Reproduced from www.worldbank.org/icsid with permission of ICSID.
Case Report (free download)
Case Report by Ana Coimbra Trigo, Editor Ignacio Torterola
Claimants brought an action for relief against Kazakhstan pursuant to the ICSID Convention, the Law of the Republic of Kazakhstan on Foreign Investments and the Contract concluded between the Parties, alleging, inter alia, that Kazakhstan had expropriated its investment in the Caratube fields. The Respondent raised several objections on jurisdiction and denied all claims. A majority of the Tribunal decided in favor of Caratube International Oil Company LLC, awarding USD 39.2 million as compensatory damages.
Contractual basis jurisdiction; abuse of process, collateral estoppel, res judicata in international law; consent and investment pursuant to Article 25(1) of the ICSID Convention; national of another Contracting State and foreign control pursuant to Article 25(2)(b) of the ICSID Convention; Expropriation as the unreasonable substantial deprivation of existing rights of a certain duration caused by a sovereign act of a host State; Sunk costs award.
Caratube International Oil Company LLP and Devincci Salah Hourani v Republic of Kazakhstan - ICSID Case No. ARB/13/13 - Award and Concurring and Dissenting Opinion by arbitrator Jacques Salčs - 27 September 2017
Case report provided by International Arbitration Case Law (IACL)
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