Introduction

The Award which this annulment proceeding reviews arose out of two Loan Agreements and two related sovereign Guarantees. The Respondent Republic of Seychelles ("Republic") agreed to guarantee timely performance of two loans Claimant CDC Group plc ("CDC") made to the Public Utilities Corporation ("PUC"), an entity organized in the Republic responsible for, inter alia, the generation of electric power. PUC did not timely perform its obligations to CDC, which then sought payment from the Republic under the Guarantees. When the Republic in turn failed to satisfy its assumed ...