INTERNATIONAL ARBITRATION 1/3LY
NOTABLE C A SES
> I CC , 28 OCTOBER 2014 : LEBANESE INVESTORS AYOUB - FARBID S AAB AND FADI S AAB, CO - OWNERS OF FBME BANK , HAVE BROUGHT A USD 500 MILL ION CL A IM AT THE I CC COURT OF INT ERNAT IONAL ARBI TRAT ION AGA INST THE CYPRIOT GOVERNMENT. THE CL A IM HA S BEEN BROUGHT UNDER THE LEBANON- CYPRUS BI T FOLLOWING THE EXPROPRI AT ION OF THE BANK ’ S LOC AL BRANCH BY CYPRUS DUE TO MONE Y- L AUNDERING ALLEGAT IONS . THE INVESTORS HAVE ALSO REQUEST ED THAT THE I CC TRIBUNAL ORDER INT ERIM ME A SURES FOR THE STAT E TO RE VOKE THE DECREE WHI CH PL ACED THE LOC AL BRANCH OF FBME UNDER ADMINI STRAT ION. > DIFC COURT OF APPE AL , 3 NOVEMBER 2014 : THE COURT OF APPE AL OF THE DUBA I INT ERNAT IONAL F INANCI AL CENTRE (DIFC ) FOUND THAT THE DIFC COURT S HAVE JURI SDI CT ION TO RECOGNI SE AND ENFOR CE AN AWARD RENDERED OUT S IDE THE DIFC AND ARI S ING FROM AN ARBI TRAT ION BROUGHT BY S INGAPORE AN HOT EL OWNER BANYAN TREE CORPORAT E PT E LTD AGA INST UAE PROPERT Y DE VELOPER ME YDAN GROUP LLC , WHI CH I S BA SED IN ONSHORE DUBA I . THE AWARD WA S THE RESULT OF A 2010 DI AC ARBI TRAT ION IN WHI CH BANYAN TREE SOUGHT DAMAGES FROM ME YDAN AF T ER THE L AT T ER T ERMINAT ED A MANAGEMENT CONTRACT BE T WEEN THE T WO PART IES . > I CC , 10 NOVEMBER 2014 : THE DI SPUT E AROSE IN REL AT ION TO A 1996 CONTRACT PROV IDING FOR THE SUPPLY OF GA S TO TURKE Y FROM THE NAT IONAL IRANI AN GA S COMPANY (NIGC ) OVER A 25 -YE AR PERIOD. THE TURK I SH STAT E ENT I T Y, BOTA S PE TROLEUM P IPEL INE CORPORAT ION, BROUGHT A CL A IM FOR A PRI CE CUT, VALUED AT USD 13 BILL ION, AF T ER I T CL A IMED THAT NIGC FA ILED TO MEE T TURK I SH WINT ER DEMANDS . THE CL A IM WA S DI SMI SSED BY THE I CC TRIBUNAL IN A PART I AL AWARD DEL I VERED IN NOVEMBER 2014. ¸
> I CC , 24 NOVEMBER 2014 : IN A CONTRACTUAL DI SPUT E BROUGHT BY T EX AN DRILL ING CONTRACTOR WE ATHERFORD, REL AT ING TO THE DE VELOPMENT OF A GA S F IELD IN TURKMENI STAN, AN I CC TRIBUNAL HA S ORDERED DUBA I ’ S GULF OIL & GA S TO PAY THE CL A IMANT S USD 45 MILL ION IN DAMAGES . THE CL A IMS WERE BROUGHT AGA INST GULF OIL AF T ER THE Y HAD FA ILED TO COMPENS AT E WE ATHERFORD FOR EQUIPMENT, PERSONNEL AND SERV I CES WHI CH LED TO THE CONTRACTOR T ERMINAT ING DRILL ING CONTRACT S . > I CS ID, 28 NOVEMBER 2014 : CLYDE & CO ’ S MAURI CE KENTON SECURED A SUCCESSFUL OUTCOME TO PROCEEDINGS AT I CS ID FOR L I ST ED CL IENT, AFRI C AN PE TROLEUM. THE T WO C A SES BROUGHT AT I CS ID AGA INST THE REPUBL I C OF THE GAMBI A CONCERNED THE GAMBI A’ S C ANCELL AT ION OF T WO OFFSHORE OIL L I CENCES . SE T T LEMENT OF THE C A SES WA S RE ACHED AF T ER THE GAMBI A RE INSTAT ED THE L I CENCES IN NOVEMBER 2014. > UNCI TRAL , 4 DECEMBER 2014 : EDF F ILED A CL A IM AGA INST HUNGARY IN 2009 UNDER THE ENERGY CHART ER TRE AT Y, AF T ER THE STAT E T ERMINAT ED SE VERAL POWER- PUR CHA SE AGREEMENT S BE T WEEN THE ENERGY PROV IDER ’ S HUNGARI AN SUBS IDI ARY AND THE STAT E- OWNED ENERGY COMPANY MVM. THE PANEL FOUND THAT BY FA IL ING TO GRANT EDF WI TH ADEQUAT E COMPENS AT ION FOLLOWING THE T ERMINAT ION OF THE CONTRACT S , HUNGARY BRE ACHED THE ENERGY CHART ER TRE AT Y ’ S FA IR AND EQUI TABLE TRE ATMENT AND NON- IMPA IRMENT PROV I S IONS .
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