Topic: Bribery and corruption

Bankers fail to revive billion dollar claim against Cyprus

The Lebanese former owners of a bank shut down by authorities in Cyprus after being linked to money laundering and financing terrorism have failed to revive a US$1.4 billion investment treaty claim against the state.

24 March 2022

French court affirms annulment based on money laundering signs

France’s Court of Cassation has refused to reinstate a US$15 million investment treaty award against Kyrgyzstan that was annulled because of indications of money laundering.

24 March 2022

Investor alleges ICSID award undermines anticorruption efforts

A Swiss housing investor that won part of its case against the Czech Republic on liability but was denied any of the US$235 million it claimed in damages has applied to annul the award, saying it undermines efforts to combat corruption.

10 March 2022

Steinmetz lawyers say Vale award may be reopened after fraud trial collapses

Beny Steinmetz’s eponymous mining company may seek to overturn a US$2 billion LCIA award in favour of Brazil’s Vale following the collapse of a related fraud litigation this week, the Israeli businessman’s lawyers have said.

17 February 2022

Nigeria revives discovery bids in US and BVI

Nigeria has overturned orders in the courts of the US and British Virgin Islands that blocked it from obtaining discovery to support its allegations that a gas company procured a US$10 billion award against the state through fraud.

08 February 2022

South African mining group pursues Zimbabwe in DC

Two Mauritian subsidiaries of South African mining group Amari have brought a US action against Zimbabwe to collect on a US$50 million ICC award issued eight years ago over nickel and platinum projects that were terminated on the basis of corruption allegations.

11 January 2022

Croatia seeks to reopen award in bribery dispute

Croatia has said it will ask a Swiss court to review an UNCITRAL award in favour of Hungarian oil and gas group MOL in the wake of a corruption verdict against a former prime minister – as the Balkan state settles a separate dispute with a US investor.

06 January 2022

New ICC panel to hear bid to review Congo award

A new ICC panel will consider the Republic of the Congo’s bid to revise a billion-euro award in light of its allegations of corruption against leading French arbitrator Yves Derains – who has in turn brought a defamation complaint against the state’s counsel.

15 December 2021

Old foe of DRC targets “stolen” assets in Maryland

A US investment firm seeking to collect on a nearly two-decade old arbitral debt from the Democratic Republic of the Congo is targeting properties in Maryland allegedly acquired by relatives of the country’s former president Joseph Kabila with stolen government funds.

08 December 2021

1MDB not too late to challenge Abu Dhabi settlement

The Commercial Court in London has ruled that Malaysian sovereign wealth fund 1MDB is not too late to challenge a multibillion-dollar arbitral settlement with an Abu Dhabi government-owned entity that it alleges was intended to cover up a massive fraud.

04 November 2021

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