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 Rajat Rana, editor Ignacio Torterola

Summary

In the Decision on Annulment rendered on April 5, 2016, on Claimant’s application for the partial annulment of the award and Respondent’s application for the annulment of the award, the Ad Hoc Committee annulled the award: (1) on damages for the loss of value claim under Article 52(1)(e); (2) on interest on historical damages for the period August 1, 2009 through October 21, 2010, under Article 52(1)(d); and (3) on costs. The Committee dismissed other grounds of objections to the Award.

The Committee further decided that: (1) each party shall bear its own legal costs and expenses in connection with Claimant’s application for the partial annulment of the Award; (2) Respondent shall reimburse Claimant half of ICSID’s administrative fees and expenses in connection with Claimant’s application for the partial annulment of the Award; (3) Respondent shall bear the full costs and expenses incurred in connection with Respondent’s application for the annulment of the award; and (4) Respondent shall reimburse Claimant USD 273,652.39, representing 60% of the total USD 456,087.33 of Claimant’s legal costs and expenses incurred in connection with Respondent’s application for the annulment of the Award.

Main Issues

Annulment proceeding under the ICSID Convention; manifest excess of powers; serious departure from a fundamental rule of procedure; failure to state reasons

Teco Guatemala Holdings LLC v Republic of Guatemala - ICSID Case No. ARB/10/23 - Decision on Annulment

Case report provided by International Arbitration Case Law (IACL)

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