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5-year restriction on licence transfers cannot give rise to expectation that transfer would be granted
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Costs lie where they fall
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Tribunal has jurisdiction over GTH’s claims for its own losses
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Egyptian investor must be legally established in Egypt and have its permanent residence there
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“Permanent residence” requirement is met by proving existence of registered office
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Time-bar not applicable as investor alleges composite act
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Tribunal splits on exception for foreign acquisition review
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Majority holds that national treatment claims are covered by the BIT’s exception clause
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National security concerns are to be assessed accounting for surrounding circumstances
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Measures are not unreasonable and do not amount to a dramatic change of policy
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Cumulative breach needs “converging action towards the same result”
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FET standard does not amount to mere minimum standard
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Full protection and security standard covers legal security
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No breach of the FPS standard
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Unrestricted transfers clause only covers funds, not assets
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Despite numerous redactions, bifurcation decision sheds some light on underlying telecom dispute
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Canada submits five objections to jurisdiction, invoking the investment acquisition carve-out provision of the BIT
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Arbitrators find that objections are serious, but are intertwined with the merits and would not significantly reduce scope of dispute
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Tribunal identifies legal framework for bifurcation decisions
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