Region: Europe

Perenco secures freeze on Ecuador accounts in Luxembourg

Bahamian oil company Perenco has frozen Luxembourg bank accounts used by Ecuador to make coupon payments associated with sovereign bonds, with the ICSID award holder claiming this raises the possibility of the state defaulting to creditors.

01 August 2022

Burford-funded mining claim against Greenland underway

A tribunal has begun hearing an Australian company’s claim against Greenland and the Kingdom of Denmark over a uranium mining ban affecting a US$3 billion project – a case financed by a subsidiary of Burford Capital.

29 July 2022

New principal at LK Law

James Hayton, who has worked on investment treaty claims against Argentina and Belgium among other cases and is co-founder of the first arbitration conference for the Balkan region, has been appointed principal at the London office of UK-Australian law firm LK.

29 July 2022

Algeria liable for blocking transfer of dividends

A split ICSID tribunal has ordered Algeria to pay US$110 million to a Swiss shipping company and lift a prohibition against the collection of dividends from its local investments.

28 July 2022

“Side-switching” challenge rejected on appeal

A Spanish contractor has failed in a renewed bid to overturn a US$40 million ICC award over a Peruvian refinery on the basis that two members of its counsel team joined the opposing side’s law firm while the arbitration was pending – as a separate dispute over a US$1 billion project in Algeria gets underway.

27 July 2022

Force majeure issues in today’s gas market

Michelle Bock, Max Rockall, George von Mehren and Stephen Anway of Squire Patton Boggs consider issues of force majeure in the context of Gazprom’s sharp reduction in supplies of gas to Europe.

27 July 2022

Moser award set aside over “flexible approach” to damages

Singapore’s Court of Appeal has partially set aside a €62 million ICC award over a Malaysian steel plant after finding that a tribunal chaired by Michael Moser breached due process by adopting a “flexible approach” to proof of damage.

26 July 2022

Russia loses challenge over lack of “reputable” counsel

Russia has failed to disqualify a tribunal hearing a Crimea-related treaty claim that refused to grant a six-month stay after the state’s counsel resigned, despite its argument that no new “reputable or experienced” representatives were immediately available.

22 July 2022

Russian state entity plans claim over Finnish nuclear project

Russian state entity Rosatom is preparing to launch an arbitration against a Finnish company that cited the war in Ukraine when it terminated a contract for work on a €7 billion nuclear power plant project.

22 July 2022

Media dispute wrapped up in Milan

An Italian media group has settled a dispute over the €120 million sale of its historic headquarters to Blackstone after it failed to set aside an award issued in favour of the US private equity group by a Milan-seated tribunal.

22 July 2022

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