In the absence of a history of non-payment by Argentina of final ICSID awards (there are as yet none), or a failure to put in place domestic enforcement mechanisms in accordance with Article 54 or other exceptional circumstances, it appears to the Committee that the ICSID Convention does not support any such default approach that security should be the price extracted for a stay which a committee has concluded is "required" within the meaning of Article 52(5). ARB/98/2), Víctor Pey Casado and President Allende Foundation v. Republic of Chile, (ICSID Case No. Rule 41(5) (, PNG Sustainable Development Program Ltd. v. Independent State of Papua New Guinea (ICSID Case No. ARB/11/25), Decision on Provisional Measures (Spanish), Tethyan Copper Company Pty Limited v. Islamic Republic of Pakistan (ICSID Case No. Each party shall abide by and comply with the terms of the award except to the extent that enforcement shall have been stayed pursuant to the relevant provisions of this Convention. Find out all Jus Mundi tutorial videos in : https://tutorial.jusmundi.com, In less than 3 minutes you'll find everything you need to know about Jus Mundi and how to take full advantage of our search engine.. ARB/01/12, Decision on the Argentine Republic's Request for a Continued Stay of Enforcement of the Award, 28 December, 2007, paras. Dr. Daniel H. Martins. ARB/12/6), Decision on provisional measures (English), Lao Holdings N.V. v. Lao People's Democratic Republic (ICSID Case No. ARB(AF)/12/6, Decision on Claimant's Amended Application for Provisional Measures (English), Ruling on Motion to Amend the Provisional Measures Order (, Decision on Claimant's Second application for Provisional Measures (English), RSM Production Corporation v. Saint Lucia (ICSID Case No. Provisional Measures before International Courts and Tribunals (2017), at 308. During the resubmitted arbitration proceeding, Argentina sought to challenge the Claimants’ counsel’s use of legal arguments that were based on the award in another treaty-based investor–state dispute, Eureko v. Poland. 19. All Rights Reserved. A PDF version of this article is availabe here.. A. (1) Each Contracting State shall recognize an award rendered pursuant to this Convention as binding and enforce the pecuniary obligations imposed by that award within its territories as if it were a final judgment of a court in that State. Azurix filed a request for provisional measures on July 15, 2003 (dated July 14, 2003), subsequently supplemented by two letters dated July 21 and 28, 2003. Awards and Decisions. Investors triumph over Spain in a claim concerning Spain’s regulatory overhaul for clean energy Eiser Infrastructure Limited and Energía Solar Luxembourg S.à r.l. (3) Execution of the award shall be governed by the laws concerning the execution of judgments in force in the State in whose territories such execution is sought. Law stated as at 16 Sep 2009 • International, USA An update on Azurix Corp. v The Argentine Republic (ICSID Case No ARB/01/12) (Annulment proceeding), in which an ad hoc committee considered Argentina's application for annulment of the award. ARB/18/30), DSG Yapi Sanayi Ticaret Anonim Sirketi v. Kingdom of Saudi Arabia (ICSID Case No. ARB/05/22), Spyridon Roussalis v. Romania (ICSID Case No. ARB(AF)/98/1), Víctor Pey Casado and President Allende Foundation v. Republic of Chile, (ICSID Case No. ARB 11/1), Agility for Public Warehousing Company K.S.C. ARB/01/12) English & Spanish September 1, 2009 Annulment rejected Hussein Nuaman Soufraki v. The Members of the Committee have deliberated by various means of communication, and have taken into consideration the parties' entire written and oral arguments and submissions on the matter. 7 The MOX Plant Case (Ireland v United Kingdom) (ITLOS, Provisional Measures, Order of 3 December 2001) (2002) 41 ILM 405, 413, referred to with approval in Compañia de Aguas del Aconquija SA v Argentine Republic (Award) ICSID Case No ARB/97/3 (ICSID, 20 August 2007, Rowley P, Kaufmann-Kohler & Bernal Verea) para 7.4.3. ARB/12/13), Churchill Mining PLC and Planet Mining Pty Ltd v. Republic of Indonesia (ICSID Case No. The limited grounds upon which annulment may be sought are set out in Article 52(1): Generally, the Article 52(1) grounds are directed to defined grave injustices. Here Argentina has not denounced the ICSID Convention. ARB/02/15), Procedural Order No. Alternatively, you can sign up to receive free email headlines here. The terms of the ICSID Convention are the source of the Tribunal's or Committee's power to modify or grant a stay. ARB/02/16); Camuzzi International S.A. v. Argentine Republic (ICSID Case No. 2 - Order on Application for the Grant of Provisional Measures with Dissenting Statement by Prof. Kohen (English), Highbury International AVV, Compañía Minera de Bajo Caroní AVV, and Ramstein Trading Inc. c. Bolivarian Republic of Venezuela (ICSID Case No. (5) The Secretary-General shall promptly notify both parties of the stay of enforcement of any award and of the modification or termination of such a stay, which shall become effective on the date on which he dispatches such notification. Each Contracting State shall notify the Secretary-General of the designation of the competent court or other authority for this purpose and of any subsequent change in such designation. ARB/06/2), Cementownia “Nowa Huta” S.A. v. Republic of Turkey (ICSID Case No. ARB/15/50), Al Jazeera Media Network v. Arab Republic of Egypt (ICSID Case No. The Secretary-General of ICSID registered the Application on December 11, 2006, and on the same date, in accordance with Rule 50(2) of the ICSID Arbitration Rules, transmitted a Notice of Registration to the parties. Timeline of the dispute. A complete listing of pending cases listed in chronological order from the most recently registered. ARB/01/12. ARB/18/18), Alverley Investments Limited and Germen Properties Ltd v. Romania (ICSID Case No. Unlike the other documents on Jus Mundi, these arbitral awards were rendered between two private parties and were initially confidential. "Azurix Corporation v Argentina, Award, ICSID Case No ARB/01/12, IIC 24 (2006), 23rd June 2006, despatched 14th July 2006, United Nations [UN]; World Bank; International Centre for Settlement of Investment Disputes [ICSID]" published on by Oxford University Press. concerning provisional measures or decisions regarding requests for disqualification of arbitrators. Azurix, given Argentina’s prior actions, and particularly in light of their recent public announcements that Argentina would not acknowledge the final and binding nature of the Decision on Annulment in CMS v. Argentina rendered by the CMS ad hoc Committee on September 25, 2007.1 12. ARB/07/5), Procedural Order No. concerning provisional measures or decisions regarding requests for disqualification of arbitrators. Rather, Article 52(5) merely grants the. By Michael Casey, Dow Jones Newswires. The situation here is not a scenario, such as that mentioned in the. The M/V "Virginia G" Case (Panama/Guinea-Bissau) Case No. ARB/06/8), Libananco Holdings Co. Limited v. Republic of Turkey (ICSID Case No. Investment treaty: Argentina-United States BIT. Azurix v. Argentina (1) You are not logged in. Azurix requested approx. Gerald International Limited v. Republic of Sierra Leone (ICSID Case No. 2 - Decision on Respondent's Application for Provisional Measures (English), Menzies Middle East and Africa S.A. et Aviation Handling Services International Ltd. v. Senegal (ICSID Case No. Dr. Andrés Rigo Sureda, President. Azurix initiated ICSID arbitral proceedings under the 1991 Argentina-US BIT and claimed that Argentina’s actions constituted multiple violations of the said BIT, including expropriation, fair and equitable treatment, non-discrimination and full protection and security. ARB/01/12. (1) The party applying for the interpretation, revision or annulment of an award may in its application, and either party may at any time before the final disposition of the application, request a stay in the enforcement of part or all of the award to which the application relates. @2020 International Centre for Settlement of Investment Disputes. ARB/81/1), Decision on Request for Provisional Measures (English), Atlantic Triton Company Limited v. People’s Revolutionary Republic of Guinea (ICSID Case No. See, for example, Alex Genin, Eastern Credit Limited, INC. and A.S. Baltoil v Republic of Estonia, ICSID Case No. 18. ARB/16/19), Shell Philippines Exploration B.V. v. Republic of the Philippines (ICSID Case No. ARB/08/15), Decision on the Claimant's Request for Provisional Measures (, Karmer Marble Tourism Construction Industry and Commerce Limited Liability Company v. Georgia (ICSID Case No. It related the probability of prejudice to the requirement of urgency as follows: Given that the purpose of the measures is to preserve the rights of the parties, ARB/01/10) Spanish & English (unofficial translation) January 8, 2007 Annulment rejected Azurix Corp. v. Argentine Republic (ICSID Case No. ARB/01/12), Decision on Provisional Measures requested by the Claimant (English & Spanish), SGS Société Générale de Surveillance S.A. v. Islamic Republic of Pakistan (ICSID Case No. 2 on Provisional Measures (English), Sempra Energy International v. Argentine Republic (ICSID Case No. ARB/00/1), Recommendation and Order on Claimant's Motion Pursuant to Articles 47 and 26 and Rule 39 (English), World Duty Free Company Limited v. Republic of Kenya (ICSID Case No. Case No. All stays shall automatically terminate on the date on which a final decision is rendered on the application, except that a Committee granting the partial annulment of an award may order the temporary stay of enforcement of the unannulled portion in order to give either party an opportunity to request any new Tribunal constituted pursuant to Article 52(6) of the Convention to grant a stay pursuant to Rule 55(3). ARB/01/8, Decision on the Argentine Repub Similarly, procedural orders issued by arbitral tribunals are not included. (5) The Committee may, if it considers that the circumstances so require, stay enforcement of the award pending its decision. Tyson Wanjura,Azurix Corp. v. Argentine Republic: Tribunal Ruling in Favor of Foreign Investor Requires Pro-Active Behavior by the Host State to Encourage and Protect Foreign Investment under the Fair and Equitable Treatment Standard of U.S.-Argentine BIT , 13Law & Bus. ARB/01/13) Procedural Order No. ARB/11/13), Decision on Respondent's Application for the Security for Costs (English), Hussain Sajwani, Damac Park Avenue for Real Estate Development S.A.E., and Damac Gamsha Bay for Development S.A.E. Whilst for this reason the Committee does not regard it as appropriate for it to offer its own analysis of each of those decisions, the Committee's approach remains that it does not accept Azurix's contentions that a rule or norm has emerged mandating that the provision of security is. ARB/07/23), Gustav F W Hamester GmbH & Co KG v. Republic of Ghana (ICSID Case No. ARB/15/21), Hydro S.r.l. ARB/05/7), Decision on Jurisdiction and Recommendation on Provisional Measures (, EDF (Services) Limited v. Romania (ICSID Case No. v. Islamic Republic of Pakistan (ICSID Case No. To learn more about cookies, click here. ARB/11/8), Rafat Ali Rizvi v. Republic of Indonesia (ICSID Case No. (3) If a stay of enforcement has been granted pursuant to paragraph (1) or continued pursuant to paragraph (2), the Tribunal or Committee may at any time modify or terminate the stay at the request of either party. That right is not qualified explicitly in the Convention by a requirement that the unsuccessful party provide any security as the "price" for a stay. ARB/87/2), Manufacturers Hanover Trust Company v. Arab Republic of Egypt and General Authority for Investment and Free Zones (ICSID Case No. The Application was made within the time period provided in, The Application also contained a request, under. Myanmar) - Request for the indication of provisional measures - The Court to deliver its Order on Thursday 23 January 2020 at 10 a.m. and others v. Republic of Albania (ICSID Case No. Annulment/Set-Aside Decision: You are not logged in. In answer, the Committee perceives that Azurix's submission fails to take adequate account of the terms of Article 53, which relevantly states that: As the ICSID Convention explicitly recognizes that the award creditor's rights are subject to a stay if an, Had Argentina not sought annulment, Azurix would not have had the benefit of a bank guarantee. By letter of October 5, 2007, Dr. Guglielmino responded to Azurix’s letter of Azurix filed a request for provisional measures on July 15, 2003 (dated July 14, 2003), subsequently supplemented by two letters dated July 21 and 28, 2003. ARB/10/13), Procedural Order No. ARB/13/20), Marfin Investment Group Holdings S.A., Alexandros Bakatselos and others v. 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