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Investment was accepted by Yemen
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Tribunal chides Yemen for waiting until the eleventh hour to file its objection to jurisdiction
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Settlement agreement is invalid; Yemeni Arbitration award is reinstated to give effect to pacta sunt servanda and estoppel
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Fork-in-the-road provision does not apply because the Yemeni Arbitration arose from a different cause of action
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Insufficient proof of causation defeats several claims
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Taking into account several factors, the tribunal orders Yemen to bear majority of costs
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Moral damages can be awarded in exceptional circumstances constituting fault-based liability
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Compensation awarded in accordance with the benchmark set by the Yemeni Arbitration award
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Estoppel prevents Yemen from counterclaiming for unperformed works under the contract
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Intolerable pressure by host States to conclude an agreement constitutes duress
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Unacceptable executive interference in the legal process indicates duress
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Settlement agreement was not concluded on a quid pro quo exchange of consideration
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Duress is also evidenced from the unfair and inequitable manner in which negotiations for the settlement agreement were conducted
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Yemen’s imposition of duress upon the claimant breached its obligation to provide fair and equitable treatment
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Requirement that investments be accepted according to local laws are intended to test the legality, not acceptance by the host State, of the investment
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The BIT does not impose a requirement of formal certification of investments
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Claimant’s failure to obtain a certificate did not render its investment illegal
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