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EU countries to cancel BITs post-Achmea

EU countries to cancel BITs post-Achmea

17 January 2019

UPDATED. Member states of the European Union have agreed to terminate their intra-EU bilateral investment treaties to comply with the Achmea judgment – while a majority of them have also agreed to take steps to prevent intra-EU investor-state arbitrations being filed under the Energy Charter Treaty.

Pakistan faces payout over Sharif asset hunt

Pakistan faces payout over Sharif asset hunt

20 July 2018

A hearing on damages has taken place in a politically sensitive case against Pakistan worth at least US$600 million, brought by a company that was hired to track down the assets of the country’s disgraced former prime minister Nawaz Sharif.

Driller wins against Petrobras after bribery defence fails

Driller wins against Petrobras after bribery defence fails

Premium article - 03 July 2018

A Cayman offshore drilling company has asked a US court to enforce a US$622 million ICDR award against Petrobras over the early termination of a contract that the Brazilian state-owned company alleges was procured through bribery.

Bruising loss for South Korea at hands of Iranian investors

Bruising loss for South Korea at hands of Iranian investors

Premium article - 08 June 2018

In what has been reported as the first loss for South Korea in an investment treaty case, the family behind an Iranian consumer electronic group has been awarded US$68 million – 99% of the total sum sought – for South Korea's termination of a deal for the purchase of the bankrupt Daewoo Group.

Russian fraud suit restrained but West Tankers stands

Russian fraud suit restrained but West Tankers stands

Premium article - 07 June 2018

An English court has restrained a recently nationalised Russian bank from pursuing a US$600 million fraud claim through litigation in Moscow rather than in LCIA arbitration, while ruling it has no power to enjoin related court proceedings in Cyprus because the European Court of Justice’s decision in West Tankers still applies.

Chevron chased for US$18 billion after “sham” Cairo award

Chevron chased for US$18 billion after “sham” Cairo award

Premium article - 05 June 2018

Chevron is being chased for nearly US$18 billion in the US pursuant to what the energy company alleges is a sham award issued by a unlicensed Cairo body purporting to be an arbitration centre as part of a criminal enterprise.

After Achmea, all eyes on Micula

After Achmea, all eyes on Micula

Premium article - 01 May 2018

As the confrontation between the EU and ISDS intensifies, GAR reports on recent developments in the Micula brothers' battle to collect on their ICSID award against Romania, including a long-awaited hearing before an EU court and the unfreezing of bank accounts in Luxembourg.

Achmea: through the looking glass

Achmea: through the looking glass

Premium article - 27 April 2018

A conference at Christ Church, Oxford, on the interplay between the New York Convention and European Union law was dominated by discussion of the Court of Justice of the European Union’s ruling in Achmea – with suggestions that it could bite in relation to commercial arbitration as well as investor-state arbitration.

“Calvo” injunction triggers NAFTA threat

“Calvo” injunction triggers NAFTA threat

Premium article - 27 March 2018

A US tile manufacturer has threatened to bring a NAFTA claim against Mexico for denial of justice after a local court enjoined it from pursuing a Houston-seated ICC arbitration against its Mexican joint venture partner – a ruling that prompted an outcry from practitioners for its reported reliance on the Calvo doctrine.

Egypt claim clears hurdle after clash over nationality

Egypt claim clears hurdle after clash over nationality

Premium article - 13 February 2018

An UNCITRAL tribunal has allowed a Finnish businessman’s US$200 million investment treaty claim against Egypt to proceed to the merits after finding it did not have to determine whether he also held Egyptian nationality – and that in any event the relevant treaties do not bar claims by dual nationals.