azurix v argentina case summary

/Rect [ 101.2 266.3 505.6 280.1 ] Annulment Committee’s decision regarding damages: First, the Committee determined that the Tribunal did not manifestly exceed its powers in determining the applicable standard of compensation. endobj endobj << 26 0 obj /Dest [ 46 0 R /XYZ 125.9 228.3 0 ] Expand / Collapse All Applicable IIA. See case mapped in Subject Navigator on Investor-State LawGuide. >> 22 0 obj /Dest [ 43 0 R /XYZ 125.9 335 0 ] ARB/01/12 (United States/Argentina BIT), Decision on the Application for Annulment of the Argentine Republic /Subtype /Link /Type /Annot Sign in to download document ARB/01 ... Azurix Corp. Respondent state: Argentina. The Committee rejected Argentina’s argument that the Tribunal’s decision to apply the fair market value standard contradicted its finding that there was no expropriation. /Dest [ 47 0 R /XYZ 125.9 595 0 ] endobj "Azurix Corporation v Argentina, Award, ICSID Case No ARB/01/12, IIC 24 (2006), 23rd June 2006, despatched 14th July 2006, United Nations [UN]; World Bank; International Centre for Settlement of Investment Disputes [ICSID]" published on by Oxford University Press. /Rect [ 101.2 183.5 505.6 197.3 ] >> 19 0 obj Keep a step ahead of your key competitors and benchmark against them. Documents: Expert Opinion of Prof. Comadira. /Type /Annot /Dest [ 42 0 R /XYZ 125.9 702.8 0 ] B��Q8�7X�D��Rw��3��af�(rK ARB/01/12, Award, 14 July 2006 . Members of the Annulment Committee: Dr. Gavan Griffith Q.C. Understand your clients’ strategies and the most pressing issues they are facing. /Border [ 0 0 0 ] /Border [ 0 0 0 ] /Rect [ 101.2 362.9 505.6 376.7 ] /Type /Annot If the Tribunal had discretion in the approach that it adopted to the assessment of damages, there is no logical reason why it might not, in the exercise of that discretion, in any case where it considered it appropriate to do so, also apply the fair market value standard to cases of non-expropriatory breaches of the BIT. endobj 15 0 obj /Subtype /Link /Border [ 0 0 0 ] << x��]K�ø �ϯ�@RQ?� @2��m�z(z�(��Iɖ#��=��@&�M�"�O)y��۩N�onrGӍ�S��߻?��_��O�|��>i��C7��t ��?�|Rp��a�wR�|�'��{Nj��.��p�N�J��G��Y/O�S��N~��ߐ�~�7� (��6H��"��Lf�0�y\�y��釠gz�Ǳ�୲�3��)�a%$-$)��[Zv��-�'��m�~҄�Nt/s!�xi��\P��]��2��z��Rc��7�SaR1�5��g��X$ϱX�C��Y D�3v$�=�+�0��и�Z��SkηX��E!�4��_|RǾ�9\��Tw��Ό�T�뿻?��a�;�q}�O�݁�^��T��k��b�`�)~j�zP�m$�TQ�#�8��{IFp�_�{��JR�� kB/�E��H�&��3[Љ_��-(� � ǿ�=ޟ��E��G/�O��zT�e�%�Uz=��C�F�n��]�x��ߑ�� In 1999, Azurix, through its Argentinean subsidiary, ABA, paid the Province a Canon payment of approximately US$438.5 million, in exchange for a 30-year concession. /Rect [ 101.2 307.7 505.6 321.5 ] /Border [ 0 0 0 ] 2 pages) Ask a question Azurix Corp v Argentina (ICSID Case No ARB/01/12) - Annulment proceeding. Azurix objected to the request on March 15, 2004 and requested the Tribunal that, in case it would agree to Argentina's request, Argentina be invited in turn to produce all documentation related to AGOSBA's services, their privatization, the original setting of the tariffs, all documents of the Privatization Commission, the ORAB, and the files related to ABA, AGOSBA and ABSA. 18 0 obj /A << /Type /Action /S /URI /URI /Border [ 0 0 0 ] << << On July 14, 2006, a Tribunal consisting of Andrés Rigo Sureda (President), Marc Lalonde, and Daniel Hugo Martins, found that various actions by Provincial officials had been unreasonable and politicized, leading to violations of the U.S.-Argentina BIT. The Committee noted that “[t]he Tribunal decided to exercise a discretion pursuant to customary international law, and not to exercise a discretion instead of customary international law.”4. Azurix Corp v Argentina (ICSID Case No ARB/01/12) - Annulment proceeding Practical Law Resource ID 4-504-4006 (Approx. /Subtype /Link /Dest [ 46 0 R /XYZ 125.9 644.9 0 ] /Length 3531 << Applicable arbitration rules: ICSID. Despite dismissing Azurix’s claim for expropriation, the Tribunal decided that a compensation based on the fair market value of the Concession would be appropriate. >> /Rect [ 101.2 390.5 505.6 404.3 ] /Rect [ 113.2 238.7 505.6 252.5 ] << On September 1, 2009, the Annulment Committee dismissed Argentina’s application for annulment in its entirety. /Border [ 0 0 0 ] 33 0 obj << << endobj "Azurix Corp v Argentina, Decision on Jurisdiction, ICSID Case No ARB/01/12, (2004) 43 ILM 262, IIC 23 (2003), despatched 8th December 2003, United Nations [UN]; World Bank; International Centre for Settlement of Investment Disputes [ICSID]" published on by Oxford University Press. /Rect [ 89.2 418.1 505.6 431.9 ] If you would like to learn how Lexology can drive your content marketing strategy forward, please email enquiries@lexology.com. 34 0 obj /Rect [ 114 744.7 505.6 757.4 ] /Group << /S /Transparency /CS /DeviceRGB /I true >> ARB/01/12 (United States/Argentina BIT), Decision on Continued Stay of Enforcement of the Award /Border [ 0 0 0 ] /Dest [ 48 0 R /XYZ 89.9 758 0 ] The additional investments of US$112,844,446 were reduced by US$7,603,693, the amount of damages the Tribunal found to be related to contractual claims that it believed should be borne by Azurix as part of its business risk. /Dest [ 46 0 R /XYZ 125.9 300.8 0 ] /Border [ 0 0 0 ] /Dest [ 47 0 R /XYZ 125.9 722.7 0 ] endobj << /MediaBox [ 0 0 595 842 ] Details of investment and summary of the dispute ... Azurix v. Argentina (I) Azurix Corp. v. The Argentine Republic (I) (ICSID Case No. endobj /Subtype /Link To view all formatting for this article (eg, tables, footnotes), please access the original, International Centre for Settlement of Investment Disputes, Trade disputes with Argentina lead to U.S., E.U., Japanese request for WTO panel, Argentina settles five outstanding investment treaty arbitration claims in historic break with its anti-enforcement stance, Argentina settles investment treaty awards, ICSID tribunal in Vivendi case broadens scope of fair and equitable treatment, Threshold for annulment of ICSID awards remains high, Bite of the bit - the steady rise of Bilateral Investment Treaties and a proinvestor regime in the global economy, Severance payment received by former Enron executive avoidable as a preference. << ARB/01/12) Annulment Proceeding Decision on the Argentine Republic's Request for a C Following the Province’s termination of ABA’s concession in 2002, Azurix initiated an ICSID arbitration against Argentina seeking approximately US$600 million in compensation. Claimant: Azurix Corp. Respondent: Argentina. Country: Argentina. Azurix claims that Argentina has violated obligations owed to Azurix under the 1991 Treaty Concerning the Reciprocal Encouragement and Protection of Investment between the Argentine Republic and the United States of America ... Metalclad Corporation v. Mexico, ICSID Case No. Azurix to file its Rejoinder within a further 30 days of receipt of Argentina’s Reply. For example, BG Group Plc. /Subtype /Link >> �[��;#1k��l��w.�J�%O&'�9g_n��h� /Dest [ 47 0 R /XYZ 125.9 230 0 ] As it would certainly be the case if an arbitration award is trying to be enforced under the New York Convention on the Recognition and Enforcement of … 31 0 obj /Dest [ 8 0 R /XYZ 504.8 211.1 0 ] /Rect [ 101.2 280.1 505.6 293.9 ] /F2 36 0 R endobj In regards to the basis upon which the damages should be assessed, the Tribunal noted that the BIT only provided for the measure of compensation in the case of a legal expropriation, requiring payment of fair market value of the expropriated investment. "Lexology is a high quality service; the articles are very relevant and always useful", © Copyright 2006 - 2020 Law Business Research. /Type /Annot Moreover, the Committee considered it sufficiently clear that the Tribunal considered that the whole of the Canon payment was an investment of Azurix, and that ABA was merely a vehicle for carrying out the investment; therefore Azurix was entitled to 100% of what a third party would pay for the Concession despite the fact that Azurix only owned 90% of ABA’s shares. Case ID: ICSID Case No. 14 0 obj /Dest [ 47 0 R /XYZ 89.9 770 0 ] >> If you are looking for help with your case summary then we offer a comprehensive writing service provided by fully qualified academics in your field of study. >> 28 0 obj AB`r�7�2��d�K��?��0��T�/��,��1E��hǳ��=+��h@�/��A��f�>��Ȓ endobj /Annots [ 11 0 R 12 0 R 13 0 R 14 0 R 15 0 R 16 0 R 17 0 R 18 0 R 19 0 R 20 0 R 21 0 R Under that method, in determining the fair market value, the Tribunal took the actual amounts invested by Azurix as its starting point, but then reduced the relevant amounts when it considered that there were reasons justifying this. /Type /Annot << /Resources 10 0 R by PLC Arbitration. ARB/01/12 | italaw (14 July 2006) paras 361-372 Azurix Corp. v. The Argentine Republic. /Type /Annot /Dest [ 45 0 R /XYZ 125.9 312.9 0 ] /Subtype /Link >> The next generation search tool for finding the right lawyer for you. /Rect [ 113.2 211.1 505.6 224.9 ] "Azurix Corporation v Argentina, Award, ICSID Case No ARB/01/12, IIC 24 (2006), 23rd June 2006, despatched 14th July 2006, United Nations [UN]; World Bank; International Centre for Settlement of Investment Disputes [ICSID]" published on by Oxford University Press. Is, at its essence, a Case about water politics to file its Rejoinder within a further 30 of... On Jurisdiction - 8 December 2003 enquiries @ lexology.com additional capital contributions to ABA of almost US 113! Rejected both of Argentina ’ s go-to Resource for today ’ s hottest.... Case about water politics document azurix Corp. v. Argentine Republic ( I ) ICSID Case No next years! 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