Madagascar is ordered to bear costs of the proceedings, but costs of representation lie where they fall

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Reversal of burden of proof may justify annulment, but no such reversal took place here

Committee is unpersuaded that right to effective counsel qualifies as a fundamental rule of procedure

Mr. Bottini is unconvinced that the ICC Primary Objection was implicitly rejected

Dissenter emphasizes that ICSID tribunals have an obligation to consider and decide all jurisdictional objections raised by the parties

Majority sees “strong argument” that applicant should request a supplementary decision before filing for annulment if such a decision could address its concerns

Majority considers that both ICC arbitration-related jurisdictional objections were addressed in the award; however, more explicit approach would have been “strongly preferable”

In the ICSID proceedings, Madagascar raised two jurisdictional objections related to the previous ICC BIT arbitration

Jurisdictional findings can only be annulled for manifest excess of powers if they rely on an interpretation that is “obviously wrong”

Tribunal must address all questions submitted to it, but not all arguments advanced by the parties

Parties agree on stay of enforcement; initial committee chair resigns

Background: Madagascar files for annulment of award that held the state liable for a breach of FPS standard

Notice of dispute fulfills BIT requirement that claimants should submit a detailed memo

Tribunal declines to examine remaining claims, noting that they would not lead to additional damages

The claimants did not cause the damage themselves

Defenses based on renunciation, estoppel and time-bar are dismissed

Madagascar is ordered to bear 2/3 of the arbitration costs, but each party is left with its own legal costs

No necessity defense under the BIT

Arbitrators see no contributory fault

Public international law necessity defense is also dismissed

Tribunal awards compound interest, and orders that compensation shall be paid in EUR

Tribunal defines FPS standard; specific circumstances and the state’s resources are relevant

No conservation costs after 2009

No failure to protect the factory before the January 27-28 events

Claim for financing fees is rejected

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