Court provides for principles on quantum, reserving choice of applicable interest for next stage

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Claims do not qualify as an intra-corporate dispute with its own set of remedies under Argentinian law

Argentina, as acquirer of controlling stake, had contractual obligations towards the claimants; right to claim was not transferred with outstanding shares

YPF has no contractual obligations with respect to the claimants, since obligations are on acquirer of shares

Background: State-owned YPF is privatised, then nationalised again

Local courts support investors, while state declines to participate at ICSID

Applicants are ordered to bear full costs of the proceedings and half of Venezuela’s legal expenses

Applicants’ claim that award contained contradictory reasons is dismissed as insufficiently substantiated

Committee finds no flaws in the tribunal’s reasoning

Committee clarifies scope of application of Article 52(1)(e) of the ICSID Convention

Committee warns against risk of lengthy awards and stresses importance of reasoning in investor-state proceedings

Reliance on last-minute submission does not constitute an “ambush argument” that breaches the right to be heard if claimants have the possibility to address the argument

Tribunal’s decision that certain facts were irrelevant to its jurisdiction does not amount to denial of justice or lack of impartiality

Committee relies on three-pronged test to assess serious departure from fundamental rule of procedure

Claim of manifest excess of powers in decision to decline jurisdiction cannot be based on different interpretation of the facts of the case

Committee sees no failure to apply international law, and recalls that tribunals’ discretion in the appreciation of evidence extends to jurisdictional matters

Tribunal was not required to apply BIT provisions invoked by the applicants

Committee sees no failure to apply domestic law

Committee recalls distinction between failure to apply the applicable law, and erroneous application or interpretation of the law

Failure to apply jurisdictional requirements of Article 25 ICSID Convention constitutes per se an excess of powers

Committee stresses extraordinary and limited character of annulment proceedings

Unsuccessful claimants had good reason to litigate, thus each party shall bear its own costs

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