Summary

Reproduced from www.worldbank.org/icsid with permission of ICSID. (Document, does not apply to summary and/or TDM IACL Case Report below).

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Case report (free download)

Case Report by Diana Moise, editor Victoria Ritah Nalule

Summary

In the Decision on the Applicant’s request for a continued stay of enforcement of the Award of 29 February 2016, the ad hoc Committee lifted partially the stay with regard to the undisputed amount of US$27.497 million plus interest. The Committee rejected Venezuela’s request for maintaining the stay of the whole Award, and relied on the amount calculated by Venezuela’s experts, amount also not contested in its application to partially annul the Award.

Main Issues

Stay of enforcement – Partial Stay – Partial Annulment – undisputed amount; Ad hoc Committee - discretion; calculation of compensation; ICSID – investment law.

Bolivarian Republic of Venezuela v. Tidewater Investment SRL and Tidewater Caribe, C.A. (ICSID Case No. Arb/10/5) - Decision on the Applicant's Request for a Continued Stay of Enforcement of the Award (English)

Case report provided by International Arbitration Case Law (IACL)