Awards

Visit our webpage International Investment Law and Sustainable Development, which features analyses of investment arbitration cases having sustainable development implications.

[English only] [Seulement en anglais] [Sólo en inglés]

Awards  |  October 5, 2020

PCA Tribunal upholds jurisdiction over disputes under India–Japan Comprehensive Economic Partnership Agreement

Nissan Motor Co. Ltd. (Japan) v. India, PCA Case No. 2017-37

Awards  |  October 5, 2020

All claims dismissed in telecommunications case against Canada: Changes in the regulatory environment did not breach F.E.T.

Global Telecom Holding S.A.E. v. Canada, ICSID Case No. ARB/16/16

Awards  |  October 5, 2020

UNCITRAL tribunal dismisses claims of German aircraft leasing company against the Czech Republic while upholding its jurisdiction over the intra-EU claim

A.M.F. Aircraftleasing Meier & Fischer GmbH & Co. KG v. Czech Republic, PCA Case No. 2017-15

Awards  |  October 5, 2020

ICSID annulment committee annuls Eiser v. Spain Award for improper constitution of the tribunal and severe departure from a fundamental rule of procedure

Eiser Infrastructure Limited and Energía Solar Luxembourg S.à r.l. v. Kingdom of Spain, ICSID Case No. ARB/13/36

ICSID tribunal declines jurisdiction ratione voluntatis over claims brought against Iraq under the OIC Investment Agreement

Itisaluna Iraq LLC and others v. Republic of Iraq, ICSID Case No. ARB/17/10

ICSID tribunal rejects intra-EU jurisdictional objection and upholds jurisdiction over mass claim

Theodoros Adamakopoulos and others v. Republic of Cyprus, ICSID Case No. ARB/15/49 

An HKIAC Tribunal Dismissed the Claims by U.S. Citizen Jin Hae Seo Against South Korea for Lack of Jurisdiction

Jin Hae Seo v. Republic of Korea, HKIAC Case No. HKIAC /18117

All claims rejected on merits in Lidercón’s case against Peru: Changing regulatory framework and judicial decisions did not breach the FET standard

Lidercón, S. L. v. Republic of Peru, ICSID Case No. ARB/17/9

ICSID tribunal decides Ukraine did not violate due process in reclaiming three land plots from British investors

Krederi Ltd. v. Ukraine ICSID Case No. ARB/14/17

In a new ICSID award, Spain’s reforms of the renewable energy sector are found not to violate the ECT

Stadtwerke München GmbH, RWE Innogy GmbH, and others v. Kingdom of Spain, ICSID Case No. ARB/15/1

Hungary held liable for expropriating the investment of a British investor and ordered to pay EUR 7 million in compensation for damages

Magyar Farming Company Ltd, Kintyre Kft, and Inicia Zrt v. Hungary, ICSID Case No. ARB/17/27

The BIT is not in force: Mozambique prevails on jurisdiction in case against South African investor

Oded Besserglik v. Mozambique, ICSID Case No. ARB(AF)/14/2

CMC’s claims dismissed on the merits: While a settlement agreement may be considered an investment under the BIT and the ICSID Convention, Mozambique did not agree to one

CMC Muratori & Cementisti and others v. Republic of Mozambique, ICSID Case No. ARB/17/23

Awards  |  December 17, 2019

Substantial damages awarded to Perenco for FET breach and expropriation; Ecuador also awarded compensation under environmental counterclaim

Perenco Ecuador Limited v. Republic of Ecuador, ICSID Case No. ARB/08/6

Awards  |  December 17, 2019

Dominant and effective nationality objection prevails in CAFTA-DR arbitration

Michael Ballantine and Lisa Ballantine v. The Dominican Republic, PCA Case No. 2016-17

Awards  |  December 17, 2019

All claims dismissed by ICSID tribunal in energy investor’s ECT case against Italy

Belenergia S.A. v. Italian Republic, ICSID Case No. ARB/15/40

Awards  |  December 17, 2019

Colombia is ordered to pay over USD 19 million for frustrating Glencore’s legitimate expectations

Glencore International A.G. and C.I. Prodeco S.A. v. Republic of Colombia, ICSID Case No. ARB/16/6

Awards  |  December 17, 2019

As claimants lacked a protected investment and could not import consent to arbitration via MFN, UNCITRAL tribunal dismisses case against Mauritius on jurisdictional grounds

Professor Christian Doutremepuich and Antoine Doutremepuich v. Republic of Mauritius, PCA Case No. 2018-37

Awards  |  December 17, 2019

Laos prevails in defending its first known treaty-based ISDS cases

Lao Holdings N.V. v. Lao People’s Democratic Republic, ICSID Case No. ARB(AF)/12/6, and Sanum Investments Limited v. Lao People’s Democratic Republic, UNCITRAL, PCA Case No. 2013-13

Awards  |  December 17, 2019

Tribunal finds Pakistan breached FET, expropriation and non-impairment obligations in the context of a mining joint venture with Australian investor Tethyan Copper Company

Tethyan Copper Company Pty Limited v. Islamic Republic of Pakistan, ICSID Case No. ARB/12/1

Awards  |  December 17, 2019

In yet another renewable energy case, Spain held liable for FET breach for frustrating French and Luxembourger investors’ legitimate expectations under the ECT

Cube Infrastructure Fund SICAV and Others v. The Kingdom of Spain, ICSID Case No. ARB/15/20

Awards  |  December 17, 2019

Despite a win for Estonia, ICSID arbitrators continue to resist CJEU’s Achmea judgment

United Utilities (Tallinn) BV and Aktsiaselts Tallinna Vesi v. Republic of Estonia, ICSID Case No. ARB/14/24

Awards  |  September 19, 2019

Spain held liable for breach of FET under the ECT for frustrating legitimate expectations of 9REN, a Luxembourg-based renewable energy investor

9REN Holding S.À.R.L. v. The Kingdom of Spain, ICSID Case No. ARB/15/15

Awards  |  September 19, 2019

Spain is ordered to pay damages of EUR 290.6 million in NextEra renewable energy case

NextEra Energy Global Holdings B.V and NextEra Energy Spain Holdings B.V v. Kingdom of Spain, ICSID Case No. ARB/14/11

Awards  |  September 19, 2019

Clorox’s claims against Venezuela are dismissed on jurisdiction for lack of “action of investing”

Clorox Spain S.L. v. Bolivarian Republic of Venezuela, PCA Case No. 2015-30

Awards  |  September 19, 2019

Jurisdiction declined in case against Uruguay as ICSID tribunal concludes that American company lacked ownership or control over the investment

Italba Corporation v. Oriental Republic of Uruguay, ICSID Case No. ARB/16/9

Awards  |  September 19, 2019

In yet another solar energy incentives case against Italy, ECT tribunal applying proportionality test finds breach of legitimate expectations

CEF Energia B.V. v. The Italian Republic, SCC Arbitration V (2015/158)

Claims against Albania dismissed by ICSID tribunal as the Anglo-Adriatic Group did not have a protected investment

ANGLO-ADRIATIC GROUP LIMITED V. REPUBLIC OF ALBANIA, ICSID CASE NO. ARB/17/6

ICSID tribunal finds Spain breached ECT obligations by failing to provide a reasonable rate of return

RREEF INFRASTRUCTURE (G.P.) LIMITED AND RREEF PAN-EUROPEAN INFRASTRUCTURE TWO LUX S.A R.L. V. KINGDOM OF SPAIN, ICSID CASE NO. ARB/13/30

ICSID tribunal upholds Panama’s plea of illegality in the making of an investment in a tourism project located in an Indigenous area

ÁLVAREZ Y MARÍN CORPORACIÓN S.A., BARTUS VAN NOORDENNE, CORNELIS WILLEM VAN NOORDENNE, ESTUDIOS TRIBUTARIOS AP S.A. AND STICHTING ADMINISTRATIEKANTOOR ANBADI V. REPUBLIC OF PANAMA, ICSID CASE NO. ARB/15/14

India found in breach of BIT with Germany by UNCITRAL tribunal in respect of agreement for lease of electromagnetic spectrum

DEUTSCHE TELEKOM AG V. THE REPUBLIC OF INDIA, PCA CASE NO. 2014-10

SCC tribunal finds Poland liable for expropriation over divestment order to Luxembourg investor

PL HOLDINGS S.À.R.L. V. REPUBLIC OF POLAND (SCC CASE NO. V2014/163)

Investors’ legitimate expectation claims against Italy dismissed due to the absence of specific commitments

BLUSUN S.A., JEAN-PIERRE LECORCIER AND MICHAEL STEIN V. ITALIAN REPUBLIC, ICSID CASE NO. ARB/14/3

ICSID tribunal constituted by virtue of an MFN clause holds Turkmenistan liable for FET breach for requiring investors to produce “smeta,” a cost estimate required by Turkmen law

GARANTI KOZA LLP V. TURKMENISTAN, ICSID CASE NO. ARB/11/20

ICSID tribunal awards ConocoPhillips USD 8.7 billion plus interest in dispute with Venezuela

CONOCOPHILLIPS PETROZUATA B.V., CONOCOPHILLIPS HAMACA B.V., CONOCOPHILLIPS GULF OF PARIA B.V. AND CONOCOPHILLIPS COMPANY V. THE BOLIVARIAN REPUBLIC OF VENEZUELA, ICSID CASE NO. ARB/07/30

Venezuela survives ICSID claims of expropriation and FET by Anglo American

ANGLO AMERICAN PLC V. BOLIVARIAN REPUBLIC OF VENEZUELA, ICSID CASE NO. ARB(AF)/14/1

Italy found liable for change in renewable energy policy in intra-EU arbitration

GREENTECH ENERGY SYSTEMS A/S & ORS. V. THE ITALIAN REPUBLIC, SCC ARBITRATION V (2015/095)

Tribunal finds expropriation of investment by Bolivia due to non-payment of compensation but awards only sunk costs to British investor

SOUTH AMERICAN SILVER LIMITED (BERMUDA) V. THE PLURINATIONAL STATE OF BOLIVIA, PCA CASE NO. 2013-15

Cyprus legitimately exercised its police powers, defeats ICSID claims by Greek bankers

MARFIN INVESTMENT GROUP HOLDINGS S.A., ALEXANDROS BAKATSELOS AND OTHERS V. REPUBLIC OF CYPRUS, ICSID CASE NO. ARB/13/27

Cyprus fends off SCC expropriation claim by Polish investors over bank bail-in measures

TOMASZ CZĘŚCIK AND ROBERT ALEKSANDROWICZ V. CYPRUS, SCC CASE NO. V 2014/169

Awards  |  December 21, 2018

Achmea judgment analyzed and FET claim granted in ECT case against Spain

FORESIGHT LUXEMBOURG SOLAR 1 S.À.R.L., FORESIGHT LUXEMBOURG SOLAR 2 S.À.R.L., GREENTECH ENERGY SYSTEMS A/S, GWM RENEWABLE ENERGY I S.P.A. AND GWM RENEWABLE ENERGY II S.P.A. V. THE KINGDOM OF SPAIN, SCC ARBITRATION V (2015/150)

Awards  |  December 21, 2018

Kenya prevails in BIT arbitration: British investors’ claims dismissed due to the absence of environmental impact assessment

Cortec Mining Kenya Limited, Cortec (Pty) Limited and Stirling Capital Limited v. Republic of Kenya, ICSID Case No. ARB/15/29

Awards  |  December 21, 2018

ICSID tribunal finds Hungary in breach of expropriation clause in France–Hungary BIT

UP AND C.D. HOLDING INTERNATIONALE V. HUNGARY, ICSID CASE NO. ARB/13/35

Awards  |  December 21, 2018

Tribunal finds Costa Rica’s measures to protect the environment did not breach FET or its expropriation obligations under CAFTA-DR

DAVID R. AVEN AND OTHERS V. REPUBLIC OF COSTA RICA, ICSID CASE NO. UNCT/15/3

Awards  |  December 21, 2018

Egypt found liable for the shut-down of an electricity plant during the 2011 uprising

UNIÓN FENOSA GAS, S.A. V. ARAB REPUBLIC OF EGYPT, ICSID CASE NO. ARB/14/4

Awards  |  December 21, 2018

ICSID tribunal accepts jurisdiction over investor’s claim under United Kingdom–Czechia BIT but rules in favour of Czechia

A11Y LTD V. CZECH REPUBLIC, ICSID CASE NO. UNCT/15/1

Awards  |  October 17, 2018

ICSID tribunal finds Croatia in breach of expropriation obligations under Austria–Croatia BIT

GEORG GAVRILOVIĆ AND GAVRILOVIĆ D.O.O. V. REPUBLIC OF CROATIA, ICSID CASE. NO. ARB/12/39

Awards  |  October 17, 2018

Spain found to have breached the Energy Charter Treaty in award by ICSID tribunal

ANTIN INFRASTRUCTURE SERVICES LUXEMBOURG S.À.R.L. AND ANTIN ENERGIA TERMOSOLAR B.V. V. THE KINGDOM OF SPAIN, ICSID CASE NO. ARB/13/31

Awards  |  October 17, 2018

Cypriot investor awarded EUR 18 million for expropriation and violation of national treatment and FET

OLIN HOLDINGS LIMITED V. STATE OF LIBYA, ICC CASE NO. 20355/MCP

Awards  |  October 17, 2018

The Czech Republic fends off another claim in relation to their renewable energy scheme

ANTARIS SOLAR GMBH AND DR. MICHAEL GÖDE V. CZECH REPUBLIC, PCA CASE NO. 2014-01