ICSID, 26 July 2018, Georg Gavrilović and Gavrilović D.O.O. v. Croatia, ICSID Case No. ARB/12/39, Award

On 26 July 2018, an ICSID arbitral tribunal issued an award in favour of Austrian investors, Georg Gavrilović and Gavrilović D.O.O., claimant in a dispute with the Republic of Croatia (“Respondent”). The dispute arose out of the State’s refusal, when the Croatian War of Independence ended, to recognize a purchase of the family enterprise by [...]

2018-09-08T21:02:54+00:00 July 26th, 2018|ICSID, International awards|0 Comments

ICSID, 29 June 2018, A11Y Ltd. v. Czech Republic, ICSID Case no. UNCT/15/1, Award

On 29 June 2018, an arbitral tribunal, set in Paris and administratively supported by ICSID, issued a final award in favour of Czech Republic, defendant in the A11Y Ltd v. Czech Republic case brought by a UK investor. These proceedings were governed by the UNCITRAL Rules. The dispute arose from the Statement made by the [...]

ICC, 25 May 2018, Olin Holdings Ltd v. Libya, no. 20355/MCP, Final award

On 25 May 2018, an ICC arbitral tribunal with its seat in Paris issued a final award in favour of a Cypriot investor, Olin Holdings Ltd, against Libya. The dispute arose from the State’s measures directed at the factory owned by the investor. Specifically, in the 1990s, Libya adopted new legislation on foreign investments, seeking [...]

2018-07-02T16:00:27+00:00 May 25th, 2018|ICC, International awards|0 Comments

ICC, 24 April 2018, Phillips Petroleum Company Venezuela Limited, Conocophillips Petrozuata B.V. v. Petroleos De Venezuela, S.A., Corpoguanipa, S.A., PDVSA Petroleo, S.A., no. 20549/ASM/JPA (C-20550/ASM), Final award

On 24 April 2018, the ICC arbitral tribunal seated in New-York issued a final award in the case between two Claimants, Phillips Petroleum Company Venezuela Limited, Conocophillips Petrozuata B.V. and the three Respondents, namely Petroleos De Venezuela, S.A., Corpoguanipa, S.A., PDVSA Petroleo. The dispute arose 11 years ago following a change of the Venezuela’s policy [...]

2018-06-27T21:18:41+00:00 April 24th, 2018|ICC, International awards|0 Comments

ICSID, 22 December 2017, UAB E Energija v. Latvia, no. ARB/12/33

On 22 December 2017, an ICSID tribunal issued a final award on merits and costs in favour of a Lithuanian investor against Latvia. The dispute arose from an annulled lease agreement concluded between E-energija and Latvia during the process of privatisation of a heating and hot water supply system and their further nationalisation without compensation. [...]

2018-02-18T20:53:00+00:00 December 22nd, 2017|ICSID, International awards|0 Comments

ICSID, 30 November 2017, Bear Creek Mining Corporation v. Republic of Peru, no. ARB/14/21

The ICSID Tribunal partially granted the claim brought by a Canadian investor against Peru. The investor had intention to explore potential silver ore deposits in Santa Ana, located next to the Peru-Bolivian border. In Peru, a foreign national can only gain rights to natural resources in border regions if there is a “public necessity”, determined [...]

2018-01-20T20:54:59+00:00 November 30th, 2017|ICSID, International awards|0 Comments

ICSID, 13 November 2017, Aktau Petrol Ticaret A.S. (Turkey) v. Republic of Kazakhstan, no. ARB/15/8

Kazakhstan was found guilty of illegal expropriation and breach of fair and equitable treatment over a Turkish investment. Kazakhstan’s court bailiffs unlawfully seized Aktau Petrol’s entire shareholding in the railway line at the port of Aktau in satisfaction of its debt, despite the fact that they were separate entities. These actions were never supported by [...]

2018-01-14T22:48:09+00:00 November 13th, 2017|ICSID, International awards|0 Comments

ICSID, 6 November 2017, Longreef Investments A.V.V. v. Bolivarian Republic of Venezuela, no. ARB/11/5

In 2010, Venezuela nationalized the Company Café Fame de América as part of Hugo Chavez’s policy to take back control of the country’s food supplies. On this occasion, the Venezuelan government had expropriated one of the investments of the firm, the Longreef Company based in the Netherlands Antilles. Longreef replied by initiating a request for [...]

2018-01-14T22:45:49+00:00 November 6th, 2017|ICSID, International awards|0 Comments

ICSID, 10 October 2017, Victor Pey Casado and President Allende Foundation v. Republic of Chile, no. ARB/98/2, Annulment request

Victor Pey Casado filed another annulment request on 10 October 2017 against an award issued last September. The tribunal refused once again to grant him compensation for the expropriation of his publishing business following Pinochet’s military coup d’état in 1973 in Chile. The 102-year-old Pey Casado claimed that the use by the tribunal of the [...]

2018-01-14T20:38:30+00:00 October 10th, 2017|ICSID, International awards|0 Comments