Region: Peru

A Delaware-registered hedge fund has asked a US court to enforce a US$100 million ICSID award against Peru, after a divided tribunal found the state liable in a dispute over land bonds.

16 March 2023

UPDATED: The Peruvian municipality of Lima has asked a US court to set aside an UNCITRAL award that rejected allegations of corruption against an Odebrecht-linked consortium – as a challenge to an earlier award over the same toll-road concession resumes.

15 March 2023

An ICC tribunal has ruled that an oil consortium validly terminated its agreement with a Peruvian state agency, rejecting arguments it was a bad faith move to trigger a liquidation proceeding.

13 February 2023

The Peruvian municipality of Lima has moved to terminate a highway concession after a second UNCITRAL tribunal rejected its allegations that an Odebrecht-linked consortium procured the contract through corruption.

25 January 2023

The ICSID award ordering Peru to pay US$100 million to a US hedge fund in a land bond dispute has been published, revealing a dissenting opinion from Brigitte Stern that described the majority’s decision as “utterly wrong both in law and in justice”.

19 January 2023

A Canadian bank has brought an ICSID claim against Peru over a nearly 15-year long tax dispute, as a contractor turns to new counsel to challenge an award in a separate dispute with the Andean state.

25 November 2022

Brazilian prosecutors have reportedly suspended cooperation with Peru on high-profile corruption investigations because of concerns about the state’s use of evidence in arbitrations relating to Odebrecht projects.

24 November 2022

A US infrastructure group has won a US$177 million ICC award against a Peruvian government agency over a terminated project to build rural telecoms networks, as the Andean state announces it has defeated a US$97 million treaty claim by an oil investor.

11 August 2022

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

A Texas-based energy company has brought an ICSID claim against a Peruvian state entity that allegedly refused to extend a licence agreement for oil and gas exploration.

14 July 2022