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.
Expropriation
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
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
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.
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).
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
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.
TransCanada initiates NAFTA arbitration against the United States over rejection of Keystone XL pipeline
On January 6, 2016, TransCanada initiated arbitration against the United States for “unreasonably delaying approval” of the proposed Keystone XL pipeline and ultimately denying, in November 2015, the company’s application for the required Presidential Permit.
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
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)
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)
The Brazilian Agreement on Cooperation and Facilitation of Investments (ACFI): A New Formula for International Investment Agreements?
Since the signing of the first Agreement on Cooperation and Facilitation of Investments (ACFI) by Brazil, in March 2015, English translations of the document and analyses of its innovative aspects have been published. The hidden question is: to what extent do Brazil’s ACFIs innovate in the regulation of foreign investments?
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
The Brazil–Mozambique and Brazil–Angola Cooperation and Investment Facilitation Agreements (CIFAs): A Descriptive Overview
Brazil and Mozambique signed on March 30, 2015 the first Cooperation and Investment Facilitation Agreement (CIFA) based on Brazil’s new model bilateral investment treaty (BIT). The second was signed on April 1, 2015 between Brazil and Angola. Unlike traditional BITs, which are geared towards investor protection, the CIFAs focus primarily on cooperation and investment facilitation. They promote amicable ways to settle disputes and propose state–state dispute settlement as a backup; notably, they do not include provisions on investor–state arbitration.
Awards and Decisions
US$1.76 billion dollar award levied against Ecuador in dispute with Occidental; tribunal split over damages Occidental Petroleum Corporation and Occidental Exploration and Production Company v. The Republic of Ecuador, ICSID Case No. ARB/06/11 Damon Vis-Dunbar The Republic of Ecuador has been ordered to pay US$1,769,625,000 billion in damages—the largest award to be handed down […]
Awards and Decisions
Majority declines jurisdiction in claim against Argentina over domestic litigation requirement Daimler Financial Services AG v. Argentine Republic, ICSID Case No. ARB/05/1 Damon Vis-Dunbar A claim against Argentina by a subsidiary of the German automotive firm Daimler A.G. has failed on its merits because the claimant did not first bring the dispute to court in […]
News in Brief
Australia to reject investor-state dispute resolution in TPPA The Australian government will not sign on to investor-state dispute resolution provisions in the Trans-Pacific Partnership Agreement (TPPA), according to an Australian government official. “We have made it clear that we will no longer be seeking investor-state dispute settlement provisions in trade agreements,” said the Australian Minister […]
The White Industries Arbitration: Implications for India’s Investment Treaty Program
In November 2011, an arbitral tribunal found the Republic of India guilty of violating the India-Australia bilateral investment treaty (BIT). It is the first known investment-treaty ruling against India, despite the fact that the country has a mammoth portfolio of BITs with more than 70 countries. News of the award broke only in February 2012.[i] […]
News in Brief
Philip Morris files for arbitration over intellectual property dispute with Australia The tobacco company Philip Morris filed for arbitration on 21 November 2011, claiming the government of Australia’s regulations on cigarette branding breach the Hong Kong-Australia bilateral investment treaty. The announcement arrived on the same day that the Australian Parliament passed legislation that bans most […]
Awards and Decisions
Mass claim in Argentine bond dispute is granted ICSID jurisdiction Abaclat and Others (Case formerly known as Giovanna A Beccara and Others) and The Argentine Republic, Decision on Jurisdiction and Admissibility, ICSID Case No. Arb/07/5 Damon Vis-Dunbar An ICSID tribunal has accepted jurisdiction to hear a claim by tens of thousands of Italians who claim […]
Federalism and international investment disputes
One of the more politically controversial aspects of international investment protection treaties is the liability of a State when political sub-divisions are found to have breached that State’s treaty obligations to foreign investors. This issue is particularly significant in federal States, such as Canada, the United States, Australia or Germany, among others, where sub-national governments […]
Philip Morris v. Uruguay: Will investor-State arbitration send restrictions on tobacco marketing up in smoke?
For nearly two decades, the tobacco industry has used international investment rules to challenge governmentrestrictions on cigarette marketing. In 1994, R.J. Reynolds Tobacco Company threatened to bring a claim under the North American Free Trade Agreement’s (NAFTA) investment chapter as part of its successful lobbying campaign against Canada’s proposed “plain packaging” legislation, which would have […]
Awards and decisions
UK firm victorious in dispute with Russia, but damages much less than claimed RosInvestCo UK Ltd. v. The Russian Federation, SCC Case No. Arb. V079/2005 Lise Johnson In an award dated 12 September 2010, the tribunal in RosInvestCo v. Russian Federation issued an award in which it found that the Russian Federation had unlawfully expropriated […]
Awards and decisions
Georgia loses dispute with Greek and Israeli oil investors Ioannis Kardassopoulos and Ron Fuchs v. The Republic of Georgia (ICSID Case Nos. ARB/05/18 and ARB/07/15) Martin D. Brauch Two oil traders have been awarded more than US$45 million each in damages from the Republic of Georgia in an ICSID award that advances a broad interpretation […]
A global thirst: How water is driving the new wave of foreign investment in farmland
It is no longer a secret that there is a new wave of foreign investment in farmland, predominantly in Africa. An explosion of media reports and a series of studies by the World Bank, Food and Agricultural Organisation (FAO), International Fund for Agricultural Development (IFAD), United Nations Conference on Trade and Development (UNCTAD) and International Institute for Environment and Development (IIED), have confirmed the scale and consequences of this new influx of foreign investment. The World Bank report, by far the most comprehensive, found that reported deals amounted to 45 million hectares in 2009 alone.
Awards and Decisions
Argentina on the hook for breach of Fair and Equitable Treatment Suez, Sociedad General de Aguas de Barcelona S.A., and Vivendi Universal v. Argentine Republic (ICSID Case No. ARB/03/19) Lise Johnson On 30 July 2010, the ICSID tribunal in Suez, Sociedad General de Aguas de Barcelona S.A., and Vivendi Universal v. Argentina issued a decision […]
Philip Morris initiates arbitration against Uruguay over new labeling requirements, taxes
By Fernando Cabrera Diaz May 11, 2010 Tobacco giant Philip Morris International (PMI) has initiated an ICSID arbitration against Uruguay over new rules requiring that 80% of cigarette pack surfaces be devoted to graphic warnings of the dangers associated with smoking. The company alleges that the labeling requirements and recent tax increase harm its investments […]
German investor awarded 29 million Euros in claim against Thailand over highway concession
By Fernando Cabrera Diaz May 11, 2010 An ad hoc tribunal under UNCTIRAL Rules has awarded German investor Walter Bau AG more than 30 million Euros in its claim against Thailand over a tollway concession gone sour. The tribunal found that the failure of Thai authorities to approve toll hikes as contemplated in the concession […]
Pan American Energy takes Bolivia to ICSID over nationalization of Chaco Petroleum
By Fernando Cabrera Diaz May 11, 2010 Anglo-Argentinean energy firm Pan American Energy (PAE) has initiated arbitration against Bolivia over the nationalization of its subsidiary Chaco Petroleum by the Morales government in 2009. The arbitration was registered by ICSID on April 12 2010, despite Bolivia having withdrawn from the ICSID Convention in 2007. A PAE […]
American gas services firm Exterran files for arbitration against Venezuela over nationalized assets
By Fernando Cabrera Diaz May 11, 2010 (NOTE: A correction has been made to this article. An explanation is posted below) Houston-based Exterran Holdings has taken Venezuela to ICSID over the nationalization of its gas services support business in the country. The arbitration, registered by ICSID on April 12, 2010, is the second in as […]
Michigan owner and operator of busy trade route prepares to file a second NAFTA claim against Canada
By Elizabeth Whitsitt May 11, 2010 A Notice of Intent forwarded to Canada earlier this year by US owner and operator of the Ambassador Bridge contends that the Canadian government has violated its obligations under NAFTA Chapter 11. Facilitating a significant amount of trade between the US and Canada, the Ambassador Bridge is an international […]
Cemex v. Venezuela: Provisional Measures allowed in circumstances of necessity and urgency
By Elizabeth Whitsitt April 8, 2010 An ICSID tribunal has refused a request for provisional measures by the world’s third largest cement-producer. In its decision dated March 3, 2010, the tribunal confirms that provisional measures may only be granted in circumstances of “…necessity and urgency to avoid an irreparable harm.” Arbitral proceedings between Cemex and […]
Oil transport company Tidewater Inc. initiates ICSID arbitration against Venezuela over expropriated assets
By Fernando Cabrera Diaz April 8, 2010 New Orleans-based Tidewater Inc. has initiated arbitration against Venezuela at ICSID over the latter’s alleged take-over of 15 of the company’s vessels in May and July of 2009. According to the company these and other seizures of the company’s assets amount to expropriations in violation of Venezuela’s bilateral […]
Tribunals have been constituted in ICSID cases involving Egypt, Cambodia and Argentina
By Elizabeth Whitsitt March 11, 2010 In the past two months, arbitral tribunals have been convened in a few ICSID arbitrations. Most recently, a tribunal was constituted in a dispute initiated by an American investor against the Republic of Egypt in relation to the alleged expropriation of its investment in the Arab Republic’s hotel and […]
In Brief: Proceedings are suspended in dispute between French oil company and Ecuador
By Elizabeth Whitsitt March 11, 2010 Thomas Bingham, President of the ICSID tribunal in Perenco Ecuador Limited v. Ecuador has resigned. At the center of the dispute between Perenco and Ecuador is a windfall tax enacted in 2006 (Law 42) by the South American Republic. According to Ecuador, Perenco owes some US$327 million under Law […]
Tribunal’s decision in anticipated Yukos case released to public
By Elizabeth Whitsitt February 14, 2010 Three highly anticipated decisions permitting three claimants – all former shareholders of Yukos Oil Corporation OJSC (Yukos) – to proceed to the merits phase of their multi-billion dollar expropriation claim against the Russian government have been released to the public.* Similar in content, all three decisions were issued by […]
ICSID Tribunal sides with Chile, rejects claimant’s partial revision request in long running dispute over El Clarin newspaper
By Fernando Cabrera Diaz January 13, 2010 An ICSID tribunal has rejected a partial revision request by Pey Casado and the Presidente Allende Foundation of an award rendered in their long-running dispute with Chile over the takeover and closure of the El Clarin newspaper during the early days of the Pinochet regime. This is the […]
In Brief: The merits of former Yukos Shareholders’ expropriation claim will be heard
By Elizabeth Whitsitt January 13, 2010 In a decision not yet released to the public, it has been reported that former Yukos shareholders may proceed to the merits phase of their multi-billion dollar expropriation claim against the Russian government. According to various sources* a tribunal of the Permanent Court of Arbitration (PCA) in The Hague […]
Canadian mining company Gold Reserve commences ICSID arbitration against Venezuela
By Fernando Cabrera Diaz December 6, 2009 Canadian mining company Gold Reserve has commenced arbitration against Venezuela at the International Centre for Settlement of Investment Disputes (ICSID) over the alleged expropriation of its Brisas gold and copper mine in the Bolivar State of Venezuela. Less than a week after the company filed for arbitration on […]
Quiborax claim against Bolivia continues; may provide first decision on effects of ICSID exit
By Fernando Cabrera November 3, 2009 Chilean Química e Industrial del Bórax Ltd. (“Quiborax”) will continue with its claim against Bolivia at the International Centre for Settlement of Investment Dispute (“ICSID”), despite reports of a settlement agreement and Bolivia’s renunciation of the ICSID convention. The case will likely shed the first light as to the […]
Oral hearings held in NAFTA arbitration over Canadian pesticide ban
By Fernando Cabrera Diaz 2 October 2009 Chemtura Corporation’s dispute with Canada over the phase-out of the agro-chemical Lindane headed to oral hearings in September after 8 years of legal wrangling. Chemtura, a U.S.-based chemical manufacturer, claims that Canada violated Chapter 11 of the North American Free Trade Agreement (NAFTA) when it banned Lindane in […]
Glamis Gold Ltd. v. United States of America: Tribunal sets a high bar for establishing breach of “Fair and Equitable Treatment” under NAFTA
By Elizabeth Whitsitt and Damon Vis-Dunbar 15 July 2009 A protracted dispute between the United States of America and Glamis Gold Ltd., a Canadian gold mining company, was settled in June by an arbitral tribunal constituted under Chapter 11 of NAFTA. In a unanimous 355-page decision, the Tribunal dismissed Glamis’ claims that the US expropriated […]
ICSID tribunal accepts Ecuador’s objections to jurisdiction in dispute with electricity firm
By Fernando Cabrera Diaz 15 July 2009 A tribunal at the International Centre for Settlement of Investment Disputes (ICSID) has accepted Ecuador’s objections to jurisdiction in an arbitration commenced by Empresa Eléctrica del Ecuador, Inc (EMELEC). In a ruling handed down on June 2 the tribunal held that the claimant Mr. Miguel Lluco was not […]
Venezuela consents to arbitration in new BIT with Russia
By Fernando Cabrera Diaz 15 July 2009 A new bilateral investment treaty between Venezuela and Russia provides consent to international arbitration for settling disputes pursuant to the treaty, despite President Chavez’s criticism of international investor-to-state arbitration. Article 9 of the Russia-Venezuela BIT, published in Venezuela’s Official Gazette on 2 June 2009, allows investors to elect […]
Waguih Elie George Siag and Clorinda Vecchi v. Arab Republic of Egypt: A Question of Nationality?
By Elizabeth Whitsitt 8 June 2009 On 1 June 2009 an ICSID tribunal found the Arab Republic of Egypt liable to Mr. Waguih Elie George Siag and Mrs. Clorinda Vecchi for damages totaling more than US$74 million plus interest after finding that Egypt violated numerous provisions of the Italy-Egypt bilateral investment treaty. The claimants in […]
In brief: Suspension extended in Piero Foresti, Laura de Carli and others v. Republic of South Africa
By Damon Vis-Dunbar 8 June 2009 European claimants and the government of South Africa have agreed to extend the suspension of their ICSID arbitration. The high-profile case was suspended at the end of March for two months, as the parties seek to resolve the dispute. The suspension is now due to run until June 19th. […]
Ecuador defies provisional measures in dispute with French oil company
By Damon Vis-Dunbar 8 June 2009 An ICSID tribunal authorized provisional measures on May 8th in an effort to stop the Government of Ecuador from seizing assets belong to the French oil company Perenco. Nonetheless, the state-owned Petroecuador attempted a week later to auction 1.4 million barrels of oil confiscated from Perenco, although no bidders […]
Tribunal rechaza Alegato de Contramedidas en laudo recientemente publicado en el caso Corn Products International Inc. c. Los Estados Unidos Mexicanos
Por Elizabeth Whitsitt 28 de Abril, 2009 En un laudo del CIADI recientemente publicado, un tribunal declaró culpable a México por violar el Capítulo 11 del TLCAN ante la empresa americana, Corn Products International Inc. (CPI) y su subsidiaria mexicana de su total posesión. Si bien la decisión del 15 de enero de 2008 no […]