Spain round-up: new decisions are rendered in renewables cases and yet another investor claim is filed

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Analysis: a full run-down of the Svea Court of Appeal’s reasoning in the recent PL Holdings v. Poland set-aside decision

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Breaking: Svea Court of Appeal upholds (most of) intra-EU award against Poland, finding that state’s Achmea-related objections are time-barred

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Litigation funder-backed investor tries to enforce award against Russian state-owned entity; underlying award comes to light as a result of enforcement effort

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Hungarian state-owned investor, MOL, intervenes in court in support of another investor seeking to enforce an intra-EU ECT award against Spain; MOL insists that ECT remains viable for intra-EU disputes – as it waits for award in its own case

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BREAKING: EU Member States announce scheme to terminate all intra-EU BITs and warn investor community to not initiate new claims – but views differ with respect to whether Achmea decision applies to Energy Charter Treaty

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In now-public Energy Charter Treaty award (Greentech v Italy), Park-chaired tribunal finds that Achmea ruling does not preclude tribunal’s jurisdiction, but Sacerdoti dissents on liability

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An overview of our reporting from September-December 2018

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Tribunal chaired by William W. Park finds Italy liable for breach of Energy Charter Treaty; first loss for Italy in its string of renewables cases

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In an apparent first, an arbitrator is disqualified from tribunal after state objects to his serving as counsel to investor in parallel case where jurisdiction over intra-EU claims was at issue

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In newly-uncovered award in Tomasz Czescik and Robert Aleksandrowicz v. Cyprus, Derains-chaired tribunal sees no expropriation arising from government’s financial crisis response

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Analysis: arbitrators in Greentech v. Spain award agree that Achmea ruling is not relevant to their jurisdiction, but ultimately disagree whether Spain is liable for breach of Energy Charter Treaty

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ANALYSIS: now that first EU court has set aside an intra-EU BIT award due to Achmea ruling, we look at the fate of three other awards

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Ukrainians seeking to enforce BIT award against Russia secure the freezing of Russian assets in Ukraine; Russians respond with their own BIT warning to Ukraine

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Stati and Ascom v. Kazakhstan: UK appeals court allows claimants to avoid fraud trial, after they decide to abandon enforcement efforts in that jurisdiction

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Post-Achmea developments: Spain wants court to ask ECJ to rule on compatibility of Energy Charter Treaty with EU law; Achmea ruling also touted by Poland as reason for discontinued BIT case

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Stati and Ascom v. Kazakhstan enforcement update: hearing of fraud allegations will continue in UK, despite claimant’s attempt at discontinuing those proceedings

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With an apparent eye on set-aside, Spain unsuccessfully asks Novenergia tribunal for clarification on ECT–EU law relationship

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Emergency arbitrator Bernardo Cremades orders Mongolian state to ensure businessman has “reasonable access” to counsel, but declines to order state to free him from prison

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Looking Back: In Nagel v. Czech Republic, arbitrators considered that the existence of an investment should be examined together with the merits, and held that a cooperation agreement was not an investment

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ANALYSIS: unpacking the reasons why a UK court has set aside portions of the jurisdictional holdings in Griffin v. Poland BIT arbitration

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Kaufmann-Kohler tribunal’s jurisdictional holdings are set aside, as judge at arbitral seat finds that investment treaty affords scope for broader claims against Poland

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Award in latest Spain loss surfaces, and SCC tribunal is seen to have taken jurisdiction over Novenergia’s claims, but gives effect to Energy Charter Treaty’s tax measures carve-out

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On merits and damages, latest Spanish renewables award finds breach of FET in “radical” departure from earlier regulatory regime and a DCF-based valuation yields €53m in compensation for Novenergia

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Breaking: Spain is held liable in another renewables case; tribunal finds government in breach of Energy Charter Treaty in a new award, ordering 53 million EUR in damages

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As another Spain award looms, four more previously-confidential renewables cases surface; potential liability for all pending claims now exceeds $9.5 billion

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European Commission warns of potential action over Spain’s payment of investment treaty awards in renewable energy cases

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Looking Back: In first treaty claim under SCC rules, arbitrators in the long-opaque Biedermann case held Kazakhstan liable for breaching US-Kazak BIT, and rejected counterclaim on merits

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As Kazakhstan pursues its fraud allegations against investors who won $500 million ECT award, Swedish Supreme Court confirms it won’t set aside the ruling

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In now-surfaced PL Holdings merits award, restrictions on shareholder voting rights and a divestment order amount to expropriation; actions of Poland’s bank regulator are viewed through lens of proportionality

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Poland held liable for $208 million in damages under intra-EU treaty, following divestment order to Luxembourgish banking investor

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Looking back: In Petrobart v. Kyrgyz Republic dispute, a sales contract does not constitute an investment under the Kyrgyz foreign investment law, but it later finds protection under the Energy Charter Treaty

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Looking Back: German investor, Franz Sedelmayer, was early-adopter of investment treaty arbitration, but had to engage in decade-long assets hunt against Russia

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ANALYSIS: majority of Spain’s Supreme Court dismisses domestic challenges against 2014 renewables regulatory framework – and sees no relevance of recent Eiser v. Spain ICSID award – but dissenting views also aired

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Italy claims: A trio of Energy Charter Treaty arbitrations emerge in Stockholm, a tribunal is appointed at ICSID, and some repeat-players are beginning to emerge

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Poland round-up (part three): after dismissing all claims, arbitrators set out reasons as to why claimants should bear 90% of legal and arbitral costs

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Poland round-up (part two): Arbitrators weigh in in a pair of (unrelated) cases under the same treaty, with one ruling now being challenged and the other opening path to large pay-off

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In newly-unearthed Energy Charter Treaty award (Isolux v. Spain), arbitrators grapple with denial of benefits, nationality planning, tax carve-out and EU law issues

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In now-public Isolux v. Spain award, measures that later breached investor protections in Eiser case were not deemed to breach Isolux’s legitimate expectations

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Details surface of Russian power company’ claims against Georgia; complaints include government’s refusal to adjust electricity tariff and to compensate for currency depreciation

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English court will hold trial to assess whether alleged fraud was perpetrated on Kazakhstan in relation to $500 million Energy Charter Treaty award 

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Hearings loom in previously-unpublicized Stockholm Energy Charter Treaty claim, as another investor pursues ICSID claim

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In depth: arbitrators in Eiser award deem ECT to protect against “total” and unreasonable regulatory change, but tax measure is excluded; Spain fails in bid to admit favourable SCC award into evidence

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Spain’s arbitral winning streak comes to a halt, as ICSID tribunal awards 128 million euro (plus interest) for changes made in solar sector

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Czech Republic round-up: Swiss investor lodges arbitration at ICSID, as unrelated U.A.E. investor also threatens claim; various other arbitrations remain on foot

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Czech Republic prevails in two separate expropriation claims arising out of UK-Czech Republic BIT  – one relating to frustrated enforcement of arbitral award, the other to alleged failure of police protection

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Swedish Supreme Court leaves in place lower court’s declaration that Yukos arbitrators lacked jurisdiction over Spanish BIT case; set-aside of award now looks inevitable

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Two under-the-radar Poland BIT cases near final awards, with claimants alleging mistreatment of banking and gambling investments

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ANALYSIS: where do matters stand with respect to Energy Charter Treaty claims against Spain?

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Latest Uzan v. Turkey arbitration fails, as SCC tribunal looks past claimant’s permanent residence in France and dwells on “domestic” origins of disputed investment

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A second arbitral tribunal at Stockholm weighs in with an ECT verdict in a Spanish renewables dispute

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Spain solar claims update: jurisdictional ruling comes down in an ICSID case, as a pair of awards loom – and two more ECT arbitrations get under way

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Moldova round-up: investment treaty claim is brought by US investors, Zbigniew Piotr Grot and others

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Spain update: more claims surface in Stockholm and at ICSID, and several new tribunals are finalized

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UPDATED: Spain prevails on merits in first of many Energy Charter Treaty claims in the solar sector

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More uncertainty looms as to scope of some Russian and Chinese BITs, as Swedish appeals court contradicts tribunal with respect to narrowly-worded arbitration clause

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INVESTIGATION: new details emerge about use of emergency arbitrators in investment treaty cases, including in Griffin v. Poland dispute

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ECT tribunal rejects debts as investments, echoing dissenter in recent similar case

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Investor takes emergency arbitrator award under Energy Charter Treaty to a Ukraine court and obtains enforcement of tax-freeze holdings

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Emergency arbitrator use in investment treaty cases: first ruling now available, and more details confirmed about second instance

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Czech Republic: Govt releases cache of BIT awards, strives to collect costs orders, and currently faces eleven pending treaty claims

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INVESTIGATION: in at least two investment treaty cases, foreign investors use emergency arbitrators to block tax hikes and share divestment order

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European Commission wades into solar arbitrations against Spain, intervening in one case a week before final hearings

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Eastern Europe round-up: One Polish case ends at ICSID, while another proceeds at SCC; Slovakia denies benefits of U.S. BIT to would-be claimant

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