Investor-State Arbitration

Fact Sheet

Experience

  • Clean Tech | Renewable Energy
    • Perenco Ecuador in securing an ICSID award against the Republic of Ecuador worth over $390 million plus interest, net of cost recovery and other factors, which is the largest compensation any tribunal has awarded in connection with Ecuador’s Law 42. Ecuador has committed to pay the Award voluntarily, unconditionally and in full.
    • Qatar Airways as claimant in four investment arbitrations against the UAE, Saudi Arabia, Bahrain and Egypt (the “Four States”) seeking at least $5 billion in damages from the Four States’ unlawful measures to close their airspace and airports to Qatar Airways’ aircraft and revoking Qatar Airways’ licences and permits to operate in the Four States.
    • The Republic of Iraq in successfully defending ICSID claims brought by Itisaluna Iraq LLC and others under the OIC Agreement arising out of a dispute concerning the telecommunications sector. In the jurisdictional stage, we contended that the Parties to the dispute had not consented in writing to submit the dispute to ICSID arbitration. The tribunal dismissed all claims for lack of jurisdiction and awarded close to two-thirds of costs to the Republic.
    • The Republic of Iraq in a complete dismissal of claims for over $650 million brought by Agility Warehousing Company relating to a telecommunications investment, substantially prevailing on jurisdictional objections and achieving a complete victory for the Republic on the merits with a full award of costs, in the first ICSID arbitration brought against the Republic. For this win, the Debevoise team was recognized as Litigators of the Week by The American Lawyer.
    • The Government of Grenada in an ICSID arbitration arising out of reforms to the electricity sector.
    • Nova Group Investments in an ICSID claim against the Romanian Government under the Netherlands-Romania BIT relating to the expropriation of its Romanian assets.
    • Gramercy Funds Management and Gramercy Peru Holdings in winning a $100 million award in an UNCITRAL arbitration against the Republic of Peru relating to Peru’s agrarian reform bonds, which is the first decision finding Peru liable under the U.S.-Peru Trade Promotion Agreement and at the time was the largest amount awarded against Peru in any treaty arbitration.
    • A European bank in an ICSID case against the Government of Greece related to Greece’s sovereign bond restructuring.
    • The Republic of Korea in ICSID arbitration filed by IPICI and Hanocal.
    • Francesco Becchetti and five other Italian investors in ICSID proceedings against Albania arising out of claimants’ investments in a hydroelectric plant and a media company, winning a historic order of provisional measures suspending criminal and extradition proceedings, and resulting in a favorable award.
    • The State of Qatar and Qatari entities and individuals in international claims arising out of the measures imposed by the United Arab Emirates, Saudi Arabia, Bahrain, and Egypt against Qatar, including in proceedings before the International Court of Justice against the United Arab Emirates, investment arbitrations and claims in other international tribunals.
    • A Chinese EPC contractor in an ICC arbitration concerning the construction of a coal-fired power generation facility in Central America, with more than $1 billion at stake.
    • Tethyan Copper Company, a joint venture of Antofagasta Minerals and Barrick Gold, in its US$6 billion arbitration win against the Islamic Republic of Pakistan, which is the second-largest ICSID award ever rendered.
    • Claimant Tethyan Copper Company (jointly owned by Barrick Gold and Antofagasta Minerals) in an ICC arbitration against the Pakistani province of Balochistan in disputes regarding a copper and gold mining project in the west of Pakistan.
    • BTL Employees' Trust, a shareholder in Belize Telemedia Limited, concerning the re-nationalisation without compensation of BTL, and the amendment of the Belize Constitution to enshrine the nationalisations and to curtail the courts’ power to protect fundamental rights, including the right to property.
    • Occidental Petroleum Company and Occidental Exploration and Production Company (“Occidental”) in an ICSID arbitration, winning one of the largest ever BIT awards, $1.1 billion ($1.4 billion including interest). The filing of the claim was made two days after Ecuador terminated all of Occidental’s exploration and production rights and seized all of its assets in the country. Ecuador and Occidental have arranged for payment of this award.
    • Occidental Petroleum Corporation in winning over $130 million in damages in a BIT arbitration resulting from Ecuador’s failure to refund VAT payments to Occidental.
    • Mobile TeleSystems in its investor-state arbitration against Uzbekistan brought under the Additional Facility of the International Centre for the Settlement of Investment Disputes (ICSID), including successfully defending an Article 45(6) application.
    • ExxonMobil and Murphy Oil in a NAFTA claim against the Government of Canada arising from requirements imposed by the Province of Newfoundland and Labrador. The Tribunal handed down its Decision on Liability and on Principles of Quantum ruling in favor of our clients that Newfoundland’s regulations violated NAFTA.
    • Holcim and its subsidiaries, Holderfin B.V. and Caricement B.V., against Venezuela in proceedings before ICSID under the Switzerland-Venezuela BIT and the Netherlands-Venezuela BIT, asserting claims that Venezuela’s nationalization of Holcim Venezuela constituted unlawful expropriation and discrimination. After Holcim filed its statement of claim, the parties agreed on a settlement providing for compensation of $650 million.
    • Autopista Concesionada de Venezuela, C.A. (“Aucoven”) in an ICSID arbitration against the Republic of Venezuela, where the tribunal issued a final award finding liability and damages against Venezuela involving claims arising from the breach of a concession agreement for a toll road in Venezuela.
    • The lead claimant in Reineccius, First Eagle, and Mathieu v. Bank for International Settlements, in which a five-member tribunal constituted under the 1930 Hague Agreement awarded private shareholders some US$500 million.
    • A Canadian mining group in a dispute with the government of an African country, concerning claims of breach of the tax stabilisation and other provisions of an agreement for the operation of a copper treatment facility, and an expropriation of certain of the mining company’s rights.
    • OEPC, a subsidiary of Occidental Petroleum, in an ICSID proceedings against the Government of Ecuador for wrongful termination of Block 15 Contract in Ecuador.
    • Dresdner Bank, Barclays Capital, Mizuho Corporate Bank, and Saudi American Bank in BIT claims based on the Saudi Kingdom's apparent repudiation of obligations to pay over $900 million under Saudi-law assignments.
    • Waterford Partners, LLC in a dispute with Bangladesh arising from claims of expropriation and unlawful treatment of an investment under U.S.-Bangladesh BIT in relation to shares in E-TV.
    • Grupo ICA S.A. de C.V. in claims against the government of Argentina under the Argentina-Mexico BIT relating to the Caracoles hydroelectric project in the Province of San Juan, Argentina.icon-alt
    • Poštová Banka of Slovakia in investment treaty claims against Greece arising from the Greek debt restructuring.
    • British Caribbean Bank Ltd, in successfully defending anti-arbitration injunction proceedings brought by the Government of Belize to avoid arbitration under a BIT in the courts of Belize and the Caribbean Court of Justice (before which Debevoise is believed to have been the first non-Caribbean firm to argue a case).
    • A multinational EPC power plant contractor consortium relating to responsibility for a collapsing hillside in an Asian project.