Through the firm Hogan Lovells US LLP and the Investment Arbitration Office of the Ministry of Economy and Finance (MEF), Panama won the international investment arbitration lawsuit, presented by Dutch investor Jochem Bernard Buse, president and majority shareholder of the Panama Wall Street brokerage house (PWS), before the International Center for Settlement of Investment Disputes (ICSID). 

In 2017, Buse sued under the Bilateral Investment Treaty between the Netherlands and Panama, arguing that the Superintendency of the Securities Market's inspection, intervention and liquidation of PWS violated the Treaty and deprived him of his investment.  On that basis, he claimed compensation of $60 million, plus interest and moral damages. 

After a multi-year arbitration procedure, which included the presentation of multiple rounds of briefs, precautionary measures, documentary production phases, a hearing held in November 2021 and a second closing hearing in March 2022, Panama achieved a victory.  The Court will completely dismiss all of Buse's claims, and he will be denied the relief he requested.