Gramercy Funds Mgmt LLC v Republic of Peru - United States District Court for the District of Columbia Case No 1-23-cv-00684 - Petition to Confirm Arbitration Award - 14 March 2023
PETITION TO RECOGNIZE AND CONFIRM ARBITRAL AWARD
1. Petitioners Gramercy Funds Management LLC ("GFM") and Gramercy Peru Holdings LLC ("GPH") (together, "Gramercy"), by and through undersigned counsel, submit this Petition to recognize and confirm the certified and redacted arbitral award ("Award") issued on December 6, 2022, and corrected on January 13, 2023, by an arbitral tribunal seated in Paris, France (the "Tribunal"), in International Centre for the Settlement of Investment Disputes ("ICSID") Case No. UNCT/18/2 against Respondent, the Republic of Peru ("Peru"). A certified copy of the Award is attached as Exhibit A, filed concurrently with and in support of this Petition.
2. Petitioners bring this action for summary recognition, confirmation and entry of judgment under Chapter 2 of the Federal Arbitration Act ("FAA"), 9 U.S.C. § 201 et seq., and the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, June 10, 1958, 21 U.S.T. 2517, 330 U.N.T.S. 38 ("New York Convention").
3. The Tribunal awarded compensation for Gramercy's substantive claims in the amount of $33,222,630, plus interest at the rate of 7.22% compounded annually, with accrual starting on January 1, 2009 and continuing until the date of full payment, which the Tribunal directed to be paid to GPH. Award (Ex. A), ¶ 1396(iv). The Tribunal also ordered Peru to pay a portion of Gramercy's share of the arbitration costs, in the amount of $771,388.92, and of Gramercy's legal costs, in the amount of $9,860,000, plus interest on both amounts at the rate of 7.22%, compounded annually from the date of the Award until the date of full payment. Id. ¶ 1396(v).
4. As of March 14, 2023, the total amount due under the Award is approximately $100,267,823. To date, Peru has not paid any portion of the Award.
5. Accordingly, Gramercy requests that this Court: (1) enter an order recognizing and confirming the Award; (2) enter judgment in Gramercy's favor against Peru in the amount of the Award, plus post-Award interest awarded therein until the date of judgment, plus post- judgment interest at the Tribunal-ordered rate until full payment, plus the costs of this proceeding; and (3) award Gramercy such other and further relief as the Court may find just and proper.
PRAYER FOR RELIEF
WHEREFORE, Gramercy respectfully requests that the Court enter judgment in favor of Gramercy and against Peru and requests that the Court issue an order:
(a) Granting this Petition;
(b) Recognizing and confirming the Award in its entirety;
(c) Entering judgment that Peru is liable to pay Gramercy the amount of $100,267,823, as of March 14, 2023, plus interest thereon at the Tribunal-ordered rate of 7.22%, compounded annually, and continuing until the date of full payment;
(d) Awarding Gramercy's attorneys' fees and costs associated with this proceeding; and
(e) Granting any other relief as the Court deems just and proper.