Hungary ordered to bear ICSID costs and claimants’ costs

You are not logged in. If you are a subscriber, please Login to access. If you are not a subscriber, you can contact us for a rate quote at subscribe@iareporter.com. Alternatively, you can sign up to receive free email headlines here.

Committee found sufficient reasons by tribunal in rejecting Hungary’s qualification of the dispute and mitigation arguments

Committee found tribunal’s analysis of treaty conflict “perfectly clear”

Committee saw no failure to apply the law in tribunal’s refusal to reduce quantum of claimants’ losses

Committee found no manifest excess of powers in tribunal’s decision to uphold jurisdiction notwithstanding Achmea Decision and subsequent 2019 Declaration

Manifest excess of powers must be both self-evident and substantively serious

Annulment safeguards overall integrity and legitimacy of arbitral process and is not designed to correct mere error in the award

Background: Hungary filed for annulment of intra-EU farming award

Latvia is ordered to bear the costs of the proceedings, but each party responsible for its legal fees

Committee does not consider that the tribunal should have raised intra-EU jurisdictional issue on its own initiative

Failure to state reasons can only exist if the issue was decisive to the outcome

No failure by tribunal to apply the applicable law

The tribunal did not fail to give reasons on causal link between BIT breach and damages

Committee sees no failure by tribunal to give reasons on quantum

Tribunal’s decision on interest does not fail to give reasons

Committee clarifies its role in annulment proceedings

Committee expounds on meaning of manifest excess of powers

Committee ultimately refuses to consider Latvia’s intra-EU objection due to not having been raised in the main proceeding

Argentina’s decision not to seek annulment of the award indicates that it will comply

No guarantee needed, as security would put investor in better position

Parties debate whether award should be stayed when in favour of party seeking annulment

Decision to stay enforcement is a case-by-case question

Archives