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Investment Arbitration

Venezuela must pay for stay, says committee

Venezuela must pay for stay, says committee

Premium article - 22 April 2016

An ICSID annulment committee has refused to lift a stay of enforcement on a US$34 million award in favour of investors in a Caribbean airport – but ordered Venezuela to post an “unconditional and irrevocable” bank guarantee for the full amount of the award plus interest and costs.

US$50 billion Yukos awards set aside in The Hague

US$50 billion Yukos awards set aside in The Hague

Premium article - 20 April 2016

UPDATED. In a spectacular reversal of fortune for Russia, a court in The Hague has set aside the US$50 billion Energy Charter Treaty awards in favour of the former majority shareholders in the Yukos Oil Company on jurisdictional grounds.

The overturning of a US$50 billion award

The overturning of a US$50 billion award

Premium article - 20 April 2016

Unsurprisingly, the day has been dominated by discussion of the set-aside of the US$50 billion Yukos awards and the effect it will have on enforcement proceedings against Russia in six jurisdictions worldwide.

Burundi claim leads to Pyrrhic victory

Burundi claim leads to Pyrrhic victory

Premium article - 15 April 2016

An ICSID tribunal has found Burundi liable for failing to prevent the occupation of a Belgian businessman’s property by squatters, but awarded him only half the amount that he spent in bringing the arbitration.

SCC reveals investor-state stats

SCC reveals investor-state stats

Premium article - 14 April 2016

The Arbitration Institute of the Stockholm Centre of Commerce received 12 new investor-state cases in 2015 – its highest number in a single year – and has handled a total of 85 such cases in the past 23 years, its latest report reveals.

Crystallex moves to enforce against Venezuela

Crystallex moves to enforce against Venezuela

Premium article - 13 April 2016

Days after winning a US$1.4 billion ICSID award against Venezuela, distressed Canadian mining company Crystallex has applied to enforce it in the courts of Washington, DC.

ICSID panel declines to halt Argentine criminal proceedings

ICSID panel declines to halt Argentine criminal proceedings

Premium article - 12 April 2016

An ICSID tribunal hearing a US$1.4 billion claim over Argentina’s nationalisation of two airlines has refused to order the state to suspend criminal proceedings against the insolvent Spanish claimants and their third-party funder Burford Capital.

Bottlemaker free to enforce against Venezuela, rules annulment committee

Bottlemaker free to enforce against Venezuela, rules annulment committee

Premium article - 07 April 2016

In a rare move, an ICSID annulment committee hearing Venezuela’s attempt to overturn an award in favour of US bottlemaker Owens-Illinois has lifted a stay of enforcement ahead of the outcome of the proceeding.

Crystallex wins billion-dollar award against Venezuela

Crystallex wins billion-dollar award against Venezuela

Premium article - 05 April 2016

Canadian mining company Crystallex has won more than US$1.38 billion in a third-party funded claim against Venezuela over an investment in a gold-mining project – one of the largest awards in ICSID’s history.

Congo award upheld at ICSID

Congo award upheld at ICSID

Premium article - 05 April 2016

The Democratic Republic of the Congo has failed to annul an ICSID award that held it liable for unfair treatment of a Lebanese couple who were evicted from their business premises by order of a local court.