GAR Volume 9 - Issue 4
US$50 Billion - The largest arbitration award ever
Are treaty parties clawing back investment protections? • A new arbitration centre for Istanbul
Turkey is an “economic tiger” and one of the world’s most prolific signatories of investment treaties, having entered into almost 100 over the past two decades. Speakers at the recent GAR Live Istanbul considered how the country measures up in the field of investment arbitration
A law establishing a new international arbitration centre in Istanbul could be passed imminently, said speakers at the latest GAR Live in the city, as they shared their optimism about Turkey’s improving arbitration and enforcement regimes. Kyriaki Karadelis reports
The EU is embracing a North American model of investment protection in its treaty negotiations that risks politicising investor-state disputes by limiting tribunals’ interpretive powers, GAR Live Frankfurt heard. Sebastian Perry reports
As well as yielding the largest arbitration award in history, the nine-year Yukos proceedings notched up a remarkable US$124 million in legal fees and costs. GAR breaks down the numbers
Key points from the 2009 decision on jurisdiction that paved the way for the largest arbitration award ever
Russia has been ordered to pay more than US$50 billion to former majority shareholders in the defunct oil group Yukos, in the highest-value arbitration award of all time.
UPDATED: Counsel to the former majority shareholders in Yukos say it is great for the rule of law when a superpower like Russia is held accountable for treaty breaches by an independent tribunal. But what do others have to say about the record-breaking award?
Fifteen years after Indonesia’s arbitration legislation entered into force, Andi Kadir of Hadiputranto Hadinoto & Partners, member firm of Baker & McKenzie in Jakarta, says the country’s Supreme Court is still issuing inconsistent decisions in relation to applications to set aside arbitral awards, creating uncertainty over whether the jurisdiction is friendly to arbitration or not.
Focusing on developments in a new generation of treaties, Washington, DC-based arbitrator Mark Kantor asks whether the battle over the proper compensation for an expropriation is finally over?
The Singapore International Arbitration Centre’s inaugural congress featured almost as much discussion of the city-state's new international commercial court and mediation centre as of arbitration. Sapna Jhangiani and Nelson Goh, legal director and associate at Clyde and Co Clasis Singapore, report
Matthew Weiniger QC and Gitta Satryani, partner and senior associate at Herbert Smith Freehills in London, consider a recent ruling of an ICSID annulment committee that a tribunal may take either side of the debate over most-favoured nation clauses without triggering an examination of whether it has manifestly exceeded its power.
In a decision that breaks with the past, the English Commercial Court this week upheld a contractual obligation requiring the parties to a dispute to try “friendly discussion” before resorting to arbitration. Chris Kidd, partner at Ince & Co in London, puts the judgment in Emirates Trading Agency LLC v Prime Mineral Exports Private Limited in context.
The former chief judge of New York State’s highest court and chair of the New York International Arbitration Centre, Judith Kaye, and Anibal Sabater, partner at Norton Rose Fulbright in New York, take issue with reports that the recent judgment of the Supreme Court of the State of New York in Ruth Bauer v Irving Bauer et al means that parties who arbitrate on a Sunday in New York risk their award being set aside.
Greece is emerging from its financial crisis stronger than it was before, claimed a high-ranking official at the Greek Ministry of Justice at an event on investment risk and international dispute resolution in the shadow of the Acropolis. Dimitra Capas of Norton Rose Fulbright in Athens reports.
James Loftis, partner at Vinson & Elkins, presented the preliminary results of the Institute of Transnational Arbitration’s recent survey on the enforceability of arbitration awards in practice at the institute’s latest workshop, suggesting that the oft quoted assertion that 90 per cent of arbitral awards are complied with voluntarily may be untrue. Crystal Robles, a Houston-based associate at Loftis's firm, reports.
Delegates at this year's Institution for Transnational Arbitration workshop looked at critical issues in the enforcement of arbitral awards. Erin Thomas, associate at Covington & Burling in New York, reports.
This year’s Russian Arbitration Day in Moscow – which follows on from last year’s inaugural event – focused on proposed reforms to the country’s arbitration legislation as well as on less Russia-centric topics. Karen Shears, senior associate at Watson Farley Williams, reports.
A young lawyers’ event in Rome considered whether a life in international arbitration is a life well spent, be that evaluated in terms of yacht-size or contribution to the greater good. Jarred Pinkston of Dorda Brugger Jordis in Vienna reports.
Consulting editor: Mark Levy
Publisher: Globe Law and Business, 2014
Reviewed by Paul Saba, independent arbitrator and energy lawyer in Boston, Massachusetts