A US court has confirmed a US$476 million award in favour of a General Electric subsidiary but has refused to allow enforcement against the debtor company’s Chinese CEO or alleged alter ego companies that weren’t parties to the arbitration.
For the first time in its 93-year history, the ICC International Court of Arbitration has begun disclosing the composition of its tribunals – calling it a “major step forward” for transparency in arbitration.
A New York court has confirmed an ICC award in favour of French power group Alstom, which held that a Brazilian subsidiary of Japanese insurer Mitsui Sumitomo was bound by an arbitration agreement it had not signed.
Calgary-based energy company TransCanada has made good on its threat to bring a US$15 billion NAFTA claim against the United States over the refusal to approve the expansion of an international oil pipeline.
A London executive at US distressed-debt firm Oaktree Capital risks extradition to the United Arab Emirates after being accused of stealing part of the proceeds of a US$644 million arbitral award against Venezuelan state entity PDVSA.
UPDATED. Arbitral bodies in the UK have reassured users that it is business as usual after the country voted to leave the European Union in a referendum yesterday, while delegates at GAR Live Istanbul expressed their shock at the outcome.
The United Arab Emirates Ministry of Justice and the Abu Dhabi Global Market (ADGM) have agreed to take steps to ensure awards issued in the financial free zone can be enforced across the UAE through a memorandum of understanding.
Lithuania has failed in an attempt to secure almost US$2 billion in compensation, after a tribunal in Stockholm rejected arguments that Gazprom as the state's monopoly gas supplier charged “unfair prices”.