Action reveals that ICC tribunal ordered disclosure of third-party funder

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Tribunal opts for recording its discontinuation decision in an award, rather than a procedural order

Latvia is awarded full costs

Claimant caused a deadlock, and the proceedings could not proceed

Procedural powers include authority to order discontinuance for failure to comply with security for costs order

Background: Ukrainian investor initiates ICSID arbitration against Latvia, but refuses to comply with security for costs order

Challenge arises from allegedly biased language in procedural order and communications

Malpass finds that challenge filed 90 days after events is untimely

Reasons for delay are unconvincing

Challenge would have failed on the merits

Security for costs order is proportional

Future or conditional rights qualify as “rights to be preserved”

Failure to pay former counsel is not an “extraordinary circumstance”

Security for costs application was not belated

Tribunal stresses lack of evidence of current assets

Claimant is ordered to provide a 3 million EUR security

After claimant failed to post security, the tribunal suspends the proceedings

Criminal investigations in Ukraine raise “justified and serious concerns about the Claimant’s business practices”

Archives

Action reveals that ICC tribunal ordered disclosure of third-party funder

Majority of costs allocated to Saudi Arabia

Claimant lacked de facto control over investment

Evidentiary standard for proving de facto control: Balance of probabilities

Investors with de facto control over an investment can bring claims under the BIT

Tribunal decides to hear some jurisdictional objections in a bifurcated proceeding

Background: French company with Kuwaiti ownership brings treaty-based claim

Parties (and arbitrators) disagree on effect of annulled OHADA ruling