The Yukos Awards annulment surprised many. In the Final Award rendered on 18 July 2014, after 10 years of proceedings, the Arbitral Tribunal unanimously ruled that the Russian Federation had taken measures having an effect equivalent to nationalization or expropriation under the ECT and granted Claimants (Yukos Universal Limited, Hulley Enterprises Limited and Veteran Petroleum Limited) […]
The Enforcement of Arbitral Awards in the UAE
The United Arab Emirates (‘UAE’) ratified the New York Convention in July 2006. There are two ways to enforce foreign arbitral awards in UAE. The recommended one is using the two-level civil court system of the Dubai International Financial Centre (DIFC), since the DIFC courts are generally pro-arbitration and can be expected to enforce a […]
Investment Disputes: The Role of Third Party Funders
The Role of Third Party Funders in Investment Disputes In investment disputes, when the claimant decides to pull the trigger and bring forward, one can wonder what his options are to finance the arbitral proceedings. Claimants most often do not have much capital left and are in a distressed financial situation but their claims have […]
Investor-State Arbitration – Claimant’s Counsel’s Critical Choices
Critical Choices when Bringing an Investor-State Arbitration Claimants are faced with many difficult choices when bringing an investor-State arbitration: First, Claimant will have to decide whether to bring a case at all. While this seems straightforward and obvious, it is one of the most difficult choices for a company to make as outright expropriations today […]
A Short Analysis of the Kılıç Ad-Hoc Committee’s Decision on Annulment: Can an Investor Directly Apply to International Arbitration without Resorting to Local Courts?
By Turgut Aycan Özcan & Timuçin Demir Everything concerning the Kılıç Ad-Hoc Committee’s Decision on Annulment of course started with the decision rendered in the ICSID case between a Turkish construction company, Kılıç İnşaat İthalat İhracat Sanayi ve Ticaret Anonim Şirketi (“Kılıç”), and Turkmenistan. Kılıç had filed an ICSID case (ICSID Case No. ARB/10/01) against Turkmenistan […]