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  |  December 12, 2016

ICSID tribunal dismisses MFN clause in WTO GATS as a means of importing Senegal’s consent to arbitration from third party BIT

Menzies Middle East and Africa S.A. and Aviation Handling Services International Ltd. v.
 Republic of Senegal, ICSID Case No. ARB/15/21- Suzy H. Nikièma

Awards  |  December 12, 2016

PCA tribunal deemed acts of Polish agricultural property agency not attributable to Poland 

Mr. Kristian Almås and Mr. Geir Almås v. The Republic of Poland, PCA Case No. 2015-13 – Claudia María Arietti López

Awards  |  December 12, 2016

Claimant not considered investor due to interpretation of “seat” under Cyprus–Montenegro BIT

CEAC Holdings Limited v Montenegro, ICSID Case No. ARB(AF)/14/8 – Maria Florencia Sarmiento

Awards  |  December 12, 2016

Ecuador’s levy on extraordinary oil profits at a 99% rate has breached Murphy’s legitimate expectations, decides PCA tribunal

Murphy Exploration & Production Company – International v. Republic of Ecuador, PCA Case No. 2012-16 (formerly AA 434) – Inaê Siqueira de Oliveira

Awards  |  December 12, 2016

Ecuador ordered by PCA tribunal to pay $24 million to Canadian mining company

Copper Mesa Mining Corporation v. Republic of Ecuador, PCA No. 2012-2 – Matthew Levine

Awards  |  August 10, 2016

Awards and Decisions

The long-expected final award has been rendered in the high-profile case initiated by tobacco giant Philip Morris in early 2010 against Uruguay over its tobacco control measures.

Awards  |  August 10, 2016

Philip Morris v. Uruguay: all claims dismissed; Uruguay to receive US$7 million reimbursement

Philip Morris Brands Sàrl, Philip Morris Products S.A. and Abal Hermanos S.A. v. Oriental Republic of Uruguay, ICSID Case No. ARB/10/7

Awards  |  August 10, 2016

Corporate restructuring and abuse of rights: PCA tribunal deems Philip Morris’s claims against Australia’s tobacco plain packaging rules inadmissible 

Philip Morris Asia Limited v. The Commonwealth of Australia, PCA Case No. 2012-12

Awards  |  August 10, 2016

ICSID tribunal upholds Panama’s abuse of process objection; Transglobal to pay arbitration costs and most of Panama’s legal expenses

In the proceeding brought by Transglobal Green Energy, LLC (a U.S.-based company) and Transglobal Green Panama S.A. (a Panama-based company) against Panama under the United States–Panama bilateral investment treaty (BIT), an ICSID tribunal accepted Panama’s abuse of process objection.

Awards  |  August 10, 2016

Claimant fails to comply with three-year limitation period under CAFTA-DR

A tribunal at the International Centre for Settlement of Investment Disputes (ICSID) declared that it lacked jurisdiction in the case of Corona Materials LLC (a U.S. company) against the Dominican Republic.

Awards  |  August 10, 2016

Venezuela ordered to pay US$1.202 billion plus interest to Canadian mining company Crystallex for FET breach and expropriation

In a 273-page award dated April 4, 2016, a tribunal at the Additional Facility (AF) of the International Centre for Settlement of Investment Disputes (ICSID) ordered Venezuela to pay US$1.202 billion plus interest to Canadian company Crystallex International Corporation (Crystallex).

Awards  |  August 10, 2016

NAFTA tribunal dismisses claims against Canada on green energy Feed-In Tariff program

An arbitration tribunal constituted under the North American Free Trade Agreement (NAFTA) has issued its award subject to a dissenting opinion.

Awards  |  August 10, 2016

Turkey–Turkmenistan BIT: tribunal finds claims admissible but dismisses them on merits

An arbitral tribunal at the International Centre for Settlement of Investment Disputes (ICSID) has issued its award on the claims by a Turkish company against Turkmenistan.

ICSID tribunal awards damages for Venezuela’s indirect expropriation of steel industry investment 

Tenaris S.A. and Talta-Trading e Marketing Sociedade Unipessoal LDA v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/11/26

The first ICSID case against Guinea is dismissed for lack of jurisdiction 

In a decision dated December 21, 2015, a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) ruled that it lacked jurisdiction to hear a case brought by Société civile immobilière de Gaëta (Gaëta) against Guinea under the Guinean Investment Code.

Slovenia is condemned to pay €20 million in damages and US$10 million in costs to Croatian national electric company

An award rendered on December 17, 2015 by an arbitral tribunal constituted under the auspices of the International Centre for Settlement of Investment Disputes (ICSID) added a new—and apparently final—chapter to a nearly 20-year-old conflict between the governments of Croatia and Slovenia over the supply of electricity generated by the Krško Nuclear Power Plant (Krško NPP), located in Slovenia.

The only known investment treaty arbitration against Equatorial Guinea fails on jurisdictional grounds

A majority tribunal at the Additional Facility (AF) of the International Centre for Settlement of Investment Disputes (ICSID) dismissed the case of Spanish construction company Grupo Francisco Hernando Contreras, S.L. (Contreras Group) against Equatorial Guinea, in an award dated December 4, 2015.

ICSID tribunal orders Zimbabwe to return expropriated farms

In a 318-page award issued July 28, 2015 but only published February 2016, a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) ordered Zimbabwe to return farms it seized without compensation in 2005.

Awards  |  February 29, 2016

Quiborax awarded US$50 million against Bolivia, one-third of initial claim

Quiborax S.A. and Non-Metallic Minerals S.A. v. Plurinational State of Bolivia (ICSID Case No. ARB/06/2)

Awards  |  February 29, 2016

ICSID tribunal dismisses final claim for compensation in relation to Hungary’s 2008 termination of power purchase agreement

Electrabel S.A. v. Republic of Hungary, ICSID Case No. ARB/07/1

Awards  |  February 29, 2016

Tribunal dismisses all claims by U.S. mining investor against Oman

Adel A. Hamadi Al Tamimi v. Sultanate of Oman, ICSID Case No. ARB/11/33

Awards  |  February 29, 2016

ICSID tribunal declines jurisdiction in case against Macedonia and orders investor to reimburse 80% of Macedonia’s legal fees and expenses

Guardian Fiduciary Trust Ltd, f/k/a Capital Conservator Savings & Loan Ltd v. Former Yugoslav Republic of Macedonia, ICSID Case No. ARB/12/31

Awards  |  November 26, 2015

Awards and Decisions

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

Ping An Life Insurance Company of China, Limited and Ping An Insurance (Group) Company of China, Limited v. Kingdom of Belgium, ICSID Case No. ARB/12/29

Suez, Sociedad General de Aguas de Barcelona S.A., and InterAguas Servicios Integrales del Agua S.A. v. The Argentine Republic, ICSID Case No. ARB/03/17; and AWG Group Ltd. v. The Argentine Republic, UNCITRAL

State Enterprise “Energorynok” (Ukraine) v. The Republic of Moldova, SCC Arbitration V (2012/175)

Awards  |  November 26, 2015

ICSID tribunal renders interim decision on Ecuador’s environmental counterclaim in long-running dispute

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

Awards  |  November 26, 2015

First ICSID case brought by Chinese mainland investors dismissed on jurisdictional grounds

Ping An Life Insurance Company of China, Limited and Ping An Insurance (Group) Company of China, Limited v. Kingdom of Belgium, ICSID Case No. ARB/12/29

Awards  |  November 26, 2015

Tribunal largely adopts independent expert’s damages findings in USD 405 million award to previous owners of an Argentine public utility company

Suez, Sociedad General de Aguas de Barcelona S.A., and InterAguas Servicios Integrales del Agua S.A. v. The Argentine Republic, ICSID Case No. ARB/03/17; and AWG Group Ltd. v. The Argentine Republic, UNCITRAL

Awards  |  November 26, 2015

Energorynok had no ownership or control over energy-related economic activity; ECT case against Moldova dismissed

State Enterprise “Energorynok” (Ukraine) v. The Republic of Moldova, SCC Arbitration V (2012/175)

Awards and Decisions

PNG Sustainable Development Program Ltd. v. Estado Independiente de Papúa Nueva Guinea, Caso CIADI No. ARB/13/33

Poštová Banka, a.s. e Istrokapital SE v. República Helénica, Caso CIADI No. ARB/13/8

Venoklim Holding B.V. v. República Bolivariana de Venezuela, Caso CIADI No. ARB/12/22

Mamidoil Jetoil Greek Petroleum Products Societe S.A. v. República de Albania, Caso CIADI No. ARB/11/24

Khan Resources Inc., Khan Resources B.V. y CAUC Holding Company Ltd. v. Gobierno de Mongolia y MonAtom LLC, Caso PCA No. 2011-09

Unanimous ICSID tribunal dismisses expropriation claim due to Papua New Guinea’s lack of written consent to arbitrate

PNG Sustainable Development Program Ltd. v. Independent State of Papua New Guinea, ICSID Case No. ARB/13/33

Government bonds not covered, despite broad definition of “investment” in Slovakia–Greece BIT; tribunal dismisses claims against Greece

Poštová Banka, a.s. and Istrokapital SE v. The Hellenic Republic, ICSID Case No. ARB/13/8

Looking to Venezuela’s Investment Law, majority finds that Venoklim was not a foreign investor and dismisses case against Venezuela; claimant-appointed arbitrator dissents

Venoklim Holding B.V. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/12/22

Majority of ICSID tribunal finds no fair and equitable treatment violation by Albania in petroleum dispute

Mamidoil Jetoil Greek Petroleum Products Societe S.A. v. The Republic of Albania, ICSID Case No. ARB/11/24

Tribunal found Mongolia liable for unlawful expropriation and awarded more than US$80 million in damages

Khan Resources Inc., Khan Resources B.V. and CAUC Holding Company Ltd. v. The Government of Mongolia and MonAtom LLC, PCA Case No. 2011-09

UNCITRAL tribunal finds Canada’s environmental assessment breached international minimum standard of treatment and national treatment standard

William Ralph Clayton, William Richard Clayton, Douglas Clayton, Daniel Clayton and Bilcon of Delaware Inc. v. Government of Canada, UNCITRAL

ICSID tribunal finds Venezuela’s 2009 seizure to be lawful expropriation and awards US$46.4 million in compensation

Tidewater Investment SRL & Tidewater Caribe, C.A. v. The Bolivarian Republic of Venezuela, ICSID Case No ARB/10/5

Venezuela ordered to pay for unlawful expropriation of Owens-Illinois investments

OI European Group B.V. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/11/25

Tribunal holds Romania in breach of Fair and Equitable Treatment

Hassan Awdi, Enterprise Business Consultants, Inc. and Alpha El Corporation v. Romania, ICSID Case No. ARB/10/13

Tribunal finds an abuse of process in claimants’ corporate restructuring; Peru recoups costs

Renée Rose Levy and Gremcitel S.A. v. Republic of Peru, ICSID Case No. ARB/11/17

UNCITRAL tribunal finds denial of justice by Indonesian courts, but denies claimant damages due to unclean hands

Hesham T. M. Al Warraq v. Republic of Indonesia, UNCITRAL

After claimant’s notice of withdrawal, the Czech Republic obtains an award of costs

Forminster Enterprises Limited (Cyprus) v. the Czech Republic, UNCITRAL

German investor’s claim against the Philippines over Manila airport concession fails for the second time at ICSID

Fraport AG Frankfurt Airport Services Worldwide v. Republic of the Philippines, ICSID Case No. ARB/11/12

Tribunal orders compensation in Dutch farmers’ claims against Zimbabwe

By Damon Vis-Dunbar 28 April 2009 An ICSID tribunal has ordered the government of Zimbabwe to compensate a group of Dutch nationals who saw their farms expropriated under Zimbabwe’s controversial land-reform program. The victory is expected to lead other European nationals who lost farms in Zimbabwe to seek compensation under bilateral investment treaties. The thirteen […]

ICSID tribunal dismisses RSM Production Corporation’s claim against Grenada

By Damon Vis-Dunbar 26 March 2009 An American businessman has failed in his claim against Grenada under a 1996 oil and gas agreement, in a contract dispute conducted before an ICSID tribunal. Initiated in 2005, the ICSID claim was one of a host of legal avenues pursued by Jack J. Grynberg, the president and CEO […]

Tribunal rebuffs defense of necessity in recently published award: National Grid p.l.c. v. Argentine Republic

By Elizabeth Whitsitt 2 March 2009 In a recently published award, a tribunal convened pursuant to a request for arbitration under the arbitration rules of the United Nations Commission on International Trade Law (UNCITRAL) found the Argentine Republic liable to the British firm National Grid p.l.c. for damages totaling more than US$53 million. The dispute, […]

Awards  |  January 5, 2009

Tribunal rejects Ecuador’s jurisdictional objections in dispute with Chevron

By Fernando Cabrera Diaz 5 January 2009 A tribunal has determined that it holds jurisdiction to hear a claim brought by Chevron Corporation against Ecuador for alleged violations of the Ecuador-United States bilateral investment treaty (BIT). Chevron claims that Ecuador violated the BIT by failing to deal fairly with multiple breach-of-contract cases filed against the […]

Awards  |  January 5, 2009

German firm fails to pass jurisdictional hurdle in claim against Argentina; decision provokes questions about the scope and applicability of MFN Protection

By Elizabeth Whitsitt 5 January 2009 An ICSID tribunal has declined jurisdiction in a claim brought by a German firm against the government of Argentina, in a decision that marks the unpredictability over whether a claimant can invoke a Most-Favoured-Nation (MFN) clause to access an expedited arbitration process. The claimant, Wintershall Aktiengesellschaft, alleged that the […]

Awards  |  December 23, 2008

Peru wins dispute with American energy firm over the scope of a stabilization agreement

By Fernando Cabrera Diaz 23 December 2008 The Republic of Peru has defended itself successfully against a claim initiated by Delaware-based Aguaytia Energy LLC (AEL). AEL had sought US$142 million as compensation for what it claimed was Peru’s violation of a stabilization agreement. However, the Tribunal disagreed and instead held that the stability agreement did […]

Awards  |  December 18, 2008

Award: Aguaytia Energy, LLC v. Republic of Peru

Award: Aguaytia Energy, LLC v. Republic of Peru (ICSID Case No. ARB/06/13)

Awards  |  November 28, 2008

Algeria prevails in dispute with Italian construction firms

By Suzy H. Nikiéma 28 November 2008 In a 12 November 2008 final award, an ICSID tribunal has dismissed all claims by two Italian investors, L.E.S.I S.p.A. and ASTALI S.p.A, in a dispute with the government of Algeria over a failed contract to construct a hydraulic dam. While the contract with the National Agency for […]

Awards  |  November 17, 2008

Belgium dredging companies fail in arbitration against Egypt

By Damon Vis-Dunbar 17 November 2008 The Egyptian government has deflected a US$ 80 million dollar claim by two companies hired to dredge the Suez Canal. Jan de Nul N.V. and Dredging International, both incorporated in Belgium, won a bid to dredge sections of the Suez Canal 1992, a job they completed some three years […]