I. INTRODUCTION

A. The Parties

I. The Claimant, Enkev Beheer B.V., is a private limited liability company with its corporate seat in the Netherlands. The Claimant is represented in this arbitration by Mr. R. Schellaars and Mr. M. Raas, Simmons & Simmons LLP, Claude Debussylaan 247, 1082 MC Amsterdam, the Netherlands.

2. The Respondent is the Republic of Poland, represented by Dr. D.A.M.H.W. Strik, Linklaters LLP, Zuidplein 180, 1077 XV Amsterdam, the Netherlands, and Dr. C.W. Wisniewski, Linklaters LLP, Warsaw Towers, Sienna 39, 00·121 Warsaw, Poland.

B. The Parties' Dispute

3. ln brief, the dispute arises out of the Claimant's alleged investment as an investor in its Polish subsidiary, Enkev Polska S.A., a joint stock company with its corporate seat in L6di, Poland ("Enkev Polska"). Enkev Polska owns certain industrial facilities in the centre of L6di (the "L6dz Premises") and holds a perpetual usufruct right to the property under Polish law for the use of the land as real property for 99 years. 1