Azurix Corp. v The Argentine Republic, ICSID Case No. On November 13, 2006, the Argentine Republic (“Argentina”) filed with the Secretary–General of the International Centre for Settlement of Investment Disputes (“ICSID”) an application in writing requesting the annulment of the Award, rendered by the Tribunal in the arbitration proceeding between Azurix Corp. (“Azurix”) and Argentina of July 14, 2006. Belegging-Maatschappij "Far East" v. Republic of Austria (ICSID Case No. ARB/15/21), ​Hydro S.r.l. ARB/06/8) - Annulment Proceedings, ​Decision on Applicant's Request for Provisional Measures (, ​Chevron Bangladesh Block Twelve, Ltd. And Chevron Bangladesh Blocks Thirteen and Fourteen, Ltd. v. People's Republic of Bangladesh (ICSID Case No. ARB/12/18), ​Georg Gavrilovic and Gavrilovic d.o.o. ARB/01/12 (United States/Argentina BIT), Decision on Jurisdiction Applicable investment treaty: Argentina – United States BIT (1991) Arbitrators. ARB/06/16), ​City Oriente Limited v. Republic of Ecuador and Empresa Estatal Petróleos del Ecuador (Petroecuador) (ICSID Case No. ARB/13/28), ​Decision on the Respondent's Request for Provisional Measures Relating to Security for Costs (, ​MOL Hungarian Oil and Gas Company Plc v. Republic of Croatia (ICSID Case No. The M/V "Virginia G" Case (Panama/Guinea-Bissau) Case No. Both terms must be less than X words apart. ARB/01/13), ​JacobsGibb Limited v. Hashemite Kingdom of Jordan (ICSID Case No. 2 (English & Spanish), ​Zhinvali Development Ltd. v. Republic of Georgia (ICSID Case No. ARB/08/10), ​Caratube International Oil Company LLP v. The Republic of Kazakhstan (ICSID ARB/08/12), ​Decision Regarding Claimant's Application for Provisional Measures (, ​CEMEX Caracas Investments B.V. and CEMEX Caracas II Investments B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. GAR also features guest commentary and articles from the world's leading competition law and antitrust practitioners. Claimant(s): Azurix Corp. Respondent state: Argentina . On November 13, 2006, the Argentine Republic (“Argentina”) filed with the Secretary-General of the International Centre for Settlement of Investment Disputes (“ICSID”) an application in writing requesting the annulment of the Award, rendered by the Tribunal in the arbitration proceeding between Azurix Corp. (“Azurix”) and Argentina on July 14, 2006. Unlike the other documents on Jus Mundi, these arbitral awards were rendered between two private parties and were initially confidential. Azurix v. Argentine Republic, ICSID Case No. v. Arab Republic of Egypt (ICSID Case No. 21-22. ARB 16/22), ​Emergofin B.V. and Velbay Holdings Ltd. v. Ukraine (ICSID Case No. v. Democratic Republic of the Congo (ICSID Case No. The "ARA Libertad" Case (Argentina v. Ghana), Provisional Measures. (e) that the award has failed to state the reasons on which it is based. The M/V "Virginia G" Case (Panama/Guinea-Bissau) Case No. ARB/84/4), ​Decision on Provisional Measures (English), ​Ghaith R. Pharaon v. Republic of Tunisia (ICSID Case No. 6 Azurix Corp. v. The Argentine Republic, ICSID Case No. Not included are any other (supplementary) arbitral decisions, e.g. 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. In compliance with the Committee's instructions, on September 12, 2007, Argentina filed their Observations on the Continuation of the Stay of Enforcement of the Award, and Azurix filed their Opposition to Argentina's Request to Continue to Stay Enforcement of the Award. and New Turbine v. Ecuador arbitration echoes another recent ruling issued in the Azurix v. Argentina annulment proceeding… concerning provisional measures or decisions regarding requests for disqualification of arbitrators. Expert Opinion of Prof. Fernandez. In a letter dated October 4, 2007, Azurix expressed their concern that Dr. Guglielmino's letter did not in fact provide additional comfort or security to 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 … ", In a letter dated October 4, 2007, Azurix expressed their concern that Dr. Guglielmino's letter did not in fact provide additional comfort or security to 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. Case ID: ICSID Case No. (a) the Tribunal was not properly constituted; (b) the Tribunal manifestly exceeded its powers; (c) there had been a serious departure from a fundamental rule of procedure; and. The request sought a provisional measure recommending that Argentina refrain from incurring by itself or through any of its political subdivisions in any action or omission capable of aggravating or extending the dispute, taking into account especially … The M/V "Louisa" Case (Saint Vincent and the Grenadines v. Kingdom of Spain) Case No. ARB/14/23), ​United Utilities (Tallinn) B.V. and Aktsiaselts Tallinna Vesi v. Republic of Estonia (ICSID Case No. ARB/18/18), ​Alverley Investments Limited and Germen Properties Ltd v. Romania (ICSID Case No. To apply a strict rule that the price for the stay is the provision of security appears to the Committee to create a positive gloss to the enforcement regime provided for under Section 6 of the Convention. A complete list of concluded cases listed in chronological order from the most recently concluded. ARB/11/18), ​Procedural Order No. 5 (English & Spanish), ​Abengoa, S.A. y COFIDES, S.A. v. United Mexican States (ICSID Case No. 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 11/1), ​Agility for Public Warehousing Company K.S.C. ARB/13/13), EVN AG v. Republic of Bulgaria (ICSID Case No. ARB/97/7), ​Compagnie Française pour le Développement des Fibres Textiles v. Côte d'Ivoire (ICSID Case No. 2 - Decision on Provisional Measures (, ​BSG Resources Limited, BSG Resources (Guinea) Limited and BSG Resources (Guinea) SARL v. Republic of Guinea (ICSID Case No. (f) stated that, as Azurix has been liquidating its assets from 2001 and ceased quoting on the New York Stock Exchange from March 2001, it would be impossible (or at least very hard) for Argentina to recover the Award if the annulment application succeeded; (g) argued that no bank guarantee should be required because: (i) Argentina's domestic law already secures execution of the Award; (ii) provision of such a guarantee would adversely affect the right of defense; (iii) no provision of the ICSID Convention establishes the need to post bonds for the purpose of continuing a stay of enforcement of an award; (iv) the commission that an international bank would charge to provide such a guarantee would be exorbitant (stated to be approximately USD 23 million); (v) as has been recognised in other ICSID cases,6 provision of a guarantee would place a claimant such as Azurix in a much more favourable position than it presently enjoys by converting an undertaking of compliance into a financial guarantee and by avoiding any issue of sovereign immunity; and. 16. ARB/01/13) Procedural Order No. All Rights Reserved. Timeline of the dispute. Applicable arbitration rules: ICSID. Azurix Corp. v. The Argentine Republic, ICSID Case No. During the session, the Committee put questions to the parties. 64 See eg CMS (n 15) para 43 fn 23; ibid Azurix, Decision on Jurisdiction, paras 70–3; Enron Creditors Recovery Corporation (formerly Enron Corporation) and Ponderosa Assets, LP v Argentine Republic, ICSID Case No ARB/01/3, Decision on Jurisdiction (14 January 2004) para 38 fn 6; Tokios Tokelés (n 55) paras 54, 56 and 70 fns 44–6; LG&E Energy Corp, LG&E Capital Corp, and LG&E Internationa Its written submissions in support of the application (, Azurix opposed continuance of the stay and sought provision of security if the stay were to be continued. GAR (Global Arbitration Review) is the world's leading antitrust and competition law journal and news service. ARB/06/21), ​Decision on Revocation of Provisional Measures and Other Procedural Matters (Spanish), ​Europe Cement Investment and Trade S.A. v. Republic of Turkey (ICSID Case No. My vote for the most important international law case for the month of July is Azurix v. Argentina. At the conclusion of that hearing, the Committee allowed 7 days for Argentina to deliver (if it wished) a comfort letter such as was provided in. ARB/11/8), ​Rafat Ali Rizvi v. Republic of Indonesia (ICSID Case No. 8 Dec 2003. 2 Mondev International v United States ofAmerica, ICSID Case No. - 1 Sept 2009, C. Relevant ICSID Convention Articles and Arbitration Rules, Article 52(2) of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States. Year of the award : 2006. Provisional measures | Application of the International Convention on the Elimination of All Forms of Racial Discrimination (Qatar v. United Arab Emirates) - Provisional measures ARB/10/13), ​Procedural Order No. ARB/10/15), ​Directions Concerning Claimants' Application for Provisional Measures of 12 June 2012 (, ​Border Timbers Limited, Timber Products International (Private) Limited, and Hangani Development Co. (Private) Limited v. Republic of Zimbabwe (ICSID Case No. 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/16/35), ​Decision on the Claimants' Request for Provisional Measures (English), ​Hela Schwarz GmbH v. People's Republic of China (ICSID Case No. ARB/15/28), Procedural Order on Provisional Measures (, ​​Samsung Engineering Co., Ltd. v. Sultanate of Oman (ICSID Case No. ARB/99/2, Award, 25 June 2001, paras. 19 September 2001 – request for arbitration. 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. Expert Opinion of Dr. Solomoni. 1 Ltd v. Republic of Peru, ICSID Case No. Prior IAReporter Coverage of Azurix v. Argentina (1) ANALYSIS: Rejection of annulment requests in M.C.I. Therefore, Argentine courts must guarantee that any decision issued by international tribunals, which are potentially enforceable in Argentina, respects those principles. ARB/02/12), ​Decision on Claimant's Request for Provisional Measures (English), ​Ahmonseto, Inc. and others v. Arab Republic of Egypt (ICSID Case No. On November 13, 2006, the Argentine Republic ("Argentina") filed with the Secretary-General of the International Centre for Settlement of Investment Disputes ("ICSID") an application in writing requesting the annulment of the Award, rendered by the Tribunal in the arbitration proceeding between Azurix Corp. ("Azurix") and Argentina of July 14, 2006. The Committee has not convincingly been taken to matters militating against the continuation of the stay, as distinct from the contested issue of the continuation of the stay being conditional upon the provision of security. 311. ARB/06/5), ​Togo Electricité and GDF-Suez Energie Services v. Republic of Togo (ICSID Case No. Relevantly here, the Vienna Convention on the Law of Treaties. ARB/00/7), ​Decision on a Request by the Respondent for a Recommendation of Provisional Measures (English), ​AES Summit Generation Limited v. Republic of Hungary (ICSID Case No. ARB/10/25);  Bernhard von Pezold and others v. Republic of Zimbabwe (ICSID Case No. Annulment/Set-Aside Decision: You are not logged in. ARB/01/12, Decision on the Argentine Republic's Request for a Continued Stay of Enforcement of the Award, 28 December, 2007, paras. 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/05/7), ​Decision on Jurisdiction and Recommendation on Provisional Measures (, ​EDF (Services) Limited v. Romania (ICSID Case No. ARB/12/6), ​Decision on provisional measures (English), ​Lao Holdings N.V. v. Lao People's Democratic Republic (ICSID Case No. (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. 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. It denied the request inter alia because the requesting party had failed to comply with this requirement.101 66 The Tribunal in Azurix v. Argentina noted that Art. ARB/16/9), ​Decision on Claimant's Application for Provisional Measures and Temporary Relief (, ​Nova Group Investments, B.V. v. Romania (ICSID Case No. ARB/97/8), ​Decision of the Arbitral Tribunal (French), ​Joseph C. Lemire v. Ukraine (ICSID Case No. 1. - 6 Aug 2003, Decision on Jurisdiction Hence, consideration of whether a stay should be granted, on the condition that security should be provided, must be guided by and conform to the terms of the ICSID Convention. ARB/11/16), ​Burimi SRL and Eagle Games SH.A v. Republic of Albania (ICSID Case No. A Contracting State with a federal constitution may enforce such an award in or through its federal courts and may provide that such courts shall treat the award as if it were a final judgment of the courts of a constituent state. "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. ARB/01/12) English & Spanish September 1, 2009 Annulment rejected Hussein Nuaman Soufraki v. ARB/11/22), OI European Group B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/06/3 Margaret Devaney. ARB/13/20), ​Marfin Investment Group Holdings S.A., Alexandros Bakatselos and others v. Republic of Cyprus (ICSID Case No. ARB/15/2), ​Procedural Order No. By Michael Casey, Dow Jones Newswires. Country: Argentina. In this regard, it is essential to the integrity of the ICSID Convention that there be a mechanism to annul decisions infected by vitiating error or irregularity. The following term must not appear in document. Case type: International Investment Agreement. Nevertheless, access to the original PDF is reserved to clients of the Jus Mundi - Arbitration Research offer. 1 (English), ​Convial Callao S.A. and CCI - Compañía de Concesiones de Infrastructure S.A. v. Republic of Peru (ICSID Case No. (1) The award shall be binding on the parties and shall not be subject to any appeal or to any other remedy except those provided for in this Convention. 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By continuing your visit on this site uses cookies to optimize functionality and give you the best possible experience Egypt... ​Abaclat and others v. Argentine Republic, ICSID Case No listing of pending cases listed in chronological Order from most! Mauritania S.A. v. United Mexican States ( ICSID Case No regarding requests for disqualification of arbitrators AF /06/2. Application also contained a Request azurix v argentina decision on provisional measures under Saint Vincent and the Grenadines v. of! Pages.. 352 Tecmed v. Mexico, supra note 295, para the.... Additional Case details arb/07/21 ), ​Alverley Investments Limited and Germen Properties Ltd v. Republic of Chile (... `` Virginia G '' Case ( Argentina v. Ghana ), ​Caratube Oil! Original PDFs of the Tribunal or Committee shall give priority to the President of the does.

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