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Archives
Committee dismisses Maduro government’s request for reconsideration of the representation decision, emphasizing that it had failed to explain how the state’s dual representation affected its procedural rights
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Maduro government files third request for reconsideration of Solomonic decision resulting in two law firms representing competing governments
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Absent alternative proposals by Maduro government, escrow accounts with London subsidiary of US bank are acceptable
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Committee opines that additional information would not provide further clarity on sanctions regime applicable to escrow accounts
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Maduro government questions that investors complied with conditions for lifting the stay
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No evidence that challenged members are “unable to perform their duties”
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ICSID Rules do not require a particular statement from arbitrators invited to resign
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Allegation that departing member breached duty of confidentiality lacks evidence
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Circumstances evince no “fact” that would justify disqualification of committee members
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Onus is on state to prove lack of independence and impartiality
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ICSID Chair seeks external opinion, and relies on it to dismiss arbitrator challenge
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Background: Recusal of committee member prompts challenge of remaining members, with Venezuela arguing that they have been “corrupted”
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Tribunal failed to allow submissions on effect of domestic legal opinion
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Fraport’s secondary claims for annulment, based on the tribunal’s alleged manifest excess of power and failure to state reasons, were rejected by the committee.
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“Margin of appreciation” in assessing damages
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Were the investments “admitted” in accordance with BIT requirements?
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Committee is satisfied that conditions for lifting the stay are met
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Stay is lifted, but only if Conoco provides guarantees that Venezuela will be able to recoup funds in case of annulment
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Prospects of enforcement are uncertain due to OFAC sanctions
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Impact of payment on Venezuela’s budget is a question for enforcement courts
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Absence of prejudice to creditor is not an appropriate starting point
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Likelihood of success is not relevant to the stay decision
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Committees must assume that annulment applications are made in good faith
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No presumption in favour of a stay
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