Tribunal Rejects Moral Damages Claim in Investor-State Arbitration Case
In the case of Emergofin B.V. and Velbay Holdings Ltd. v. Ukraine, the Tribunal rejected a claim for moral damages, determining that it fell outside its jurisdiction or was inadmissible. The claimants sought USD 5,000,000 for non-material damages, alleging reputational harm and physical and psychological harm to their representatives. The Tribunal's decision was based on the interpretation of the Netherlands-Ukraine BIT, which protects investments rather than personal interests of investors or their representatives. The Tribunal emphasized that moral damages could only be considered if they directly affected the protected investment itself, not the individuals involved. 
