This arbitration arises out of events consequent upon the reorganisation and privatisation of the Czech banking sector as it had formerly existed under the centralised banking system of the Communist period, which ended in 1990. The Nomura group is a major Japanese merchant banking and financial services group of companies, which typically operates also through subsidiaries set up in various countries. One such subsidiary is Saluka Investments B.V. (“Saluka”), a legal person constituted under the law of The Netherlands. Saluka is the Claimant in this arbitration.