Peru is entitled to costs in the absence of any “reasonable basis” for the claim

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TPA’s list of characteristics of an investment is cumulative, despite use of the words “including” and “or”

Tribunal finds that Kaloti cannot show ownership of the seized gold

Background: Gold export company brings claims based on Peru’s seizure of gold shipments

Committees should be “extremely hesitant” to dismiss allegations of procedural misconduct by the tribunal under Rule 41(5), lest they may breach an applicant’s right to be heard

Tanzania’s allegations of manifest excess of powers are manifestly wrong

Allegations that tribunal failed to state reasons are belied by award itself, such that no further argument by Tanzania could affect the outcome

Difficulties of applying Rule 41(5) in annulment proceedings entail higher threshold for dismissal of arguments as manifestly lacking legal merit

Application for annulment does not need to be fully detailed

Equity and fairness mandate that claimant be ordered to pay respondent’s legal costs and entire arbitration costs, plus interest

While ICSID framework does not expressly address the matter, the tribunal has discretion to allocate costs if mandated by equity and fairness

Even if tribunal had jurisdiction to dismiss the case with prejudice, the balance of hardships would have favored the claimant

Tribunal does not have jurisdiction to dismiss the case with prejudice without having fully heard the merits

Case is discontinued pursuant to Rule 44, since claimant failed to object to Peru’s request

Tribunal initially finds that last-minute withdrawal of counsel is a special circumstance and postpones deadline for claimant’s filing, but warns that no additional extensions will be granted

Withdrawal of claimant’s counsel one day before Reply is due leads to Peru’s request for discontinuance

Committee conditions continued stay on provision of official undertaking of compliance by Tanzania, in case annulment bid fails

Risk of non-recoupment if the award is annulled is dispelled by claimants’ undertaking

Tanzania’s sovereignty and dissatisfaction with the award are irrelevant to Stay Decision

Committee confirms power to order conditional stay of enforcement and finds legal standard to be “self-explanatory”

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