Material information on arbitration decision
Agility | 30 April 2024
Material information on arbitration decision
On July 21, 2014, ICS Inspection and Control Services Limited (“the Claimant”), a subsidiary of Agility Group, filed a notice of arbitration against the Argentine Republic (“the Respondent”) regarding the Respondent’s breach of its obligations under Article 2 of the bilateral treaty between the United Kingdom and Argentina in connection to an agreement entered into between the Claimant and Argentina’s Ministry of Economy and Public Finances, formerly known as the Ministry of Economy and Public Works and Services (“MECON”) on March 11, 1998. This agreement concerned services provided by the Claimant as part of a government-supervised program under which goods intended for import into Argentina would be inspected before being shipped to Argentina. The Claimant thereby sought compensation for the losses incurred due to the alleged breaches of the bilateral investment treaty.
The tribunal awarded compensation to the Claimant, for an amount of USD 159.7 million (around KD 49 million), being USD 9.7 million as principal award in addition to an amount of USD 150 million as interest on the awarded amount.
