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Dismissing case on basis on local litigation requirement would be “highly formalistic”
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Forum selection clause in contract is irrelevant for treaty claims
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Parties cannot bypass “Foreign Control” requirement under ICSID Convention
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Permanent residence requirement interpreted autonomously in light of VCLT
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Tribunal finds BIT remains in force and sees no conflict with EC law
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Parties spar over effect of EC law on Germany-Czech Republic BIT
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Background: anticipated telecom venture with State enterprise did not materialize
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Majority sees two distinct investments at issue
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Claimants requested annulment of the award
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Majority distinguished between res judicata at the domestic and at the international levels
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Different readings of Article 2 were possible
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Apparently implicit acceptance of corruption allegations did not amount to a serious departure from a fundamental rule of procedure
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Awards should be annulled for lacking reasons only in “clear cases” and when reasons are necessary
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Annulment costs were split between the parties
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Annulment majority noted that alleged illegalities played “a certain role” in the tribunal’s decision
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Majority considered that tribunal had failed to properly identify rules of treaty interpretation – but this fell short of a manifest excess of powers
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Committee discusses legal standard behind serious departure from a fundamental rule of procedure
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Tribunal’s failure to address Libananco’s (additional) grievances regarding surveillance by Turkey does not result in serious departure from fundamental rule of procedure
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Arbitrator’s failure to disclose appointment to tribunal with respondent’s counsel not a reason for annulment
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Costs of the annulment proceedings fall on Libananco, but each side to cover its own legal costs
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Requirement to state reasons is not particularly hard to meet
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Committee opts for neither extensive nor restrictive scope of review
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Committee clarifies meaning of “manifest excess of powers”
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All allegations of excess of powers rejected
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