Contractual claims based on sovereign acts cannot be precluded from a treaty claim by a fork-in-the-road clause

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Pure contractual claims cannot be elevated to treaty claims

The claim was not time-barred

Toto had an “investment” in Lebanon as per the ICSID Convention

Failure to take all possible steps locally is critical to failure of Denial of Justice claim

Tribunal dismisses claim for denial of justice, canvases some human rights law

No discrimination if claimant only identifies one single case of more favourable treatment

Treaty and general international law are applicable

Denial of justice claim fails absent exhaustion of domestic remedies

BIT does not confer jurisdiction over holdings incorporated in the respondent state

Effective means clause does not cover conduct of non-judicial authorities

No expropriation absent “substantially complete deprivation” of the investment

Tribunal declines reconsideration of prior majority holding

Majority dismisses allegations of protectionism

Claimant’s costs were unreasonably high, and his conduct contributed to the inefficiency of the proceedings

Arbitrariness under domestic law cannot be equated with FET breach

Success fee is not recoverable; ethical concerns left for other fora

Revocation of operating licences was non-transparent and arbitrary

In quantum decision, tribunal rules on implications of its merits findings

Alleged liberalisation of air traffic could not be relied upon, especially given Lebanon’s legal instability

Only Lebanon’s valuation model is consistent with the tribunal’s reading of the record

Claimant fails to rebut Lebanon’s justification for lack of compliance with domestic judgment

Tribunal asks for further input on damages

Suspension of licences was justified

Moral damages claims should be exceptional

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