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Investment Arbitration

Steinmetz denies bribery at ICSID hearing

Steinmetz denies bribery at ICSID hearing

26 May 2017

Embattled Israeli diamond tycoon Beny Steinmetz appeared at an ICSID hearing this week to deny claims that he ordered the payment of bribes to procure mining rights in Guinea, alleging he is the victim of a conspiracy financed by US philanthropist George Soros.

New fronts open in Spanish solar battle

New fronts open in Spanish solar battle

23 May 2017

A British investment fund that won a €128 million Energy Charter Treaty award against Spain over renewable energy subsidies has applied to a US court to enforce it, as ICSID registers yet another claim against the state relating to reforms to that sector.

Kurdistan faces US$2 billion enforcement bid

Kurdistan faces US$2 billion enforcement bid

23 May 2017

A United Arab Emirates consortium has asked a US court to enforce two LCIA awards worth more than US$2 billion against the Kurdistan regional government of Iraq, as it awaits a further damages award in a dispute over two gas fields.

No split for Laos casino claim

No split for Laos casino claim

22 May 2017

An ICSID tribunal has refused to split proceedings in a US$200 million dispute between a casino investor and Laos over the state’s alleged investment treaty breaches following a 2014 settlement agreement, in a decision that has recently come to light.

ECT claim against Italy goes to ICSID

ECT claim against Italy goes to ICSID

22 May 2017

After signalling its intention to sue Italy earlier this year – reported by GAR at the time – British energy company Rockhopper Exploration has filed the first Energy Charter Treaty claim against the state since its withdrawal from the instrument last year.

New light on Ecuador’s efforts to unseat Schwebel

New light on Ecuador’s efforts to unseat Schwebel

19 May 2017

As Ecuador awaits a final award in a denial of justice claim by a US pharmaceuticals company, details of the state’s two failed attempts to disqualify US arbitrator Stephen M Schwebel from the case have come to light, along with a decision on interim measures.

Ecuador bids goodbye to BITs

Ecuador bids goodbye to BITs

17 May 2017

In one of his last acts as president of Ecuador, Rafael Correa has formally terminated the country’s remaining bilateral investment treaties – as the commission that recommended their termination makes its findings public.

Vodafone files second tax claim against India

Vodafone files second tax claim against India

17 May 2017

Vodafone has filed a second multibillion-dollar investment treaty claim against India over liability for a retroactive tax on a deal to buy out its Indian business partner – while a first arbitration over the same tax bill continues.

ECJ says member states must sign off on ISDS

ECJ says member states must sign off on ISDS

16 May 2017

The European Court of Justice has found that an EU trade agreement providing for investor-state dispute settlement must be ratified individually by member states – a ruling that one arbitration practitioner says has effectively “destroyed” the EU’s hopes for a new generation of trade deals that include investment protection.

ArcelorMittal threatens claim against Bosnia

ArcelorMittal threatens claim against Bosnia

16 May 2017

UPDATED. Luxembourg-based steelmaker ArcelorMittal has threatened to file a claim against Bosnia and Herzegovina over government plans to sell an interest in a mining joint venture to a competitor.