Case report (free download)
Case Report by Devika Agarwal, editor Ignacio Torterola
In a Decision on Annulment issued on 26 February 2016, an International Centre for Settlement of Investment Disputes ("ICSID") Ad Hoc Committee ("Committee") unanimously rejected Romania's application for annulment of the Award rendered on 11 December 2013 under the Agreement Between the Government of the Kingdom of Sweden and the Government of Romania ("Sweden-Romania BIT") by an ICSID Tribunal. The Committee found that none of the grounds for annulment of Article 52 of the ICSID Convention invoked by Romania had been met, namely that (1) the Tribunal manifestly exceeded its powers, (2) there was a serious departure from a fundamental rule of procedure, and (3) the award failed to state the reasons upon which it was based.
Annulment proceeding under the ICSID Convention; manifest excess of powers; serious departure from a fundamental rule of procedure; failure to state reasons; narrow scope of grounds for annulment.
Case report provided by International Arbitration Case Law (IACL)