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Case Report (free download)
Case Report by Andreas D. Desyllas, Editor: Diego Luis Alonso Massa
On 11 December 2013 an International Centre for Settlement of Investment Disputes tribunal ("the Tribunal") made an investment arbitration award ("the Award") in favour of Respondents to this appeal ("the Claimants") against the appellant ("Romania"). The present proceedings arose out of Romania's application in the Commercial Court to set aside the registration of the Award or to stay enforcement pending the determination of the proceedings in the EU courts, and out of Claimants' application for security. The Court of Appeal dismissed the appeal to stay enforcement of the Award pending a final decision from the General Court of the European Union ("GCEU") and issued security for £150m. Both Parties appealed before the Supreme Court ("the Court") which decided that the EU duty of sincere co-operation was not applicable in the case. It considered such stay as an unlawful measure under the ICSID Convention and unjustified and unlawful under English legislation. Therefore, the Court upheld Claimants' cross-appeal regarding the lifting of the stay of enforcement of the A ward and discharged the order for security.
Stay of enforcement under the ICSID Convention; conflict between obligations arising out of the ICSID Convention and the EU law.
Case report provided by International Arbitration Case Law (IACL)
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