Company BRIF TRES and its fully owned subsidiary BRIF T-C filed a 300 million EUR claim against Serbia over a land dispute that stalled construction of a shopping center in Belgrade. Both BRIF entities are registered in Serbia, but their ultimate parent company is based in Luxembourg, and the claim has been filed under Serbia’s Bilateral Investment Treaty with the Belgium-Luxembourg Economic Union.

This proceeding relates to a long-term lease agreement BRIF T-C signed with the Government of Serbia in 2004. The signing of the agreement was preceded by a tender process, where the investors agreed to develop a site of a former dump on the Danube river into a state-of-the-art shopping complex. The terms of the lease provided that BRIF T-C would operate the shopping mall once it is built.

BRIF companies claim that after investing significant resources in preliminary works on the site, they were deprived of their investments by the series of acts and omissions by the Serbian authorities. The parties were unable to reach an amicable resolution of a dispute and the arbitration claim was filed.

Attorneys of NSTLAW represent the Claimants along with the colleagues from law offices CAS, Luxembourg, OPLUS, France, and White&Case, France.