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Investment Arbitration

Treaty claim against Peru moves to ICSID

Treaty claim against Peru moves to ICSID

20 July 2018

ICSID has taken on the administration of a two-year old treaty claim now worth US$1.8 billion that has been brought against Peru by a US hedge fund for destroying the value of bonds issued to Peruvians 50 years ago by the country’s former left-wing dictatorship.

Brussels pours cold water on intra-EU treaty arbitration

Brussels pours cold water on intra-EU treaty arbitration

19 July 2018

In a communication with implications for hundreds of pending cases, the European Commission in Brussels has stated that investors cannot invoke arbitration under intra-EU bilateral investment treaties or the Energy Charter Treaty for intra-EU disputes.

Total and Uganda settle tax dispute

Total and Uganda settle tax dispute

19 July 2018

A Dutch subsidiary of Total and Uganda have asked ICSID to discontinue their dispute over the imposition of stamp duty on an oil block near Lake Albert after reaching a settlement.

US court enforces ICSID award against Kyrgyzstan

US court enforces ICSID award against Kyrgyzstan

18 July 2018

A US appeals court has affirmed a decision recognising and enforcing a US$8.5 million ICSID award in favour of a Turkish hotel investor against Kyrgyzstan over the expropriation of its hotel during the Tulip Revolution of 2005 – saying that the ICSID additional facility rules were correctly applied.

Spain faces solar claim from Japanese company

Spain faces solar claim from Japanese company

17 July 2018

Spain is facing yet another Energy Charter Treaty claim over reforms to its renewable energy regime, launched at ICSID by a Japanese company and relating to the largest solar photovoltaic power station in Europe and one of the largest in the world.

ExxonMobil allowed to proceed against Canada in NAFTA case

ExxonMobil allowed to proceed against Canada in NAFTA case

17 July 2018

A NAFTA claim brought by ExxonMobil against Canada over research and development spending requirements imposed on offshore drilling investors in the Canadian province of Newfoundland will continue, after an ICSID tribunal accepted jurisdiction.

Ukraine’s state immunity plea fails in London

Ukraine’s state immunity plea fails in London

16 July 2018

A UK court has upheld its jurisdiction to enforce a US$112 million investment treaty award in favour of Russian oil producer Tatneft against Ukraine, rejecting arguments based on state immunity and the claimant’s alleged failure to make full and frank disclosure.

Details of ICSID claim against Turkey emerge

Details of ICSID claim against Turkey emerge

12 July 2018

A UK member company of a mining and media conglomerate bringing an ICSID claim against Turkey has released further details of its claim attacking the “increasingly totalitarian and corrupt regime” of President Recep Tayyip Erdogan – including its intention to seek between US$5 billion and US$6 billion in damages.

Stati v Kazakhstan: the winner takes it all?

Stati v Kazakhstan: the winner takes it all?

11 July 2018

High-profile attachments obtained by Moldovan creditors against billions of dollars in Kazakh state assets highlight the importance of choosing the right enforcement strategy, say partner Deborah Ruff and counsel Julia Kalinina Belcher of Pillsbury Winthrop Shaw Pittman in London.

Kenya knocks out ICC claim over wind park

Kenya knocks out ICC claim over wind park

09 July 2018

An ICC tribunal has rejected a claim for more than US$150 million plus interest against Kenya brought by an investor in a wind power project that was cancelled in the face of local protests and legal challenges by landowners.