Topic: Settlements

Guatemala pays ICSID award to avoid default

Guatemala has paid US$37.3 million to an ICSID creditor to lift an attachment on bond payments and avoid a sovereign default – though it has still to honour another award worth US$55 million rendered in the same dispute.

26 November 2020

Colombian pipeline dispute settles

Canada’s Frontera Energy has settled a pair of arbitrations with Colombian state-owned oil company Ecopetrol over terminated contracts for two of the Latin American country’s key oil pipelines.

26 November 2020

UK oil company withdraws claim against Uganda

The UK’s Tullow Oil has withdrawn its ICSID claim against Uganda relating to a dispute over VAT after reaching a settlement with the state and its revenue authority.

19 November 2020

Vietnamese gas block dispute settles at SIAC

A Singapore oil and gas company says it has settled a SIAC claim against a subsidiary of Japan’s Inpex Corporation over the purchase of a US$14 million stake in a Vietnamese offshore gas block.

12 November 2020

Settlement bars Petrobras claim over refinery bribes

A Texas state appeal court has affirmed that Brazil’s Petrobras is barred from pursuing bribery claims in an ICDR arbitration over the purchase of a US oil refinery because of a settlement agreed eight years ago.

25 August 2020

ICC claim over LatAm casino venture to settle

South African casino hotel chain Sun International has agreed to settle a dispute with its Chilean joint venture partner that gave rise to an ICC arbitration and sell its stake in the venture for US$160 million.

21 August 2020

Nigerian oil block dispute to settle

The Nigerian National Petroleum Corporation (NNPC) has agreed preliminary settlement terms for a long-running tax dispute with two investors in an offshore oil and gas block that gave rise to a pair of under-the-radar arbitrations.

20 August 2020

ICSID creditors fall out over Zimbabwe settlement

As Zimbabwe announces it will pay US$3.5 billion to white farm owners who were stripped of their land during the regime of former president Robert Mugabe, it has emerged that two of the state's ICSID creditors are suing each other in London over awards worth US$125 million arising from the same expropriation programme.

11 August 2020

German investor fails to revive settlement with Libya

A French court has refused to reinstate a US$120 million consent award in an investment treaty case against Libya that was rescinded after the tribunal found that the German claimant procured the settlement fraudulently.

17 July 2020

Dispute settles over Swiss bank linked to 1MDB scandal

Italy’s largest insurer Assicurazioni Generali has settled an arbitration over the US$1.6 billion sale of a Swiss private bank that was implicated in Malaysia’s 1MDB embezzlement scandal.

16 June 2020

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