Topic: Mega-awards

"Fifteen years is long enough”: US court enforces Conoco award

A US court has granted ConocoPhillips’ bid to enforce a US$9 billion ICSID award against Venezuela over three oil projects that were expropriated in 2007, finding there is no reason to think the state is likely to succeed in having it annulled.

22 August 2022

Ex-Oxy employees fail to win share of billion-dollar award

A US appeals court has refused to order Occidental Petroleum to pay a group of its former employees a share of a billion-dollar ICSID award it won against Ecuador over a terminated oil block contract.

09 May 2022

US stay on Yukos awards lifted after six years

A US court has ruled that proceedings to enforce the US$57 billion Yukos awards against Russia should resume after a six-year stay, citing concerns that targeting the state’s assets may become more difficult following the war in Ukraine.

14 April 2022

Nigeria overturns security order in mega-award challenge

The Commercial Court in London has ordered the release of US$200 million that Nigeria paid in security as it challenges a US$10 billion award over a failed gas deal, after recently finding the state has a strong prima facie case that the arbitration and the contract were tainted by corruption.

29 September 2020

Nigeria files corruption challenge to mega-award

Nigeria has launched a fresh challenge in UK courts against US$9.6 billion award won by a British Virgin Islands company arising from a failed gas deal, arguing the underlying contract was procured through fraud and corruption.

06 December 2019

Kahale on the “new age of the megacase”

In a keynote speech in Prague, Curtis Mallet-Prevost Colt & Mosle chairman George Kahale III argued that investor-state dispute settlement is a deeply flawed system that should be dismantled completely or rebuilt from scratch – with a focus on deficiencies in how tribunals deal with quantum in the “new age of the megacase”. Jaroslav Kudrna and Anna Bilanová of the Czech Ministry of Finance report.

08 November 2018

Mega-award against Nigeria comes to light

A British Virgin Islands company founded by Irish nationals has asked a US court to enforce an award worth nearly US$9 billion against Nigeria and its ministry of petroleum resources over a failed gas-refining project in which it had invested US$40 million.

20 March 2018

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