logo logo

ICSID orders Argentina to pay US$136 million plus interest for contractual breaches

All the versions of this article: [English] [Español]

América Economía | 6 February 2016

ISCID orders Argentina to pay US $136 million plus interest for breach of contracts

Translated by Anoosha Boralessa (Feb 2016). Not reviewed by or any other organization or person.

Buenos Aires. On Friday, ICSID, the World Bank’s international arbitration tribunal, ordered Argentina to pay 136.1 million dollars plus interest to the companies, EDF International, Saur International and León Participaciones Argentinas for breach of contract.

ICSID (the International Centre for the Settlement of Investment Disputes) published an award on its web site confirming the decision rendered mid-2012 that had been challenged by Argentina.

"The tribunal has awarded the claimants damages totalling 136,138,430 dollars in December 2001, with compound interest accrued annually at the rate of 10 year US Treasury Bonds until payment of the award ", indicated the award.

EDF International and Saur International are French energy companies and water treatment and waste [disposal] companies respectively.

ICISD is an international arbitration institution that specializes in resolving disputes between states and foreign investors.

 source: América Economía