Work Area: Enforcement and set-aside
South Korea challenges hedge fund's treaty award
UPDATED: South Korea has applied to set aside an investment treaty award that requires it to pay US$108 million to New York hedge fund Elliott Associates for intervening in an US$8 billion merger, as the award becomes publicly available.
18 July 2023
Annulment of intra-EU award upheld in Sweden
The Swedish Supreme Court has refused to hear a Luxembourg fund’s appeal against the annulment of a €56 million Energy Charter Treaty award against Spain.
17 July 2023
US court upholds dairy investor’s award against Libya
A US court has upheld a €19 million treaty award against Libya over the expropriation of a dairy and juice factory, rejecting the state’s argument that a lower court should have independently reviewed the tribunal’s jurisdictional findings.
14 July 2023
Iran's state oil company loses appeal over Crescent award
The Court of Appeal in London has rejected the National Iranian Oil Company’s jurisdictional challenge to a US$2.4 billion award in favour of the UAE’s Crescent Petroleum.
13 July 2023
Orange and Agility apply to confirm Iraqi telecoms award
A joint venture between Kuwait’s Agility and France’s Orange has asked a US court to enforce a US$1.6 billion ICC award against an Iraqi businessman over its investment in a mobile operator.
06 July 2023
Paris court upholds dual nationals’ award against Venezuela
The Paris Court of Appeal has upheld a jurisdictional award in favour of two Spanish-Venezuelan nationals in a long-running dispute with Venezuela, ruling the underlying treaty did not preclude them from bringing the claim.
05 July 2023
US court enforces fuel supply award against Haiti
A New York court has confirmed an award ordering Haiti to pay US$28 million to a petroleum supplier over unpaid shipments of fuel.
04 July 2023
US private equity group seeks to enforce South Korea award
Texas private equity group Lone Star has asked a court in Washington, DC to enforce its ICSID award against South Korea – after a panel rejected the bulk of its US$4.7 billion claim over a delayed bank sale.
03 July 2023
Hong Kong court confirms stance on pre-arbitration procedures
Hong Kong’s highest court has affirmed that it is for arbitrators – and not courts – to decide whether a party has complied with pre-conditions to arbitration in an escalation clause.
30 June 2023
Award creditors accuse law firm of enabling evidence tampering
A group of cinema investors have asked a US court to sanction a Chinese billionaire and his counsel – accusing the law firm of enabling their client to destroy evidence and evade enforcement of a US$450 million CIETAC award.
29 June 2023