Work Area: Enforcement and set-aside
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
Recent US law developments on sovereign immunity
Eversheds Sutherland's Will O’Brien and Ulyana Bardyn consider recent US law developments on sovereign immunity in the P&ID v Nigeria case.
24 March 2022
Korean arbitrator quits Conoco panel over counsel work
South Korean arbitrator Kap-You (Kevin) Kim has resigned from an ICSID committee hearing Venezuela’s bid to annul a US$9 billion award held by ConocoPhillips after disclosing that he is working alongside the US oil company’s counsel in an unrelated case.
23 March 2022
Austrian pharma group’s award partially enforced
A US court has partially enforced an ICC award won by an Austrian pharmaceuticals company against its Taiwanese partner after a €142 million order for damages was set aside in Germany.
22 March 2022
Malaysia challenges mega-award in French court
Malaysia has asked a French court to overturn a US$15 billion award won by heirs to a sultanate on the island of Borneo, arguing the sole arbitrator had no authority to hear the dispute after his appointment was rescinded.
18 March 2022
“True misnomer” doesn’t bar enforcement in Singapore
Singapore’s Court of Appeal has said a Norwegian oil services company can enforce an award issued in the name of another company that no longer exists, holding they are “for all intents and purposes” the same legal entity.
17 March 2022
India gets more time to challenge enforcement in Singapore
The Singapore High Court has ruled that as a foreign state India is entitled to an extra two months to challenge enforcement of a US$137 million investment treaty award and that it does not have to provide security.
15 March 2022
UK court upholds enforcement against Libya
The Commercial Court in London has upheld an order enforcing a £16 million ICC award against Libya while ruling a US-owned defence contractor should be deprived of court costs for failing to raise sovereign immunity issues.
14 March 2022
Pakistan fails to stay Tethyan award in US
A US court has rejected Pakistan’s bid to stay enforcement of an Australian mining venture’s US$6 billion ICSID award, calling the state’s hopes of annulling the award “wishful thinking”.
11 March 2022