INTERNATIONAL ARBITRATION 1/3LY
NOTABLE CASES
> ICSID, 9 JUNE: AL SHARIF, A JORDANIAN FOUNDER AND CEO OF AMIRAL GROUP, HAS DROPPED THREE CLAIMS FILED UNDER THE JORDAN-EGYPT BILATERAL INVESTMENT TREATY FOLLOWING A HIGH-VALUE
NATIONAL ARBITRATION LEGISLATION IN THE STATE OF ENFORCEMENT. IN OTHER WORDS, IT IS NOT AFFECTED BY THE BRUSSELS REGULATION. THIS DECISION REAFFIRMS THE PRIMACY OF THE NEW YORK CONVENTION BY TAKING THE BRUSSELS REGULATION OUT OF THE EQUATION WHEN IT COMES TO THE ENFORCEMENT AND RECOGNITION OF AN ANTI-SUIT AWARD. > ICSID, 5 MAY 2015: AN ICSID TRIBUNAL HAS DISMISSED A CLAIM BY A COMPANY CHAIRED BY A FORMER PRIME MINISTER OF PAPUA NEW GUINEA AGAINST THE PACIFIC ISLAND STATE ON JURISDICTIONAL GROUNDS. ACCORDING TO THE TRIBUNAL, PAPUA NEW GUINEA’S 1992 INVESTMENT PROMOTION ACT DID NOT CONTAIN A FREE-STANDING CONSENT TO ARBITRATE AT ICSID. > ICSID, 5 MAY 2015: A EUR 1 BILLION CLAIM BY A CHINESE SHAREHOLDER IN FORTIS FINANCIAL SERVICES AGAINST BELGIUM WAS DISMISSED ON THE GROUNDS OF TEMPORAL JURISDICTION. THE CLAIM RELATED TO A BAIL OUT OF FORTIS FINANCIAL SERVICES DURING THE FINANCIAL CRISIS IN 2008 WHICH THE CHINESE SHAREHOLDER OBJECTED TO OWING TO DEVALUATION OF THEIR INVESTMENT. > THE MOSCOW COMMERCIAL COURT, 29 APRIL 2015: THE MOSCOW COMMERCIAL COURT HAS SET ASIDE A USD 118 MILLION AWARD ISSUED IN THE MOSCOW CHAMBER OF COMMERCE AND INDUSTRY (MCCI) LAST YEAR. CANADIAN MINING COMPANY STANS ENERGY OBTAINED THE AWARD AGAINST KYRGYZSTAN FOR THE EXPROPRIATION OF A RARE EARTH PROJECT. > ICC, 10 APRIL 2015: CLAIMS THAT THE CZECH ELECTRICITY DISTRIBUTOR, CEZ, BREACHED A PRIVATISATION DEAL WITH ENERGY SHARES ADMINISTRATION COMPANY (SAPE), A ROMANIAN STATE ENTITY, HAVE BEEN PARTLY UPHELD BY AN ICC TRIBUNAL. ALTHOUGH THE CLAIM WAS FOR EUR 81 MILLION IN DAMAGES, SAPE DECLARED THAT IT HAD WON EUR 5.7 MILLION IN DAMAGES ON 10 APRIL.
SETTLEMENT. THE DISPUTE RELATES TO INVESTMENT PROJECTS IN VARIOUS PORTS AND CUSTOMS OPERATIONS.
> ICSID, 21 MAY 2015: AN ICSID TRIBUNAL HAS RULED ON A CONTRACTUAL DISPUTE OVER EXPORT ROYALTIES. INVESTORS IN PERU’S LARGEST NATURAL GAS PROJECT HAVE BEEN ORDERED TO PAY APPROXIMATELY USD 65 MILLION TO PERUPETRO, A STATE OWNED AGENCY. > A D HOC, 20 MAY 2015: USD 1.1 BILLION HAS BEEN AWARDED TO IRAN’S NATIONAL OIL COMPANY IN A 26 YEAR ARBITRATION DISPUTE AGAINST A COMPANY OWNED BY THE ISRAELI GOVERNMENT OVER PAYMENT FOR OIL SHIPMENTS PRE-DATING THE IRANIAN REVOLUTION OF 1979. > C OURT OF JUSTICE OF THE EUROPEAN UNION, 13 MAY 2015: THE ADVOCATE GENERAL OF THE COURT OF JUSTICE OF THE EUROPEAN UNION (CJEU) GAVE HIS OPINION ON WHETHER AN EU MEMBER STATE CAN REFUSE TO ENFORCE AN ARBITRAL AWARD CONTAINING AN ANTI-SUIT INJUNCTION BECAUSE IT IS INCONSISTENT WITH COUNCIL REGULATION (EC) 44/2001 ON JURISDICTION AND THE RECOGNITION AND ENFORCEMENT OF CIVIL AND COMMERCIAL MATTERS, ALSO KNOWN AS THE BRUSSELS REGULATION. HE RECOMMENDED THAT THE BRUSSELS REGULATION MUST BE INTERPRETED AS NOT REQUIRING AN EU MEMBER STATE COURT TO REFUSE TO RECOGNISE AND ENFORCE AN ANTI-SUIT INJUNCTION ISSUED BY AN ARBITRAL TRIBUNAL ON THE BASIS THAT RECOGNITION AND ENFORCEMENT FALLS EXCLUSIVELY WITHIN THE SCOPE OF THE NEW YORK CONVENTION. THE CJEU THEN GAVE ITS DECISION IN THE CASE ON 13 MAY 2015, MIRRORING THE ADVOCATE GENERAL’S OPINION THAT AN ANTI-SUIT AWARD MADE BY AN ARBITRAL TRIBUNAL SHOULD BE LEFT TO BE DETERMINED BY THE
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