Awards and Decisions
The long-expected final award has been rendered in the high-profile case initiated by tobacco giant Philip Morris in early 2010 against Uruguay over its tobacco control measures.
Expropriation
Philip Morris v. Uruguay: all claims dismissed; Uruguay to receive US$7 million reimbursement
Philip Morris Brands Sàrl, Philip Morris Products S.A. and Abal Hermanos S.A. v. Oriental Republic of Uruguay, ICSID Case No. ARB/10/7
Corporate restructuring and abuse of rights: PCA tribunal deems Philip Morris’s claims against Australia’s tobacco plain packaging rules inadmissible
Philip Morris Asia Limited v. The Commonwealth of Australia, PCA Case No. 2012-12
Claimant fails to comply with three-year limitation period under CAFTA-DR
A tribunal at the International Centre for Settlement of Investment Disputes (ICSID) declared that it lacked jurisdiction in the case of Corona Materials LLC (a U.S. company) against the Dominican Republic.
Venezuela ordered to pay US$1.202 billion plus interest to Canadian mining company Crystallex for FET breach and expropriation
In a 273-page award dated April 4, 2016, a tribunal at the Additional Facility (AF) of the International Centre for Settlement of Investment Disputes (ICSID) ordered Venezuela to pay US$1.202 billion plus interest to Canadian company Crystallex International Corporation (Crystallex).
ICSID tribunal awards damages for Venezuela’s indirect expropriation of steel industry investment
Tenaris S.A. and Talta-Trading e Marketing Sociedade Unipessoal LDA v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/11/26
ICSID tribunal orders Zimbabwe to return expropriated farms
In a 318-page award issued July 28, 2015 but only published February 2016, a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) ordered Zimbabwe to return farms it seized without compensation in 2005.
TransCanada initiates NAFTA arbitration against the United States over rejection of Keystone XL pipeline
On January 6, 2016, TransCanada initiated arbitration against the United States for “unreasonably delaying approval” of the proposed Keystone XL pipeline and ultimately denying, in November 2015, the company’s application for the required Presidential Permit.
Tribunal dismisses all claims by U.S. mining investor against Oman
Adel A. Hamadi Al Tamimi v. Sultanate of Oman, ICSID Case No. ARB/11/33
Quiborax awarded US$50 million against Bolivia, one-third of initial claim
Quiborax S.A. and Non-Metallic Minerals S.A. v. Plurinational State of Bolivia (ICSID Case No. ARB/06/2)
Energorynok had no ownership or control over energy-related economic activity; ECT case against Moldova dismissed
State Enterprise “Energorynok” (Ukraine) v. The Republic of Moldova, SCC Arbitration V (2012/175)
The Brazilian Agreement on Cooperation and Facilitation of Investments (ACFI): A New Formula for International Investment Agreements?
Since the signing of the first Agreement on Cooperation and Facilitation of Investments (ACFI) by Brazil, in March 2015, English translations of the document and analyses of its innovative aspects have been published. The hidden question is: to what extent do Brazil’s ACFIs innovate in the regulation of foreign investments?
Looking to Venezuela’s Investment Law, majority finds that Venoklim was not a foreign investor and dismisses case against Venezuela; claimant-appointed arbitrator dissents
Venoklim Holding B.V. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/12/22
Majority of ICSID tribunal finds no fair and equitable treatment violation by Albania in petroleum dispute
Mamidoil Jetoil Greek Petroleum Products Societe S.A. v. The Republic of Albania, ICSID Case No. ARB/11/24
Tribunal found Mongolia liable for unlawful expropriation and awarded more than US$80 million in damages
Khan Resources Inc., Khan Resources B.V. and CAUC Holding Company Ltd. v. The Government of Mongolia and MonAtom LLC, PCA Case No. 2011-09
The Brazil–Mozambique and Brazil–Angola Cooperation and Investment Facilitation Agreements (CIFAs): A Descriptive Overview
Brazil and Mozambique signed on March 30, 2015 the first Cooperation and Investment Facilitation Agreement (CIFA) based on Brazil’s new model bilateral investment treaty (BIT). The second was signed on April 1, 2015 between Brazil and Angola. Unlike traditional BITs, which are geared towards investor protection, the CIFAs focus primarily on cooperation and investment facilitation. They promote amicable ways to settle disputes and propose state–state dispute settlement as a backup; notably, they do not include provisions on investor–state arbitration.
Awards and Decisions
US$1.76 billion dollar award levied against Ecuador in dispute with Occidental; tribunal split over damages Occidental Petroleum Corporation and Occidental Exploration and Production Company v. The Republic of Ecuador, […]
Awards and Decisions
Majority declines jurisdiction in claim against Argentina over domestic litigation requirement Daimler Financial Services AG v. Argentine Republic, ICSID Case No. ARB/05/1 Damon Vis-Dunbar A claim against Argentina by a […]
News in Brief
Australia to reject investor-state dispute resolution in TPPA The Australian government will not sign on to investor-state dispute resolution provisions in the Trans-Pacific Partnership Agreement (TPPA), according to an Australian […]
The White Industries Arbitration: Implications for India’s Investment Treaty Program
In November 2011, an arbitral tribunal found the Republic of India guilty of violating the India-Australia bilateral investment treaty (BIT). It is the first known investment-treaty ruling against India, despite […]
News in Brief
Philip Morris files for arbitration over intellectual property dispute with Australia The tobacco company Philip Morris filed for arbitration on 21 November 2011, claiming the government of Australia’s regulations on […]
Awards and Decisions
Mass claim in Argentine bond dispute is granted ICSID jurisdiction Abaclat and Others (Case formerly known as Giovanna A Beccara and Others) and The Argentine Republic, Decision on Jurisdiction and […]
Federalism and international investment disputes
One of the more politically controversial aspects of international investment protection treaties is the liability of a State when political sub-divisions are found to have breached that State’s treaty obligations […]
Philip Morris v. Uruguay: Will investor-State arbitration send restrictions on tobacco marketing up in smoke?
For nearly two decades, the tobacco industry has used international investment rules to challenge governmentrestrictions on cigarette marketing. In 1994, R.J. Reynolds Tobacco Company threatened to bring a claim under […]
Awards and decisions
UK firm victorious in dispute with Russia, but damages much less than claimed RosInvestCo UK Ltd. v. The Russian Federation, SCC Case No. Arb. V079/2005 Lise Johnson In an award […]
Awards and decisions
Georgia loses dispute with Greek and Israeli oil investors Ioannis Kardassopoulos and Ron Fuchs v. The Republic of Georgia (ICSID Case Nos. ARB/05/18 and ARB/07/15) Martin D. Brauch Two oil […]
A global thirst: How water is driving the new wave of foreign investment in farmland
It is no longer a secret that there is a new wave of foreign investment in farmland, predominantly in Africa. An explosion of media reports and a series of studies by the World Bank, Food and Agricultural Organisation (FAO), International Fund for Agricultural Development (IFAD), United Nations Conference on Trade and Development (UNCTAD) and International Institute for Environment and Development (IIED), have confirmed the scale and consequences of this new influx of foreign investment. The World Bank report, by far the most comprehensive, found that reported deals amounted to 45 million hectares in 2009 alone.
Awards and Decisions
Argentina on the hook for breach of Fair and Equitable Treatment Suez, Sociedad General de Aguas de Barcelona S.A., and Vivendi Universal v. Argentine Republic (ICSID Case No. ARB/03/19) Lise […]
Philip Morris initiates arbitration against Uruguay over new labeling requirements, taxes
By Fernando Cabrera Diaz May 11, 2010 Tobacco giant Philip Morris International (PMI) has initiated an ICSID arbitration against Uruguay over new rules requiring that 80% of cigarette pack surfaces […]
German investor awarded 29 million Euros in claim against Thailand over highway concession
By Fernando Cabrera Diaz May 11, 2010 An ad hoc tribunal under UNCTIRAL Rules has awarded German investor Walter Bau AG more than 30 million Euros in its claim against […]
Pan American Energy takes Bolivia to ICSID over nationalization of Chaco Petroleum
By Fernando Cabrera Diaz May 11, 2010 Anglo-Argentinean energy firm Pan American Energy (PAE) has initiated arbitration against Bolivia over the nationalization of its subsidiary Chaco Petroleum by the Morales […]
American gas services firm Exterran files for arbitration against Venezuela over nationalized assets
By Fernando Cabrera Diaz May 11, 2010 (NOTE: A correction has been made to this article. An explanation is posted below) Houston-based Exterran Holdings has taken Venezuela to ICSID over […]
Michigan owner and operator of busy trade route prepares to file a second NAFTA claim against Canada
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Cemex v. Venezuela: Provisional Measures allowed in circumstances of necessity and urgency
By Elizabeth Whitsitt April 8, 2010 An ICSID tribunal has refused a request for provisional measures by the world’s third largest cement-producer. In its decision dated March 3, 2010, the […]
Oil transport company Tidewater Inc. initiates ICSID arbitration against Venezuela over expropriated assets
By Fernando Cabrera Diaz April 8, 2010 New Orleans-based Tidewater Inc. has initiated arbitration against Venezuela at ICSID over the latter’s alleged take-over of 15 of the company’s vessels in […]
Tribunals have been constituted in ICSID cases involving Egypt, Cambodia and Argentina
By Elizabeth Whitsitt March 11, 2010 In the past two months, arbitral tribunals have been convened in a few ICSID arbitrations. Most recently, a tribunal was constituted in a dispute […]
In Brief: Proceedings are suspended in dispute between French oil company and Ecuador
By Elizabeth Whitsitt March 11, 2010 Thomas Bingham, President of the ICSID tribunal in Perenco Ecuador Limited v. Ecuador has resigned. At the center of the dispute between Perenco and […]
Tribunal’s decision in anticipated Yukos case released to public
By Elizabeth Whitsitt February 14, 2010 Three highly anticipated decisions permitting three claimants – all former shareholders of Yukos Oil Corporation OJSC (Yukos) – to proceed to the merits phase […]
ICSID Tribunal sides with Chile, rejects claimant’s partial revision request in long running dispute over El Clarin newspaper
By Fernando Cabrera Diaz January 13, 2010 An ICSID tribunal has rejected a partial revision request by Pey Casado and the Presidente Allende Foundation of an award rendered in their […]
In Brief: The merits of former Yukos Shareholders’ expropriation claim will be heard
By Elizabeth Whitsitt January 13, 2010 In a decision not yet released to the public, it has been reported that former Yukos shareholders may proceed to the merits phase of […]
Canadian mining company Gold Reserve commences ICSID arbitration against Venezuela
By Fernando Cabrera Diaz December 6, 2009 Canadian mining company Gold Reserve has commenced arbitration against Venezuela at the International Centre for Settlement of Investment Disputes (ICSID) over the alleged […]
Quiborax claim against Bolivia continues; may provide first decision on effects of ICSID exit
By Fernando Cabrera November 3, 2009 Chilean Química e Industrial del Bórax Ltd. (“Quiborax”) will continue with its claim against Bolivia at the International Centre for Settlement of Investment Dispute […]
Oral hearings held in NAFTA arbitration over Canadian pesticide ban
By Fernando Cabrera Diaz 2 October 2009 Chemtura Corporation’s dispute with Canada over the phase-out of the agro-chemical Lindane headed to oral hearings in September after 8 years of legal […]
Glamis Gold Ltd. v. United States of America: Tribunal sets a high bar for establishing breach of “Fair and Equitable Treatment” under NAFTA
By Elizabeth Whitsitt and Damon Vis-Dunbar 15 July 2009 A protracted dispute between the United States of America and Glamis Gold Ltd., a Canadian gold mining company, was settled in […]
ICSID tribunal accepts Ecuador’s objections to jurisdiction in dispute with electricity firm
By Fernando Cabrera Diaz 15 July 2009 A tribunal at the International Centre for Settlement of Investment Disputes (ICSID) has accepted Ecuador’s objections to jurisdiction in an arbitration commenced by […]
Venezuela consents to arbitration in new BIT with Russia
By Fernando Cabrera Diaz 15 July 2009 A new bilateral investment treaty between Venezuela and Russia provides consent to international arbitration for settling disputes pursuant to the treaty, despite President […]
Waguih Elie George Siag and Clorinda Vecchi v. Arab Republic of Egypt: A Question of Nationality?
By Elizabeth Whitsitt 8 June 2009 On 1 June 2009 an ICSID tribunal found the Arab Republic of Egypt liable to Mr. Waguih Elie George Siag and Mrs. Clorinda Vecchi […]
In brief: Suspension extended in Piero Foresti, Laura de Carli and others v. Republic of South Africa
By Damon Vis-Dunbar 8 June 2009 European claimants and the government of South Africa have agreed to extend the suspension of their ICSID arbitration. The high-profile case was suspended at […]
Ecuador defies provisional measures in dispute with French oil company
By Damon Vis-Dunbar 8 June 2009 An ICSID tribunal authorized provisional measures on May 8th in an effort to stop the Government of Ecuador from seizing assets belong to the […]
Tribunal rechaza Alegato de Contramedidas en laudo recientemente publicado en el caso Corn Products International Inc. c. Los Estados Unidos Mexicanos
Por Elizabeth Whitsitt 28 de Abril, 2009 En un laudo del CIADI recientemente publicado, un tribunal declaró culpable a México por violar el Capítulo 11 del TLCAN ante la empresa […]