Opic Karimum v. Venezuela

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Case Details

Year of Filing: 2010

Case Status: Arbitral Phase Concluded

Claimant(s): Opic Karimum Corporation

Respondent(s): Bolivarian Republic of Venezuela

Arbitral Rules: ICSID

Legal Instrument: Domestic Law

Administrative Case Number: ARB/10/14

Arbitral Tribunal

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Major Developments

Key Decision:

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Counsel

Counsel for Claimant:

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Counsel for Respondent:

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Venezuela’s failure to produce documents leads to inference that they may be unhelpful to Gov’t, but majority can’t conclude that ambiguous law offers consent to international arbitration Nov 20, 2013

Venezuela says oil arbitration lodged via 1999 investment statute has been dismissed on jurisdictional grounds; dissenting opinion also rendered May 30, 2013

Award embodying settlement of contentious coal-fired power plant dispute in Germany is published; Russia-Moldova investment arbitration award and arbitrator challenge ruling in OPIC Karimum v. Venezuela case also available online Jun 9, 2011

Effort to disqualify arbitrator in Venezuelan oil nationalization case is unsuccessful; adjudicators acknowledge that multiple arbitral appointments can be a concern May 19, 2011

ICSID will hear challenges to two Venezuela arbitrators simultaneously; meanwhile another Venezuela dispute is suspended as arbitrator is challenged Feb 1, 2011

Tribunals picked in Bangladesh, Kazakhstan and Venezuela disputes Jan 13, 2011