BIT tribunal aligns with LCIA tribunal on “apparent authority” issue

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Belize conceded its own earlier breach of the BIT’s agreement to arbitrate, thus putting tribunal in unusual position of ruling on compensation for breach of ISDS provision

Sweetheart contract concluded with prior government led to fracturing of relations with new administration, and to ultimate nationalization of Telemedia

Mitigation of damages

Final valuation comes in at 96.9 million USD, plus substantial pre-award interest

Cross-checks are useful, but claimant’s proposed comparators don’t hold up

DCF considerations

Should the tribunal consider possible “synergies” that could be gleaned if a strategic buyer (e.g. another telecoms company) were to have purchased Telemedia?

Parties to BIT case quarrel over what credence to give to 2009 LCIA award and its finding that key contract was valid

Although accommodation agreement’s benefits should be considered when valuing investment, some discount is warranted so as to reflect enforcement risk

BIT tribunal considers whether prior LCIA award between Belize and a Dunkeld subsidiary – is res judicata in the Dunkeld case

Even if Prime Minister had lacked actual authority to waive taxes, LCIA tribunal saw “apparent authority” – and BIT arbitrators see no reason to question that result

Costs of arbitration and legal representation to be borne by Belize, but the tribunal rejects BCB’s request for costs of securing anti-suit injunction

Tribunal rejects Belize’s allegation that the loan and security agreements were illegal

While BCB proved its case for expropriation in breach of the BIT, it failed to demonstrate the compensation sought

Belize failed to accord the claimant fair and equitable treatment

Tribunal rejects post-award request by Belize to correct the compensation method and, in the alternative, to issue an additional award

Parallel proceedings not a ground to stay or dismiss claimant’s claims

The loan and security agreements constitute an ‘investment’ ‘made in Belize’

Expropriation of the loan and security agreements was not for a ‘public purpose’

Dunkeld was not in contempt when it encouraged PCA to appoint arbitrators in face of injunction, or filed its second BIT arbitration

CCJ says arbitrators are competent to assess their jurisdiction, but Court will scrutinize whether dispute falls within arbitration agreement

CCJ says claimant can pursue arbitration without needing to wait on outcome of Belize proceedings

Caribbean Court to hear appeal of injunction against BCB’s arbitration

Appeal Court said BIT case should play “second fiddle” to domestic actions

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