Summary

OVERVIEW

1. Petitioner Telefónica, S.A. ("Telefonica"), by and through its undersigned counsel, hereby submits this petition to recognize and enforce a foreign arbitral award pursuant to 22 U.S.C. § 1650a and Article 54 of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the "ICSID Convention").

2. Specifically, Telefonica seeks recognition and enforcement of a final, binding arbitral award rendered on November 12, 2024, in Telefonica, S.A. v. Republic of Colombia, ICSID Case No. ARB/18/3 (the "Award"), an international arbitration proceeding before the International Centre for Settlement of Investment Disputes ("ICSID") in accordance with the ICSID Convention and the Rules of Procedure for Arbitration Proceedings of ICSID in force since April 10, 2006 (the "ICSID Arbitration Rules"), the Rules in effect at the time parties consented to arbitration.

3. Pursuant to the Arbitral Tribunal's findings as stated in the Award, Respondent, the Republic of Colombia ("Colombia"), violated its obligation to accord fair and equitable treatment to Telefonica's investments under Article 2(3) of the Agreement between the Kingdom of Spain and the Republic of Colombia for the Promotion and Reciprocal Protection of Investments, signed March 31, 2005 (the "BIT"). Colombia is liable to Telefonica for damages of US $379,804,275.55 in principal, plus interest at 5% compounded annually from August 29, 2017, until the date of full payment, plus 4,300,824.32 in legal costs, plus interest on that amount at 4.25% compounded annually from the date of the Award until the date of full payment. As of the present date, Colombia has not paid any part of the Award.