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Tribunal rejects claim that an ICC arbitral award is a protected investment under investment treaty

publication date: Apr 11, 2011
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An arbitral award from a dispute between a German company and Ukraine is now available for download. (Click here).

In the award dated March 31, 2011, a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) dismissed all claims brought by GEA Group pursuant to the Germany-Ukraine bilateral investment treaty.

The award is particularly notable for the fact that key claims arose out of the alleged non-recognition and enforcement by the Ukraine courts of an earlier ICC arbitration award.

Of particular interest, the tribunal held that the relevant arbitral award did not constitute a protected investment under the Germany-Ukraine BIT or the ICSID Convention. In this respect, the award appears to diverge from the (admittedly less-straightforward) approach taken in an earlier ICSID arbitration, Saipem v. Bangladesh.*

We wrote about the GEA v. Ukraine arbitration (and a parallel claim before the European Court of Human Rights) some time ago**

Readers may also be interested in our reporting and analysis of another under-publicized 2010 UNCITRAL arbitration award (FPS v. Czech Republic) touching on a state's treaty-based liability in relation to the non-recognition and enforcement of a commercial arbitration award.***

Further analysis of the award can be found here.
 
* See our reporting on the Saipem v. Bangladesh case here.

** See our reporting on the GEA v. Ukraine case here.

*** See our reporting on the FPS v. Czech Republic case here and here.

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The publication does not offer legal or financial advice or recommendations of any kind.
 
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