South32 v. Colombia
South32 SA Investments Limited v. Republic of Colombia, ICSID Case No. ARB/20/9 Summary Earlier this summer, in South32 SA Investments Limited v. Republic of Colombia (South32 v. Colombia), an ICSID […]
Awards
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Páramos protection-related case decided in favour of Colombia, this time
Red Eagle Exploration Limited v. Republic of Colombia, Award, ICSID Case No. ARB/18/12 Red Eagle v. Colombia is the third arbitration related to Colombia’s efforts to protect the páramos ecosystems, […]
ICSID tribunal rules that emission trading allowances do not constitute “protected” investments under NAFTA
Koch Industries, Inc. and Koch Supply and Trading, LP v. Canada, ICSID Case No. ARB/20/52, Award, March 13, 2024 Summary In an award rendered on March 13, 2024, an ICSID […]
ICSID tribunal concludes Bulgaria breached the ECT through frustration of legitimate expectations and awards damages. Will this award push Bulgaria toward withdrawing from the ECT?
ACF Renewable Energy Limited v. Republic of Bulgaria (ICSID Case No. ARB/18/1) The investors ACF, a company incorporated under Maltese law, was founded shortly before acquiring an investment in Bulgaria. […]
Clarification of the legitimate expectations of investors in relation to the stability of regulatory frameworks
Scholz holding Gmbh c. Royaume du Maroc, award, ICSID n° ARB/19/2 In recent years, investors have frequently invoked the notion of legitimate expectations in alleging a breach of a state’s […]
English High Court allows challenge to arbitral award for having been obtained by fraud and in violation of public policy
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ICSID tribunal rejects Spanish power company claims – no legitimate expectations of market framework improvement
Orazul International España Holdings S.L. v Argentine Republic, ICSID Case No. ARB/19/25, Award, 14 December 2023 The ICSID tribunal issued its award in the Orazul case. The tribunal rejected all […]
The ICSID Tribunal’s decision in BSG Resources v. Guinea concludes that the mining licences were obtained through corruption
BSG Resources Limited (in administration), BSG Resources (Guinea) Limited and BSG Resources (Guinea) SÀRL v. Republic of Guinea (I), ICSID Case No. ARB/14/22 Summary BSG Resources Limited (in administration), BSG […]
ICSID tribunal upholds Guatemala’s preliminary objection against the import of 10 umbrella clauses through an MFN clause while rejecting and joining to the merits the remaining preliminary objections raised by the state
Grupo Energía Bogotá S.A. E.S.P. and Transportadora de Energía de Centroamérica S.A. v. Republic of Guatemala, ICSID Case No. ARB/20/48, Decision on Preliminary Objections, November 24, 2023 Summary The companies […]
An ICSID tribunal further restricts the scope of security for costs applications
Vercara LLC (formerly Security Services LLC, formerly Neustar, Inc) v. Republic of Colombia, ICSID Case No. ARB/20/7, Decision on security for costs, September 27, 2023 Summary The decision concerns security […]
Another tribunal to reject the Achmea-based jurisdictional objection
Adria Group B.V. and Adria Group Holding B.V. v. The Republic of Croatia, Decision on Intra-EU Jurisdictional Objection, ICSID Case No. ARB/20/6
UNCITRAL tribunal finds Russia liable to pay USD 207.8 million for the unlawful expropriation of the assets of a Ukrainian electricity company
JSC DTEK Krymenergo v Russia, PCA Case No. 2018-41, Award, November 1, 2023
The English High Court Greenlights Enforcement of an ICSID Arbitration Award Issued in Intra-EU Investment Treaty Proceedings
A major development in the intra-EU investment treaty arbitration saga recently played out before the English courts. In Infrastructure Services Luxembourg and Energia Termosolar v Spain (Antin v Spain) the High Court took a stance in favour of the recognition and enforcement of intra-EU awards issued under the ICSID Convention. Antin v Spain follows the precedent set by the British Supreme Court in Micula v Romania, which held that the EU treaties did not supersede the United Kingdom’s obligations under the ICSID Convention.
UNCITRAL Tribunal Upholds Ghana’s Jurisdictional Objections Against Chinese Investor
Beijing Everyway Traffic & Lighting Tech. Co., Ltd v. The Republic of Ghana (I), PCA Case No. 2021-15
ICSID tribunal upholds China’s jurisdictional objection
AsiaPhos Limited and Norwest Chemicals Pte Limited v. the People’s Republic of China, ICSID Case No. ADM/21/1, Award, 16 February 2023
AFC Investment Solutions S.L. v República de Colombia ICSID Case No. ARB/20/16:
The relevance of the distinction between “dispute” and “claim” in light of ICSID Arbitration Rule 41(5) The tribunal accepted the preliminary objection of the Republic of Colombia (the “respondent”) after […]
Korea found guilty of violating FET obligations but redeemed by contributory negligence of investor’s financial crime conviction
I. The dispute and factual background The dispute involves a claim brought against the Republic of Korea (“respondent”) by Loan Star Funds (LSF)–Korean Exchange Bank (KEB) Holdings SCA (“LSF–KEB”) and […]
PCA Tribunal finds that Russia committed an illegal expropriation against Ukrainian bank
Public Joint Stock Company “State Savings Bank of Ukraine” v. Russian Federation, PCA Case 2016-14
ICSID tribunal finds that Italy committed an unlawful expropriation under ECT’s Art. 13(1)
Rockhopper Italia S.p.A., Rockhopper Mediterranean Ltd, and Rockhopper Exploration Plc v. Italian Republic, ICSID Case No. ARB/17/14
ICSID Tribunal upholds jurisdiction over an intra-EU Dispute
Cavalum SGPS, S.A. v. Kingdom of Spain, ICSID Case No. ARB/15/34
Bolivia found liable for violating the FET standard and the prohibition to adopt arbitrary measures when implementing nationalization on the pension system
Banco Bilbao Vizcaya Argentaria S.A. v. Bolivia, ICSID Case No. ARB(AF)/18/5
Tribunal finds Spain’s changes to its regulatory regime to have violated investors’ legitimate expectations under ECT’s Art. 10(1)
Mathias Kruck and others v. Kingdom of Spain, ICSID Case No. ARB/15/23
Tribunal decides on who may properly represent Venezuela in arbitration
Venezuela Holdings, B.V., et al (case formerly known as Mobil Corporation, Venezuela Holdings, B.V., et al.) v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/07/27
Tribunal upheld Colombia’s objection to jurisdiction ratione personae considering double-nationality claimants to be predominantly Colombian
Alberto Carrizosa Gelzis and others v. Colombia, PCA Case No. 2018-56
ICJ dismisses the preliminary objections over The Gambia’s claims regarding Myanmar’s violation of the Genocide Convention
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ECT tribunal upholds intra-EU treaty jurisdictional objection for the first time
Green Power K/S and SCE Solar Don Benito APS c. Royaume d’Espagne, SCC Case No. V2016/135
Tribunal finds Romania liable for breaching Art. 10(1) of the ECT, stating that its measures impaired claimants’ investments
LSG Buildings and others v. Romania, ICSID Case No. ARB/18/19
NAFTA tribunal in Westmoreland v. Canada declines jurisdiction, finding that the claimant did not own or control the investment at the time of the alleged breach
Westmoreland Coal Company v. Government of Canada, ICSID Case No. UNCT/20/3
Bahrain found liable for indirect expropriation for putting Iranian-controlled Future Bank under administration
Bank Melli Iran and Bank Saderat Iran v. Bahrain, PCA Case No. 2017-25
Tribunal awards damages to Yukos Capital, finding that Russia expropriated its investment, while two arbitrators partially dissent on quantum
Yukos Capital SARL v. The Russian Federation, PCA Case No. 2013-31
Arbitral tribunal finds Poland not in breach of alleged FET violations in rendering its administrative services to Festorino Invest Limited & Others
Festorino Invest Limited and Others v. Republic of Poland with the participation of the European Union (non-disputing treaty party), SCC Case No. V2018/098
Arbitral tribunal finds Guatemala’s decision not to treat “binding tax opinions” as binding in accordance with FET and MFN provisions, and not an impairment by unreasonable measures
IC Power Asia Development Ltd. v. The Republic of Guatemala, PCA Case No. 2019-43
Arbitrators in Casinos Austria v. Argentina take varying approaches to the respondent’s exercise of police powers
Casinos Austria International GmbH and Casinos Austria Aktiengesellschaft v. Argentine Republic, ICSID Case No. ARB/14/32
Majority in Eco Oro v. Colombia finds violation of minimum standard of treatment, holds that a general environmental exception does not preclude obligation to pay compensation
Eco Oro Minerals Corp. v. Republic of Colombia, ICSID Case No. ARB/16/41
Spain held liable in another renewable energy case and ordered to pay EUR 22 million in compensation for damages
BayWa r.e. Renewable Energy GmbH and BayWa r.e. Asset Holding GmbH v. Spain, ICSID Case No. ARB/15/16
ECT tribunal finds Italy’s modifications to its renewable energy incentive scheme reasonable, foreseeable, and proportionate
Silver Ridge Power BV v. Italian Republic, ICSID Case No. ARB/15/37
Ad hoc tribunal rules in favour of German energy investor
(Français) Frazer Solar GMBH c. le Royaume du Lesotho
The ICSID tribunal in Infinito Gold v Costa Rica upholds several claims but declines to award damages. The majority of the tribunal found breaches of the FET standard but damages too speculative
Infinito Gold Ltd. v. Costa Rica, ICSID Case No. ARB/14/5
Tribunal rules in favour of claimants in another Spanish solar dispute; Dissenting arbitrator argues that tribunal nonetheless over-emphasized Spain’s “right to regulate”
In another renewables case against Spain, an ICSID tribunal awarded over EUR 28 million to two subsidiaries of the German company RWE (jointly, RWE).
Kenya prevails in a geothermal arbitration brought by WalAm Energy— ICSID tribunal rejects all claimant allegations
WalAm Energy LLC v. The Republic of Kenya (ICSID Case No. ARB/15/7)
UNCITRAL tribunal finds India in breach of India–UK BIT in proceedings brought by Cairn entities
Cairn v. India Cairn Energy PLC and Cairn UK Holdings Limited v. The Republic of India, PCA Case No. 2016-7
ICSID tribunal rejects denial of justice claim against the Republic of Panama
Bridgestone Licensing Services, Inc. and Bridgestone Americas, Inc. v. Republic of Panama, ICSID Case No. ARB/16/34
In another energy case against Italy, an ICSID tribunal rejects all claims on the merits on the basis that Italy acted reasonably and in the public interest
Eskosol S.p.A. in liquidazione v. Italian Republic, ICSID Case No. ARB/15/50
ICSID tribunal partially upholds jurisdiction claims under Austria–Poland Encouragement and Protection of Investments Agreement and rejects Achmea’s applicability
Strabag SE, Raiffeisen Centrobank AG and Syrena Immobilien Holding AG v. Poland, ICSID Case No. ADHOC/15/1
ICSID tribunal dismisses claims of Interocean Oil Development Company and Interocean Oil Exploration Company against Nigeria while upholding its jurisdiction to hear the claims solely based on Nigeria’s domestic investment statute
Interocean Oil Development Company and Interocean Oil Exploration Company v. Federal Republic of Nigeria, ICSID Case No. ARB/13/20
PCA Tribunal upholds jurisdiction over disputes under India–Japan Comprehensive Economic Partnership Agreement
Nissan Motor Co. Ltd. (Japan) v. India, PCA Case No. 2017-37
All claims dismissed in telecommunications case against Canada: Changes in the regulatory environment did not breach F.E.T.
Global Telecom Holding S.A.E. v. Canada, ICSID Case No. ARB/16/16
UNCITRAL tribunal dismisses claims of German aircraft leasing company against the Czech Republic while upholding its jurisdiction over the intra-EU claim
A.M.F. Aircraftleasing Meier & Fischer GmbH & Co. KG v. Czech Republic, PCA Case No. 2017-15
ICSID annulment committee annuls Eiser v. Spain Award for improper constitution of the tribunal and severe departure from a fundamental rule of procedure
Eiser Infrastructure Limited and Energía Solar Luxembourg S.à r.l. v. Kingdom of Spain, ICSID Case No. ARB/13/36
ICSID tribunal declines jurisdiction ratione voluntatis over claims brought against Iraq under the OIC Investment Agreement
Itisaluna Iraq LLC and others v. Republic of Iraq, ICSID Case No. ARB/17/10