Teinver SA - Transportes de Cercanias SA - Autobuses Urbanos del Sur SA v Argentine Republic - ICSID Case No. ARB/09/1 - Decision on Annulment - Spanish - 29 May 2019
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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Following the 2017 ICSID Award in Teinver et. al. v Argentine Republic, Argentina initiated an annulment proceeding based on Art. 52 of the ICSID Convention. Argentina argued that the Tribunal had manifestly exceeded its powers, seriously departed from fundamental rules of procedure, and failed to state the reasons upon which the Award was based. Argentina made numerous challenges to the Tribunal's findings concerning the existence of an investment and protected investors, the capacity of the Claimants' attorneys after insolvency administrators took control of the claimant companies, the role of a third-party funder and the validity of the funding agreement, the Claimants' failure to make contractual capital contributions and allocation of funds during the post-establishment phase of the investment, and the link between contract breaches and international responsibility. Argentina's request for annulment was denied in its entirety and costs were shifted in favour of the Claimants.
Definition of an investment and protected investors where the investment consists of indirect shareholding interests; validity of powers of attorney when a claimant company enters insolvency; validity of third party funding agreements and impact on ICSID arbitration; post-establishment phase conduct of an investor; the relationship between contractual obligations of a host-state and international responsibility.
Teinver S.A., Transportes de Cercanías S.A. and Autobuses Urbanos del Sur S.A. v. Argentine Republic (ICSID Case No. ARB/09/1) - Decision on Argentina's Application for Annulment - 29 May 2019
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