In separate Declaration, tribunal chair expounds on principle of estoppel and stresses that the claim is also inadmissible

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.

Each party is ordered to pay its own costs, while claimant is directed to bear arbitration costs; tribunal instructs PCA to release security for costs

Majority adds that the claim would, in any event, also amount to an abuse of process

Tribunal majority finds insufficient proof that claimant made a contribution, in money or in kind, in exchange for the acquisition of his shares in the Companies

Claimant is estopped from alleging that Venezuela carried out an unlawful expropriation, in violation of the BIT

Rule of estoppel is a general principle of law, tied to the concept of good faith

BIT’s reference to ICSID Convention confirms trans-border flow of capital requirement, according to majority arbitrators

Tribunal majority considers that BIT only protects investments entailing trans-border flows between Spain and Venezuela, which are lacking in this case

Majority finds that BIT’s definition of “investor” must be considered when interpreting ordinary meaning of definition of “investment”, implying a requirement that the claimant must have made an active act of investing

Article 31 of the VCLT sets out a “single rule of interpretation”

Background: Expropriation of family-owned food distribution conglomerate leads to several treaty claims

Argentina’s subsequent practice cited by tribunal

Tribunal not moved by fact that some exceptions were made to MFN clause

Treatment in host state’s “territory” does not encompass international arbitration

MFN clause did not indicate that the treatment applies to “all matters”

Arbitrators say “treatment” is substantive, not applicable to dispute resolution

Consent is key to jurisdiction, and it may not be present in many situations

Turning to local courts for 18 months is deemed a non-dispensable prerequisite

Background: Multiple members of the Garcia Armas family initiate three parallel treaty-based arbitration proceedings over an expropriation of the family’s local food distribution business

Policy considerations should not alter tribunal’s mission

Silence of ICSID Convention cannot be construed as a prohibition against mass claims

Background: Cancellation of 30-year exclusive gaming license leads to ICSID claim

Dissenter considers that majority failed to account for the claimants’ contribution to their own damages

Dissenter opines that revocation of licence is shielded by the police powers doctrine

Dissenter opines that the tribunal majority acted as an appellate court

Archives