INTERNATIONAL ARBITRATION 1/3LY
NOTABLE CASES
> ICC, 28 OCTOBER 2014: LEBANESE INVESTORS AYOUB-FARBID SAAB AND FADI SAAB, CO-OWNERS OF FBME BANK, HAVE BROUGHT A USD 500 MILLION CLAIM AT THE ICC COURT OF INTERNATIONAL ARBITRATION AGAINST THE CYPRIOT GOVERNMENT. THE CLAIM HAS BEEN BROUGHT UNDER THE LEBANON-CYPRUS BIT FOLLOWING THE EXPROPRIATION OF THE BANK’S LOCAL BRANCH BY CYPRUS DUE TO MONEY-LAUNDERING ALLEGATIONS. THE INVESTORS HAVE ALSO REQUESTED THAT THE ICC TRIBUNAL ORDER INTERIM MEASURES FOR THE STATE TO REVOKE THE DECREE WHICH PLACED THE LOCAL BRANCH OF FBME UNDER ADMINISTRATION. > D IFC COURT OF APPEAL, 3 NOVEMBER 2014: THE COURT OF APPEAL OF THE DUBAI INTERNATIONAL FINANCIAL CENTRE (DIFC) FOUND THAT THE DIFC COURTS HAVE JURISDICTION TO RECOGNISE AND ENFORCE AN AWARD RENDERED OUTSIDE THE DIFC AND ARISING FROM AN ARBITRATION BROUGHT BY SINGAPOREAN HOTEL OWNER BANYAN TREE CORPORATE PTE LTD AGAINST UAE PROPERTY DEVELOPER MEYDAN GROUP LLC, WHICH IS BASED IN ONSHORE DUBAI. THE AWARD WAS THE RESULT OF A 2010 DIAC ARBITRATION IN WHICH BANYAN TREE SOUGHT DAMAGES FROM MEYDAN AFTER THE LATTER TERMINATED A MANAGEMENT CONTRACT BETWEEN THE TWO PARTIES. > ICC, 10 NOVEMBER 2014: THE DISPUTE AROSE IN RELATION TO A 1996 CONTRACT PROVIDING FOR THE SUPPLY OF GAS TO TURKEY FROM THE NATIONAL IRANIAN GAS COMPANY (NIGC) OVER A 25-YEAR PERIOD. THE TURKISH STATE ENTITY, BOTAS PETROLEUM PIPELINE CORPORATION, BROUGHT A CLAIM FOR A PRICE CUT, VALUED AT USD 13 BILLION, AFTER IT CLAIMED THAT NIGC FAILED TO MEET TURKISH WINTER DEMANDS. THE CLAIM WAS DISMISSED BY THE ICC TRIBUNAL IN A PARTIAL AWARD DELIVERED IN NOVEMBER 2014. ¸
> ICC, 24 NOVEMBER 2014: IN A CONTRACTUAL DISPUTE BROUGHT BY TEXAN DRILLING CONTRACTOR WEATHERFORD, RELATING TO THE DEVELOPMENT OF A GAS FIELD IN TURKMENISTAN, AN ICC TRIBUNAL HAS ORDERED DUBAI’S GULF OIL & GAS TO PAY THE CLAIMANTS USD 45 MILLION IN DAMAGES. THE CLAIMS WERE BROUGHT AGAINST GULF OIL AFTER THEY HAD FAILED TO COMPENSATE WEATHERFORD FOR EQUIPMENT, PERSONNEL AND SERVICES WHICH LED TO THE CONTRACTOR TERMINATING DRILLING CONTRACTS. > ICSID, 28 NOVEMBER 2014: CLYDE & CO’S MAURICE KENTON SECURED A SUCCESSFUL OUTCOME TO PROCEEDINGS AT ICSID FOR LISTED CLIENT, AFRICAN PETROLEUM. THE TWO CASES BROUGHT AT ICSID AGAINST THE REPUBLIC OF THE GAMBIA CONCERNED THE GAMBIA’S CANCELLATION OF TWO OFFSHORE OIL LICENCES. SETTLEMENT OF THE CASES WAS REACHED AFTER THE GAMBIA REINSTATED THE LICENCES IN NOVEMBER 2014. > U NCITRAL, 4 DECEMBER 2014: EDF FILED A CLAIM AGAINST HUNGARY IN 2009 UNDER THE ENERGY CHARTER TREATY, AFTER THE STATE TERMINATED SEVERAL POWER-PURCHASE AGREEMENTS BETWEEN THE ENERGY PROVIDER’S HUNGARIAN SUBSIDIARY AND THE STATE-OWNED ENERGY COMPANY MVM. THE PANEL FOUND THAT BY FAILING TO GRANT EDF WITH ADEQUATE COMPENSATION FOLLOWING THE TERMINATION OF THE CONTRACTS, HUNGARY BREACHED THE ENERGY CHARTER TREATY’S FAIR AND EQUITABLE TREATMENT AND NON-IMPAIRMENT PROVISIONS.
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