Akıncı Arbitration Newsletter - November 2023

ICSID publishes 2023 Annual Report

ICSID has released its Annual Report about the Centre’s activities throughout the past fiscal year. The 2023 Annual Report covers developments in the ICSID Convention member states and caseload, new designations to the Panels of Arbitrators.

The report reveals that a total of 329 cases were administered during the year, 45 of which were newly registered. It also states that 68 cases were finalized. The majority of cases rely on bilateral investment treaties, followed by cases under the Energy Charter Treaty.

As in previous years, the mining and energy sectors have accounted for the largest portion of cases. These sectors were followed by finance, transportation and construction sectors.

The Court of Cassation Ruled That the Absence of the Parties' Signatures on the Page of the Contract Containing the Arbitration Clause Does Not Affect the Validity of the Arbitration Clause

The 11th Civil Chamber of the Court of Cassation, with its decision dated 11 May 2023 and numbered 2023/2895, overturned the decisions of the court of first instance and the Regional Court of Appeal which rejected the enforcement of the arbitral award.

In the proceedings, the claimant requested the enforcement of the arbitral award, while the respondent claimed that the arbitration clause was invalid, arguing that there was no signature on the relevant page of the contract, which contains the arbitration clause. The court of first instance ruled that the relevant page of the contract containing the arbitration clause was not signed by the respondent and therefore, this clause was not valid and rejected the enforcement of the arbitral award. The claimant's appeal was also rejected by the Regional Court of Appeal.

Upon further appeal, the Court of Cassation, considering the content, meaning and integrity of the contract, and in light of the Article 2/2 of the New York Convention, ruled that the parties’ intention for arbitration is valid. For these reasons, the Court of Cassation overturned the decisions of the Regional Court of Appeal and the court of first instance.

What Happened in Turkish Arbitration in October 2023?

Young ISTAC co-hosted together with Young ICCA an in-person seminar titled “Procedural Order No. 1: Everything You Need to Know” on 2 October 2023.

Ms. Sophia von Dewall, Ms. Demet Kaşarcıoğlu, Mr. Can Yeğinsu and our founding partner Prof. Dr. Ziya Akıncı participated in the seminar as panelists. The event was moderated by Ms. Anna Guillard Sazhko.