Compensation of partners to stop pumping of gas to Damietta LNG Plant with part of revenue.
The net award for Athena Investments amounts to approx. EUR 11M.
Spanish construction firm Sacyr has launched arbitration proceedings claim against the Panamanian state before the United Nations Commission on International Trade Law (UNCITRAL).
APM Terminals, the Spanish subsidiary of Danish company Maersk group, has informed the Guatemalan government of its intention to start arbitration proceedings over a ruling that voids its concession contract to operate a container terminal in Quetzal.
The Spanish group will seek an agreement with the country to recover normality at the Damietta plant.
Mexican billionaire Antonio del Valle has launched actions against the Spanish government for its role in the process of putting Banco Popular into resolution and subsequent sale for €1 to Santander.
An arbitration tribunal found that Spain’s electricity reforms breached its obligation to accord to the investor fair and equitable treatment under the Energy Charter Treaty
Enagás has requested a proceeding before the ICSID against the Peruvian state after negotiating for six months without success to reach a friendly agreement in relation to the company’s investment in the Peruvian South Gas Management Project.
A Swedish appeals court reversed the ruling of the Stockholm arbitration tribunal in the legal action filed by Spanish shareholders of Russian oil and gas company Yukos against Moscow.
ICSID imposes a fine of 64.5 million euros for a claim by a fund of the state of Abu Dhabi.
Telefonica Mexico has withdrawn its arbitration claim against the Mexican government in which it had requested compensation amounting to around EUR 850 million after reaching an agreement with the country.
Europe did not gain exclusive rights for Spain’s La Mancha farmers to use Manchego, which has protected geographical status in the EU.
The tribunal found that Novenergia’s investments were achieving a reasonable rate of return. However, the tribunal held that it was sufficient for the claim to succeed that Novenergia could show “quantifiable prejudice” compared with its position when it initially made its investment.
On 26 December 2017, the Commission published its decision that attacked the ECT claims brought by investors against Spain (and other EU states).
One tribunal could interpret the effect of legislative provisions differently to another. So while Eiser opens up the prospect of more claims, Blusun may narrow the basis for claims.
With the global financial crisis, solar power incentives schemes became unbearably costly and Spain repealed those incentives. Consequently, many investors brought arbitration claims under the Energy Charter Treaty.
In a second international ruling against retroactive cuts in renewables support introduced by the Spanish government in 2013, a Swedish arbitration panel has awarded a Luxembourg-based investment firm €53 million compensation.
Telefonica has filed an arbitration complaint with the World Bank’s ICSID against the Colombian arbitration fine for breaching a government contract for mobile services.
The EC claimed intra-EU investment treaty arbitration is in breach of EU law. If the CJEU were to confirm the decision of the EC, the application of the ICSID Convention within the EU would be seriously endangered.
The recent Eiser v. Spain ICSID award is yet another example of a state being condemned to pay a large monetary sum merely because an investor has been economically disadvantaged by a reasonable and necessary regulatory change.