International tribunal sides with Tbilisi in port dispute, ending Dutch investor’s ICSID challenge
Georgia just dodged a potentially massive financial hit.
An international arbitration tribunal has thrown out a $70 million claim brought by Dutch businessman Bob Meijer, who accused the Georgian government of wrongfully terminating an investment deal linked to the construction of a deep-water port on the Black Sea coast. The ruling, delivered by the International Centre for Settlement of Investment Disputes (ICSID) on July 30, marks a decisive legal win for Tbilisi — and brings closure to one of the most high-stakes investment disputes in the country’s recent history.
A Port That Never Was
The Anaklia deep-sea port was once billed as a game-changer for Georgia’s economic future. Strategically located near the Abkhazian border, it promised to make the small Caucasus nation a vital logistics hub between Europe and Asia.
That dream, though, never materialized.
Bob Meijer, a Dutch investor who had partnered with Georgia in the early stages of the Anaklia project, claimed that the government’s decision to pull the plug on the investment agreement caused him severe losses. He took his case to ICSID, seeking compensation under international investment treaties.
But the tribunal wasn’t convinced.
Tribunal’s Unanimous Rejection
In a unanimous decision, the ICSID panel ruled that Georgia had not violated its obligations under the relevant bilateral investment treaties. According to sources familiar with the case, the tribunal found no breach of fair and equitable treatment, nor did it support Meijer’s claims of expropriation or misconduct.
Here it is: Meijer lost on all counts.
The panel reportedly concluded that Georgia’s decision to terminate the investment was lawful, driven by legitimate concerns over project financing and governance, and did not constitute a wrongful act under international law.
What the Case Was Really About
The port itself was a big deal — not just commercially, but geopolitically.
The Anaklia project had backing from several Western investors and was widely seen as a counterweight to growing Chinese and Russian influence in regional infrastructure. The U.S. even quietly supported its development, seeing it as a move to keep Georgia aligned with Euro-Atlantic interests.
But years of delays, financing issues, and political infighting doomed the project. In 2020, Georgia revoked the agreement with the Anaklia Development Consortium, citing the consortium’s failure to raise necessary funding.
Meijer, who had been a minority shareholder and early-stage partner, argued that Georgia’s termination was politically motivated and cost him millions.
Clearly, the tribunal thought otherwise.
Behind the Scenes: What the Ruling Means
This wasn’t just about one man and one project. The ICSID ruling sends a broader message about how countries can defend themselves when investors cry foul over infrastructure setbacks.
Here’s why the decision matters:
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It reinforces the legitimacy of host governments taking action when private consortia underperform or miss milestones.
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It provides a template for emerging markets on how to manage investor-state arbitration risks.
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It could chill enthusiasm among speculative investors eyeing strategic infrastructure projects in politically complex regions.
And let’s not sugarcoat it — Georgia’s government needed this win. Badly.
Not the First Arbitration — and Probably Not the Last
Georgia has had a few bruises in international arbitration before, but this one ends in its favor. The country, still dealing with the ripple effects of the 2008 war with Russia and tensions in Abkhazia, has been trying to project an image of legal and economic stability.
It’s not always easy.
There are still a handful of other pending investment arbitrations involving Georgia at various stages — from energy projects to real estate. Legal observers say the ICSID decision in the Meijer case could influence how those panels approach questions of due diligence, contractual performance, and state discretion.
One small paragraph. One big message.
The victory helps Georgia draw a line in the sand.
Anaklia’s Future — Still in Limbo
So what now for the Black Sea port that never was?
That’s the $2.5 billion question.
Georgia still wants to build Anaklia. The location remains strategic. The need for a modern deep-sea facility hasn’t gone away. But so far, no new developer has stepped forward with the right mix of money, political will, and staying power.
There were whispers in 2023 about renewed interest from Turkish and Emirati logistics firms, but nothing concrete materialized.
Until then, Anaklia remains more of a symbol than a site. A symbol of what Georgia wants to become — but also of how hard that road still is.
