian criminal court for his role in the bank’s collapse which necessitated a bail-out of around USD 700 million. An ICSID Tribunal dismissed the claim for lack of jurisdiction having found that Rizvi’s investment had not been granted admission in accordance with the treaty’s specific requirements. This is the first award relating to an Indonesian Bilateral Investment Treaty at ICSID.
Mahnaz Malik (and Karim Syah Law Firm, Jakarta) represented the Government of Indonesia