On 17 July 2026, an ad hoc committee (the “Committee”) of the International Centre for Settlement of Investment Disputes (“ICSID”) annulled in its entirety the award dated 25 March 2024 (the “Award”) against the Republic of The Gambia (“The Gambia”). The decision on annulment (the “Decision”) identified a gap in the reasoning supporting consent to […]
Cyrus Capital Partners v. Mexico: Investment Managers, Control and USMCA Legacy Investments
On 30 July 2026, the arbitral tribunal in Cyrus Capital Partners, L.P. and Contrarian Capital Management, LLC v. United Mexican States rendered its Award in ICSID Case No. ARB/23/33, concluding that it lacked jurisdiction over the claims brought against Mexico under Chapter 11 of the North American Free Trade Agreement (“NAFTA”) and Annex 14-C of […]
Banesco v. Panama: ICSID Jurisdiction, Foreign-Controlled Companies and Regulatory Ambiguity
On 5 May 2026, the arbitral tribunal (the “Tribunal”) in the ICSID proceedings brought by Banesco Holding Latinoamérica, S.A. (“BHL”) and Banesco (Panamá), S.A. (“Banesco Panama”) against the Republic of Panama (“Panama”) rendered its final award (the “Award”). The Tribunal, composed of Franz X. Stirnimann Fuentes as President, Rafael Rincón Ordóñez, and Alvaro Galindo, accepted […]
Security for Costs in Investment Arbitration
Security for costs has become an increasingly important procedural issue in investment arbitration. A respondent State may spend millions defending a treaty claim and, even after prevailing and obtaining a costs award, remain exposed to non-recovery where the claimant is insolvent or has few assets against which the award can be enforced. Security for costs […]
Buried Hill: Arbitrator Disqualified Over Bias Concerns
On 11 February 2026, in Buried Hill v. Turkmenistan, the two remaining arbitrators, Mr Siqueiros and Mr Goldberg (the “Unchallenged Arbitrators”), accepted Buried Hill Serdar Limited’s (the “Claimant”) proposal to disqualify Professor Philippe Sands, KC, from the tribunal. Their decision was based on Articles 14(1), 57 and 58 of the Convention on the Settlement of […]