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Tribunal was free to assess the probative value of the evidence
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Cortec to bear costs of proceedings, but legal fees lie where they fall
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No “willful ignorance of evidence” in making factual findings
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Application of Kim test was “sufficiently clear”
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Tribunal did address estoppel arguments
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Award would withstand annulment even if alternative reasoning were deficient
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Failure to state reasons only applies with respect to arguments adduced “with reasonably clarity” in the proceedings
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Investors argue that the tribunal has manifestly exceeded its power on four accounts
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Reading an implicit legality requirement into the BIT is not untenable
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Legal findings won’t be annulled if they are “reasonably tenable” – even jurisdictional findings
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Claimants did not bring independent claims with respect to other alleged investments
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No failure to apply law on state responsibility, given claimants’ complicity in underlying illegality
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Failure to challenge alternative reasonings to decline jurisdiction doomed annulment request
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Failure to state reasons in not answering to estoppel argument
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Tribunal failed to exercise jurisdiction it had, claimants say
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No implied legality requirement in the BIT
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Legislation should be interpreted in light of “entire regulatory system”
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“Egregious” conduct in raising unsubstantiated corruption allegations lead to costs reduced by half
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Claimants made an “investment” in Kenya, albeit not qualifying
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Intellectual property generated for the investment does not qualify for protection
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Claimants fend off objections ratione personae, voluntatis and temporis
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Kenya’s allegations of corruption are deemed unproven
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Mining license is void ab initio for failing to comply with conditions precedent
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“Kim principle” adopted; not every domestic law breach strips investors of treaty protection
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