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Investment Arbitration

Exxon sees US$1.4 billion chopped from Venezuela award

Exxon sees US$1.4 billion chopped from Venezuela award

10 March 2017

An ICSID annulment committee has dramatically chopped US$1.41 billion from an award won by ExxonMobil against Venezuela, holding that the damages were granted based on contradictory reasoning, “straw man” arguments and the assertion of powers under international law that were not mandated by the relevant bilateral investment treaty.

Central Asian ICSID case to go ahead as counsel criticised

Central Asian ICSID case to go ahead as counsel criticised

10 March 2017

An ICSID tribunal has accepted jurisdiction over a claim relating to the nationalisation of two cement plants by Uzbekistan despite allegations of corruption – and, in a believed ICSID first, ordered the state to pay costs because of the conduct of its counsel, White & Case.

Off the tee but out of bounds – ICSID tribunal dismisses claim against China

Off the tee but out of bounds – ICSID tribunal dismisses claim against China

10 March 2017

In the first ICSID case against China to reach an award, a tribunal chaired by Lucy Reed has ordered the early dismissal of a claim brought by a South Korean investor in a golf course on the grounds that it fell outside the limitation period of the China-Korea bilateral investment treaty.

Kazakhstan defeats London set aside attempt

Kazakhstan defeats London set aside attempt

09 March 2017

An English court has upheld a three-and-a-half-year-old UNCITRAL award that denied jurisdiction over a poultry investor’s claim against Kazakhstan that had its roots in a feud in the country’s ruling family.

Crimea cases against Russia to proceed

Crimea cases against Russia to proceed

09 March 2017

A tribunal at the Permanent Court of Arbitration has held that it has jurisdiction to hear claims brought by Ukrainian investors in Crimea in the wake of the peninsula's annexation by Russia in 2014 – in two of eight known cases raising the question of the applicability of the Ukraine-Russia bilateral investment treaty.

Kyrgyzstan fights jurisdictional award in London

Kyrgyzstan fights jurisdictional award in London

08 March 2017

Kyrgyzstan has applied to a London court to set aside an UNCITRAL tribunal’s jurisdictional award in favour of Canadian mining company Stans Energy.

EU model for ISDS incompatible with ICSID Convention, argues leading academic

EU model for ISDS incompatible with ICSID Convention, argues leading academic

08 March 2017

In a paper presented in London and Cambridge, a leading academic has argued that the European Union’s plan for a standing investment tribunal with an appellate mechanism – already provided for in trade deals such as the Comprehensive Economic and Trade Agreement between the EU and Canada – is incompatible with the ICSID Convention but not with investor-state arbitration in general.

Berman challenged again in Pey Casado saga

Berman challenged again in Pey Casado saga

07 March 2017

Sir Franklin Berman QC faces a second challenge in the Pey Casado case at ICSID, days after recusing himself from hearing a challenge to fellow Essex Court Chambers barrister VV Veeder QC using language which the claimant says shows his lack of impartiality.

Highway project leads to first ICSID claim against Kuwait

Highway project leads to first ICSID claim against Kuwait

07 March 2017

Italian and Spanish construction companies have filed the first ICSID claim against Kuwait over a billion-dollar project to upgrade one of the Gulf state’s main highways.

Ecuador faces bid to enforce treaty award in US court

Ecuador faces bid to enforce treaty award in US court

06 March 2017

A Canadian mining company has applied to a US court to enforce a US$25 million investment treaty award against Ecuador – as the state seeks to overturn the award in the Dutch courts.

Czech Republic defeats conspiracy claim

Czech Republic defeats conspiracy claim

03 March 2017

A tribunal at the Permanent Court of Arbitration has rejected a British company’s claim that the Czech Republic engaged in a “conspiracy” that led to the expropriation of its investment in an energy equipment supplier – also refusing to hear claims under umbrella and most-favoured nation clauses.

TransCanada pauses Keystone pipeline dispute with US

TransCanada pauses Keystone pipeline dispute with US

01 March 2017

As was widely predicted, TransCanada and its local subsidiary have paused a US$15 billion NAFTA claim against the US over its refusal to approve the Keystone XL pipeline after the company was invited by US president Donald Trump to renew its application for a permit for the project.