Summary

Source: icsid.worldbank.org

Annulment Proceeding - DECISION ON STAY OF ENFORCEMENT OF THE AWARD

TABLE OF CONTENTS

I. INTRODUCTION AND THE PARTIES
II. PROCEDURAL BACKGROUND
III. ISSUES BEFORE THE COMMITTEE
Legal Standard and Burden of Proof
(1) Argentina
(2) Webuild
(3) The Committee's Evaluation
Circumstances Warranting the Stay
(1) Prospects of compliance with the Award
a. Argentina
b. Webuild
c. The Committee's Evaluation
(2) Impact of the stay on Webuild
a. Argentina
b. Webuild
c. The Committee's Evaluation
(3) Impact of lifting the stay on Argentina
a. Argentina
b. Webuild
c. The Committee's Evaluation
Conclusion on the continuation of the stay of enforcement
Provision of Security
(1) Argentina
(2) Webuild
(3) The Committee's Evaluation
IV. COSTS
V. DECISION

I. INTRODUCTION AND THE PARTIES

1. This decision addresses the Argentine Republic's Application ("Stay Application") for the continuation of the stay of enforcement of the ICSID award rendered on 28 April 2025 (the "Award")1 by the arbitral tribunal (the "Tribunal") in Webuild S.p.A. v. Argentine Republic (ICSID Case No. ARB/15/39) (the "Arbitration").

2. The applicant in the annulment proceeding is the Argentine Republic (the "Respondent" or "Argentina").

3. The respondent in the annulment proceeding is Webuild S.p.A. (the "Claimant" or "Webuild").

4. Both the Claimant and the Respondent are collectively referred to as the "Parties."

II. PROCEDURAL BACKGROUND

5. On 21 January 2026, Argentina filed an application for annulment of the Award (the "Annulment Application") and requested the stay of enforcement of the Award pursuant to Article 52(5) of the ICSID Convention (or the "Convention").

6. On 26 January 2026, the ICSID Secretary-General registered the Annulment Application and informed the Parties of the provisional stay of the Award pursuant to ICSID Arbitration Rule 54(2).

7. On 5 March 2026, the ICSID Secretary-General proposed the appointment to the ad hoc Committee (the "Committee") of Mr. Fernando Piérola Castro, a national of Peru and Switzerland, as President, Mr. Alexis Mourre, a national of France, and Ms. Carita Wallgren-Lindholm, a national of Finland, as Committee Members, and invited the Parties to provide any comments by 12 March 2026.

...

V. DECISION

115. For the reasons set forth above, the ad hoc Committee:

(i) rejects the Argentine Republic's Stay Application;

(ii) orders that the stay of enforcement of the Award currently in place be lifted with immediate effect;

(iii) reserves its decision on the allocation of the costs, fees, expenses and interest incurred in connection with Argentina's Request for the Continued Stay of Enforcement of the Award until the final decision on the Annulment Application; and,

(iv) denies all other requests.

...