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Commercial Arbitration

US investor pays to settle Congo copper dispute

US investor pays to settle Congo copper dispute

31 January 2017

US natural resource group Freeport-McMoran has paid US$33 million to settle an ICC dispute with the Democratic Republic of the Congo’s state mining company Gecamines over the sale of a majority stake in one of the world’s largest copper mines.

Swiss court affirms Jordan award over “fraudulent” share sale

Swiss court affirms Jordan award over “fraudulent” share sale

30 January 2017

Switzerland’s top court has upheld an LCIA award rejecting a US$130 million claim against a Jordanian state-owned fund after finding that the underlying share purchase deal was fraudulent– as it emerges that related ICSID and UNCITRAL claims have been discontinued.

YPF pays part of ICC award

YPF pays part of ICC award

17 January 2017

Argentina’s state oil and gas operator YPF has paid US$60 million to satisfy an ICC award worth more than three times that amount, bringing an end to enforcement proceedings in New York.

Montenegro defeats Deripaska in Vienna

Montenegro defeats Deripaska in Vienna

16 January 2017

An UNCITRAL tribunal seated in Vienna has ruled on a claim and counterclaim in a long-running dispute between companies linked to Russian oligarch Oleg Deripaska and Montenegro that has already led to a rejected ICSID claim.

Two more ICC claims over Panama Canal

Two more ICC claims over Panama Canal

12 January 2017

Two further ICC claims worth US$2.3 billion have been filed by an engineering consortium working on the project to expand the Panama Canal – bringing the total to five.

Sonatrach claims victory in oilfield dispute

Sonatrach claims victory in oilfield dispute

14 December 2016

Algerian state-owned energy company Sonatrach says an UNCITRAL tribunal has upheld its right to terminate contracts for the exploration and development of two oilfields – three months after a Swiss court ruled that the arbitration didn’t have to begin afresh after being paused during a failed conciliation.

AIG denied leave to appeal in Hong Kong

AIG denied leave to appeal in Hong Kong

14 December 2016

A Hong Kong court has refused to allow AIG to appeal a decision to uphold a US$475 million award despite the US insurer’s arguments that the ICC tribunal erred by applying equitable principles to reach a “fair” decision.

Who is sitting at the ICC?

Who is sitting at the ICC?

14 December 2016

Arbitrators from the US and Western Europe are getting the lion’s share of appointments in ICC cases while women are selected around 20% of the time, according to disclosures by the institution over the past six months.

UK judge denies disclosure in plastics dispute

UK judge denies disclosure in plastics dispute

13 December 2016

An English court has refused to order disclosure in support of a potential LCIA case between two shareholders in one of Eastern Europe’s largest plastics companies – saying the request was too broad and that the contract relied upon had been superseded.

Bulgaria pays Russia to end nuclear dispute

Bulgaria pays Russia to end nuclear dispute

09 December 2016

Bulgaria’s national electricity company NEK has paid €602 million to a Russian state-owned entity to honour an ICC award, ending a politically sensitive dispute over a nuclear power plant that also gave rise to the threat of an investment treaty claim.

UNCITRAL to consider impact of insolvency

UNCITRAL to consider impact of insolvency

09 December 2016

The United Nations Commission on International Trade Law is to review a paper on the impact of insolvency on international arbitrations when it convenes in Vienna in July, with a view to creating clarity as to how the two intersect and even exploring the use of arbitration for cross-border insolvency proceedings.

Lippo fails to undo enforcement in Hong Kong

Lippo fails to undo enforcement in Hong Kong

07 December 2016

In a closely watched case that has divided Asia’s two leading arbitration jurisdictions, Hong Kong’s Court of Appeal has upheld the enforcement of a US$130 million SIAC award against Indonesia’s Lippo Group – even though the bulk of the award has been declared unenforceable by the courts in Singapore.