Successful State counterclaims in investor-State arbitration were found on 7 February 2017. The counterclaims were brought by Ecuador in response to claims by Burlington Resources Inc, a U.S.-based foreign investor. In its counterclaims, Ecuador alleged breach of its national environmental law by Burlington Resources and breach of contractual obligations and sought USD 2.8 billion in […]
Valeri Belokon v. Kyrgyz Republic – Money Laundering in Investment Arbitration
On 14 October 2014, an UNCITRAL arbitral tribunal in the case Valeri Belokon v. Kyrgyz Republic, whose composition included Kaj Hober, Niels Schiersing and Jan Paulsson as President, found Kyrgyzstan liable for the unlawful expropriation of Claimant’s investment. The investment claim had been brought in 2011 by Valeri Belokon, a Latvian investor, against the Kyrgyz […]
Poštová Banka v. Hellenic Republic Ελληνικό Εθνικό Χρέος και Διεθνής Επενδυτική Διαιτησία
Η Συμφωνία για τη Συμμετοχή του Ιδιωτικού Τομέα (Private Sector Agreement – PSI), αναφέρεται στο ‘κούρεμα’ των ομολόγων Ελληνικής Κυβέρνησης το 2012, τα οποία ανήκαν σε ιδιώτες, με αποτέλεσμα τη σημαντική μείωση της αξίας τους, στo πλαίσιo της ελληνικής οικονομικής κρίσης και των πακέτων αναδιάρθρωσης του χρέους (‘bailout’) του Διεθνούς Νομισματικού Ταμείου και της Ευρωπαϊκής […]
Investment Arbitration Award Enforcement – Yukos Saga Continues
Investment arbitration award enforcement can at times be difficult due to issues such as sovereign immunity, but November 2016 has proven to be an especially difficult month for the Yukos Awards enforcement saga. First, the Financial Times revealed Rosneft emails to Armenian judicial authorities, which suggested that Rosneft may have had a hand in manipulating […]
Reconsideration in Investment Arbitration
Reconsideration in investment arbitration is an exception to the rule that awards are final and binding on the parties to a dispute. There are four explicit remedies available for awards rendered under article 48 of the ICSID Convention. Parties can only bring their challenge under the ICSID Convention. First, a party can request a supplementary […]