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Committee found no serious breach of fundamental rule of procedure
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Failure to state reasons ground for annulment does not amount to an appeal
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Annulment Committee lays out legal standards governing annulment proceedings
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Annulment Committee first considers grounds for annulment as a whole
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Claimant submitted extensive list of arguments for annulment
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Some cases are complex and may require some inquiry and analysis to find manifest excess of powers
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Holding on pre-award interest also annulled
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Arbitrators’ reasoning on future damages is so unclear as to amount to a failure to state reasons
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Guatemala’s criticism of minimum standard reasoning does not persuade committee
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Costs order must also be annulled
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Legitimate expectations not deemed relevant to analysis of arbitrary conduct
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