Federal Supreme Court of Switzerland Judgement on Set Aside Application – Zeph Investments (Translated)

Zeph Investments Pte Ltd (‘Zeph’) claimed damages of A$300 billion in the Balmoral Claim (PCA Case No 2023-40). On 26 September 2025, the Tribunal found that it had no jurisdiction to hear the claim. On 22 October 2025, Zeph made an application to the Federal Supreme Court of Switzerland to set aside the Tribunal’s decision. The application was rejected by the Federal Supreme Court of Switzerland, upholding the Tribunal’s decision. Find out more about the Balmoral Claim on the Permanent Court of Arbitration website.

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