Reproduced from www.worldbank.org/icsid with permission of ICSID.
Case Report (free download)
Case Report by Benjamin Burnham, Editor Ignacio Torterola
The Republic of Ecuador applied for annulment of the Award rendered in Burlington Resources, Inc. v Republic of Ecuador (ICSID Case No. ARB/08/5), simultaneously requesting a stay of enforcement of the award and the continuation of that stay once the ad hoc Committee had been constituted. Pursuant to Arbitration Rule 54(2) of the ICSID Convention, enforcement was stayed provisionally pending the determination of the ad hoc Committee regarding continuation of the stay. Burlington opposed Ecuador's Application and further requested that Ecuador either post adequate financial security as a condition to continuing the stay, or that the Committee lift the stay altogether. The Committee determined that it need not consider whether it had the powers to require security as a condition to a continuation of stay, as the circumstances presented by Ecuador (pursuant to Arbitration Rule 54(4)) to justify the stay were unsatisfactory. The Committee concluded that provisional stay of enforcement should be lifted.
Annulment - ICSID Convention - Circumstances justifying extension of provisional stay of enforcement - Posting of security as a condition of extension of provisional stay of enforcement.
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