Costs are split

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Compensation should be subject to tax gross-up to ensure full reparation

Yearly interest rates better comports with economic reality

Since tribunal ruled out DCF analysis in Decision, claimants cannot require damages on the basis of a “revised” DCF model

Efficient conduct of proceedings mandates holding hearing remotely

Mere act of opening proceedings to the public may result in aggravation of the dispute

Unsuccessful claimants had good reason to litigate, thus each party shall bear its own costs

Arbitrators see no need to solve debate surrounding interpretation of Article 22 of Venezuelan Investment Law

Tribunal sees no reason to address further preliminary objections

Tribunal weighs evidence provided by the parties, deciding to rely on “objective” and “coherent” elements, dismissing others as irrelevant

Tribunal concludes that concessions were not acquired in compliance with Venezuelan mining law

Claimants fail to demonstrate ownership over alleged investment

Prima facie test is not suitable when preliminary objections are based on parties’ diverging interpretations of factual evidence

Tribunal rejects request for disqualification of respondent’s counsel

Background: Claimants seek compensation for alleged unlawful expropriation of mining concessions

Tribunal sees no exceptional circumstances warranting disclosure of funding agreement

Tribunal invites further submissions

Interest should run from the date of the breach, at the average USD lending rate in Peru

Kuntur Wasi’s contingent liability to sub-contractor cannot be compensated

High standard for granting moral damages under international law is not met

Tribunal decides that Peru owed costs as well as entrepreneurial profit and consequential damages on account of treaty breaches, and directs parties to submit further calculations on this basis

DCF valuation for compensation of treaty breaches would be excessively speculative in the circumstances

Damages for breach of the Concession are limited to costs incurred, plus value of performance guarantee

Tribunal rejects allegation that contractual compensation mechanism provides the only measure of damages

In light of prior findings, tribunal sees no need to rule on claims for expropriation and alleged breaches of FPS standard and umbrella clause

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