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Investment Arbitration

ICC dispute over Timor Sea block heats up

ICC dispute over Timor Sea block heats up

23 August 2019

An Asian-Australian consortium has filed a counterclaim against an East Timor government authority in an ICC case over a petroleum block in the Timor Sea, as the cast list for the dispute comes to light.

Russia presents "new evidence" in Crimea case

Russia presents "new evidence" in Crimea case

22 August 2019

Russia has asked an UNCITRAL tribunal to revise a US$1.1 billion treaty award compensating a Ukrainian state-owned bank for the expropriation of its assets in Crimea, saying the claimant withheld evidence that would have led to the claim being thrown out.

Kyrgyzstan liable but damages claim falls short

Kyrgyzstan liable but damages claim falls short

22 August 2019

An UNCITRAL tribunal has found Kyrgyzstan liable for expropriating a Canadian investor’s mining rights while awarding the third-party funded claimant significantly less than it had sought.

Venezuela’s challenge to ICSID award dries up

Venezuela’s challenge to ICSID award dries up

21 August 2019

An ICSID committee has discontinued proceedings brought by Venezuela to annul a US$42 million award in favour of a French investor after the state failed to make an advance payment of costs – while enforcement battles continue in the US courts.

Jay-Z's Tidal threatens BIT claim against Norway

Jay-Z's Tidal threatens BIT claim against Norway

20 August 2019

Tidal, the online music service co-owned by US rapper Jay-Z, has threatened Norway with its first investment treaty claim – over the conduct of a criminal investigation into alleged manipulation of streaming figures.

Bulgaria gets costs after Omani fund withdraws claim

Bulgaria gets costs after Omani fund withdraws claim

20 August 2019

An ICSID tribunal has awarded Bulgaria the entirety of its costs following the withdrawal of an €80 million claim by an Omani sovereign wealth fund over the collapse of a bank.

NAFTA panel says GDPR doesn’t apply

NAFTA panel says GDPR doesn’t apply

19 August 2019

A tribunal at the Permanent Court of Arbitration has ruled that the EU’s General Data Protection Regulation doesn’t apply to investor-state arbitrations under the North American Free Trade Agreement – even when one of the arbitrators is based in the UK.

Who is sitting at ICSID?

Who is sitting at ICSID?

19 August 2019

Nine new ICSID panels have been formed in the past three months, with first-time appointments for former ICSID senior counsel Ucheora Onwuamaegbu and Spanish arbitrator Antonio Hierro.

ICSID unveils third draft of rule changes

ICSID unveils third draft of rule changes

19 August 2019

ICSID has published the third draft of proposed amendments to its procedural rules following consultation with states and the public over the past year – with further changes to provisions on transparency, security for costs and third-party funders.

Mega-award against Nigeria enforced in London

Mega-award against Nigeria enforced in London

16 August 2019

An English court has said it will permit a British Virgin Islands company to enforce a US$9.6 billion award against Nigeria arising from a failed gas deal – rejecting the west African state’s arguments that the arbitrators had granted “punitive” damages.