Work Area: Investor-state arbitration

Steinmetz found guilty of corruption in Geneva

A court in Geneva has found Israeli-French billionaire Beny Steinmetz guilty of paying bribes to secure mining rights in Guinea – allegations that have also been the subject of ICSID and LCIA arbitrations.

22 January 2021

Italy challenges solar award

The Italian government has applied to annul an ICSID award requiring it to pay over €18 million to a German solar investor in compensation for changes to the incentives regime for renewable energy.

22 January 2021

Philip Morris files claim against Ukraine

US tobacco company Philip Morris has made good on its threat to file an ICSID claim against Ukraine after being hit with a €44 million fine by a national competition authority.

21 January 2021

Chile threatened over airport pandemic disruption

Two French airport operators have threatened Chile with an ICSID claim after their billion-dollar concession for Santiago’s international airport was severely disrupted by measures taken in response to the covid-19 pandemic.

20 January 2021

Venezuela settles beef with cattle farmers

The administration of Venezuela’s opposition leader Juan Guaidó has agreed to pay around US$110 million to satisfy an ICSID award won by a British family business over the expropriation of its cattle farms.

20 January 2021

Belt and Road project in Jordan spawns ICC claims

Jordan and one of its state-owned entities have launched ICC claims against a company awarded a US$2.1 billion contract to build a power station and mine as part of China’s Belt and Road initiative.

20 January 2021

Net loss for airline investor in Lebanon claim

An ICSID tribunal has ordered Lebanon to pay damages to a German businessman over the revocation of his private jet company’s aviation licences – but awarded the state a larger amount in costs.

19 January 2021

HSBC threatens El Salvador over court delay

An affiliate of British bank HSBC has threatened El Salvador with an ICSID claim over its Supreme Court’s delay in considering an appeal against a US$50 million judgment.

19 January 2021

Moldova loses appeal over ECT award

A US appeal court has upheld enforcement of a Ukrainian company’s US$58 million Energy Charter Treaty award against Moldova while remanding the issue of whether final judgment should be denominated in Moldovan lei or US dollars.

18 January 2021

Meydan racetrack award upheld in Dubai

A special committee formed to resolve disputes involving UAE real estate developer Meydan has upheld a US$313 million DIAC award won by a Malaysian property company over a cancelled contract to build a racecourse.

18 January 2021

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