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Compensation and costs swiftly determined
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Tribunal rejects Spain’s request for provisional measures as being hypothetical in nature and unrelated to the subject matter in dispute
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Tribunal decides that BIT does not require full exhaustion of local remedies
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Local litigation requirement is held to be mandatory
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Tribunal accepts that claimant’s standing to bring a claim as a shareholder
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Tribunal allows use of MFN to bypass local litigation requirement
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Tribunal’s ruling on the scope of the MFN clause receives mixed acceptance
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Tribunal rejects Spain’s contention that the dispute arose before the treaty came into force
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Investor knew of environmental law requirements; state’s imposition of impact assessment cannot ground breach
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Unauthorised funds transfer breached general protection and FET obligations
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Tribunal notes that BITs are not insurance policies for bad business judgment
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Tribunal deems State-owned company to be a state organ
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No contract held to have arisen from divestment negotiations (but relevance to BIT claims left unclear)
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