Work Area: Investor-state arbitration

Tax fraud leads to partial set-aside of treaty award

The Paris Court of Appeal has wiped more than US$126 million off an investment treaty award against Venezuela after finding that it compensated the claimants for payments that had contributed to a tax evasion scheme in Chile.

03 November 2023

Spain found liable to wind power investor

An ICSID tribunal has held Spain liable for breaching a Luxembourgish wind power investor’s legitimate expectations that the state’s renewable energy subsidy regime would remain unmodified.

03 November 2023

RWE to withdraw ECT claim against Netherlands

German energy company RWE is withdrawing its Energy Charter Treaty claim against the Netherlands over coal phase-out legislation – months after a German court ruled it was inadmissible.

03 November 2023

Ukrainian energy company reports win against Russia

Ukraine’s largest private energy company says it has won US$267 million in an investment treaty claim against Russia over assets seized following its occupation of Crimea.

02 November 2023

Cameroon fails to prove arbitrator had pro-investor bias

The Paris Court of Appeal has rejected Cameroon’s challenge to an €18 million ICC award in a 16-year saga over a farm leasing contract, finding the state had not proved that tribunal chair Horacio Grigera Naón was biased in favour of investors.

02 November 2023

“Unjust, undemocratic and dysfunctional”: UN report slams ISDS

A UN report has severely criticised the impact of investment arbitration on climate action and human rights – calling it “not fit for purpose in the twenty-first century” and recommending states withdraw their consent to arbitration under investment treaties.

02 November 2023

UK court rejects Russia’s immunity defence in Yukos case

The Commercial Court in London has found that Russia cannot invoke sovereign immunity as a defence to enforcement of awards worth nearly US$60 billion won by the former majority shareholders of Yukos Oil Company.

01 November 2023

NAFTA award survives appearance of bias

A Canadian court has refused to revive a US$3 billion NAFTA claim against Mexico despite finding that the conduct of the state’s appointed arbitrator gave rise to a reasonable apprehension of bias.

31 October 2023

Commercial property investor threatens Venezuela

A Barbados company has threatened to bring a US$116 million investment treaty claim against Venezuela over the state’s alleged seizure of a commercial building in Caracas.

30 October 2023

Bulgarian insurance investor threatens claim against Romania

A Bulgarian holding group and its insurance arm have instructed counsel as they threaten to file a €500 million investment treaty claim against Romania after their local subsidiary had its licence revoked.

26 October 2023

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