/Dest [ 47 0 R /XYZ 89.9 770 0 ] /Rect [ 113.2 238.7 505.6 252.5 ] endobj << /Border [ 0 0 0 ] 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. 31 0 obj ARB/01 ... Azurix Corp. Respondent state: Argentina. ARB/01/12) Expand / Collapse All Applicable IIA. 24 0 obj /Dest [ 47 0 R /XYZ 125.9 230 0 ] /Type /Annot >> /ProcSet [ /PDF /Text ] 19 0 obj /Type /Annot /Parent 9 0 R 23 0 obj 17 0 obj /Contents 33 0 R endobj 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. << /Border [ 0 0 0 ] ARB/01 ... - italaw Jul 14, 2006 - Dr. Andrés Rigo Sureda, a Spanish national, was appointed President ..... of a set of contract documents prepared in accordance with the Law by ORAB, including ..... To interpret the Contract otherwise, it … >> 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. >> /Rect [ 89.2 418.1 505.6 431.9 ] /Subtype /Link Members of the Annulment Committee: Dr. Gavan Griffith Q.C. /Subtype /Link 22 0 obj /Length 3531 /Subtype /Link AB`r�7�2�����d�K����?����0���T�/��,��1E��hdz��=+��h@�/���A���f�>��Ȓ 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. /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 "Lexology is a high quality service; the articles are very relevant and always useful", © Copyright 2006 - 2020 Law Business Research. 27 0 obj endobj by PLC Arbitration. He said the amount of the award was well below the original $620 million that Azurix had sought and that other aspects of the ruling were "favorable to (Argentina’s) position." Arb/01/12), Annulment Proceeding, Decision of the Ad Hoc Committee, Sept. 1, 2009 King & Spalding LLP Argentina , USA November 17 2010 << >> endobj /Subtype /Link /Rect [ 101.2 280.1 505.6 293.9 ] endobj This case summary was prepared in the course of research for S Ripinsky with K Williams, Damages in International Investment Law (BIICL, 2008) Case summary Azurix Corp. v The Argentine Republic Year of the award: 2006 Forum: ICSID Applicable investment treaty: Argentina – United States BIT (1991) Arbitrators Dr. Andrés Rigo Sureda, President Applicable arbitration rules: ICSID. endobj Expand / Collapse All Applicable IIA. Details of investment and summary of the dispute ... Azurix v. Argentina (I) Azurix Corp. v. The Argentine Republic (I) (ICSID Case No. 33 0 obj endobj << V. Argentina was an arbitration conducted in Washington DC under the UNCITRAL Rules of Arbitration. << /Dest [ 43 0 R /XYZ 125.9 335 0 ] /Subtype /Link 29 0 obj /Type /Annot However, the Tribunal considered that a significant adjustment was required to arrive at the real value of the Canon paid by Azurix. Documents: Expert Opinion of Prof. Comadira. /A << /Type /Action /S /URI /URI /Subtype /Link /Border [ 0 0 0 ] Investment treaty: Argentina-United States BIT. << >> /Border [ 0 0 0 ] "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 [ 101.2 266.3 505.6 280.1 ] On March 21, 2003, the Tribunal invited Argentina to comment on this request. /Border [ 0 0 0 ] /Type /Page << Second, the Committee determined that the Tribunal did not fail to state reasons or issue contradictory reasons for the amount of damages awarded. (http://www.biicl.org/publications/view/-/id/126/) >> << /Type /Annot /Type /Annot << endobj /Rect [ 89.2 404.3 505.6 418.1 ] 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. /Border [ 0 0 0 ] See case mapped in Subject Navigator on Investor-State LawGuide. /Rect [ 101.2 252.5 505.6 266.3 ] The Committee also considered it clear that the damages awarded under the “actual investment” method corresponded to the amounts actually invested by the claimant, which would include both the Canon payment and Azurix’s additional investments. Case Summaries. In order to put an end to its economic crisis of the late 1980s, in 1989 Argentina adopted an economic recovery plan that included a program to privatize certain government-owned industries and public utilities. para. Argentina (1) ANALYSIS: Rejection of annulment requests in M.C.I. << /Font 34 0 R >> Azurix v. Argentine Republic, ICSID Case No. endobj /Subtype /Link >> /Subtype /Link 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. >> << 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 … Introducing PRO ComplianceThe essential resource for in-house professionals. Azurix v. Argentina (2) You are not logged in. On September 1, 2009, the Annulment Committee dismissed Argentina’s application for annulment in its entirety. Claudia Frutos-Peterson; Azurix Corp. v. Argentine Republic (ICSID Case No. endobj endobj /Dest [ 47 0 R /XYZ 125.9 595 0 ] ARB/01/12 (United States/Argentina BIT), Decision on Continued Stay of Enforcement of the Award Questions? /Rect [ 101.2 183.5 505.6 197.3 ] /Type /Annot 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. /Type /Annot >> 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. 13 0 obj /Type /Annot /Type /Annot Alternatively, you … If you are a subscriber, please Login to view additional case details. Power up your legal research with modern workflow tools, AI conceptual search and premium content sets that leverage Lexology's archive of 900,000+ articles contributed by the world's leading law firms. It concluded that the value should be established at US$60 million. /Dest [ 46 0 R /XYZ 125.9 300.8 0 ] Azurix v. Argentine Republic, ICSID Case No. x��]K�ø �ϯ�@RQ?� @2��m�z(z�(�����Iɖ#����=��@&�M�"�O)y�����۩N�onrGӍ�S��߻?���_��O�|��>i��C7�������t ��?�|Rp����a�wR�|�'��{Nj��������.����p�N�J����G��Y/O�S��N~��ߐ�~�7� (���6H��"�����Lf�0�y\�y�����釠gz�DZ�୲�3��)�a%$-$)���[Zv��-�'��m�~҄�Nt/s!�xi��\P��]��2��z����Rc��7�SaR1�5��g��X$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��� Thus, while the actual amounts invested by Azurix totaled over US$550 million, the Tribunal only took US$165 million into account in assessing damages. S���D���0��"I�Q?��Q�I�`�{��န��O@�W��a�>�Ga����Ӣ� XyS�V�S8�>�>Ǘ�='�,w�[�x�_���`d�##��}z�8fL�|Է�26u�п�7Kp܂50 �G��&$�q�ἧ��Mm�/^��x�{8]5�ׯ�!�.>�\9葆��TF�Fz�Ǣ��7t"K~�Z��V�I+��B�~���c}P���j�v�DH�aѶ �1��X{wŀ����ɛ���I�;u�i���!-MԦ�+ V5��@`:7ű��2i�^��mփ� .��B]�z{���a�1����G��x4wr, 18 0 obj 361-377 /Rect [ 101.2 390.5 505.6 404.3 ] /Type /Annot Claimant: Azurix Corp. Respondent: Argentina. Sign in to download document Azurix Corp. v. The Argentine Republic, ICSID Case No. 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. /Border [ 0 0 0 ] Azurix Corp. v. Argentine Republic (ICSID Case No. /Group << /S /Transparency /CS /DeviceRGB /I true >> The Tribunal received Argentina’s observations on March 27, 2003. /Subtype /Link /Border [ 0 0 0 ] The Tribunal therefore awarded compensation to Azurix on account of the fair market value of the Concession in the amount of US$165,240,753, including both the Canon and Azurix’s additional investments. << /F4 38 0 R Read more here. << /Subtype /Link /Rect [ 113.2 211.1 505.6 224.9 ] /F2 36 0 R ARB/01/12, Award Summary: Azurix claimed in respect of the provincial authorities’ interference with its tariff regime to charge customers for water services as well as encouragement of non-payment of water bills by customers. Become your target audience’s go-to resource for today’s hottest topics. >> /Border [ 0 0 0 ] >> << /Type /Annot endobj >> /Border [ 0 0 0 ] Azurix v Argentina, ICSID Case No. ARB/01/12) Annulment Proceeding Decision on the Argentine Republic's Request for a C Applicable legal instruments: Argentina-United States BIT. /Filter /FlateDecode >> /Border [ 0 0 0 ] Azurix Corp. v. Argentine Republic (ICSID Case No. 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. /Border [ 0 0 0 ] "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. /Dest [ 8 0 R /XYZ 504.8 252.5 0 ] Azurix Corp v Argentina (ICSID Case No ARB/01/12) - Annulment proceeding Practical Law Resource ID 4-504-4006 (Approx. "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. << /Subtype /Link For example, BG Group Plc. Azurix Corp. v. The Argentine Republic. /Border [ 0 0 0 ] >> B���Q8�7X�D���Rw���3��af�(rK << >> /Dest [ 47 0 R /XYZ 125.9 722.7 0 ] Azurix to file its Rejoinder within a further 30 days of receipt of Argentina’s Reply. 12 0 obj Related Content. This case summary was prepared in the course of research for S Ripinsky with K Williams, Damages in International Investment Law (BIICL, 2008) Case summary CMS Gas Transmission Company v Argentina Year of the award: 2005 Forum: ICSID Applicable investment treaty: Argentina – United States BIT (1991) Arbitrators Mr. Francisco Orrego Vicuña, >> This ICSID arbitration is, at its essence, a case about water politics. /Dest [ 46 0 R /XYZ 125.9 544.8 0 ] /F1 35 0 R 10 0 obj Vivendi v. Argentina Compañía de Aguas del Aconquija S.A. and Vivendi Universal S.A. v. Republic of Argentina, ICSID Case No. /Dest [ 45 0 R /XYZ 125.9 312.9 0 ] 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. << /Subtype /Link The Tribunal found that Argentina (through the actions of the Province) had violated the BIT by: (1) failing to accord fair and equitable treatment to Azurix’s investment; (2) failing to accord full protection and security to Azurix’s investment; and (3) taking arbitrary measures that impaired Azurix’s use and enjoyment of its investment. (Chairman), Judge Bola Ajibola and Mr. Michael Hwang S.C. On November 13, 2006, Argentina filed an application for annulment of the Tribunal’s award, citing among other grounds for annulment, issues relating to the Tribunal’s calculation of damages. Thus, the amount awarded on account of additional investments was US$105,240,753. endobj azurix corp. v. argentine republic: tribunal ruling in favor of foreign investor requires "pro-active behavior" by the host state to encourage and protect foreign investment under the fair and equitable treatment standard of u.s.-argentina bit tyson wanjura* i. introduction /Type /Annot /Type /Annot The Committee found no fault with the Tribunal’s identification of the applicable law for the purposes of determining the quantum of damages — the BIT itself and, failing any express provision in the BIT, general principles of international law. /Dest [ 49 0 R /XYZ 89.9 758 0 ] The Committee found that it was clear from the Tribunal’s reasoning that the Tribunal considered that the fair market value standard of compensation was not confined exclusively to cases of expropriation, but that it could also be applied in cases of breaches of other provisions of the BIT. /Dest [ 46 0 R /XYZ 125.9 228.3 0 ] /Rect [ 113.2 197.3 505.6 211.1 ] Country: Argentina. /Type /Annot endobj >> 26 0 obj /Border [ 0 0 0 ] /MediaBox [ 0 0 595 842 ] /Dest [ 8 0 R /XYZ 504.8 211.1 0 ] Costs: The Committee held that Argentina should bear all expenses incurred by ICSID in connection with the proceeding, including the fees and expense of the members of the Committee, but that each party should bear its own litigation costs and expenses, including costs of legal representation. "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 [ 101.2 335.3 505.6 349.1 ] and Azurix cases point to a high bar when it comes to overturning ICSID awards Nov 13, 2009 BREAKING NEWS: ICSID annulment committee upholds Azurix v. �[��;#1k���l��w.�J�%O&'�9g_n����h� The Tribunal determined that the fair market value standard was appropriate for Argentina’s breaches of the fair and equitable treatment, full protection and security, and arbitrary measures provisions in taking over the 30-year concession in only its third year.2 The Tribunal awarded US$60 million as the fair market value in 2002 of the Canon that Azurix had paid for the concession in 1999, and an additional US$105 million for the amounts that Azurix invested during the concession’s short life.3. /Rect [ 101.2 307.7 505.6 321.5 ] An update on Azurix Corp. v The Argentine Republic (ICSID Case No ARB/01/12) (Annulment proceeding), in which an ad hoc committee considered Argentina's application for annulment of the award. Azurix Corp v Argentine Republic - ICSID Case No ARB-01-12 - Award on Jurisdiction - 8 December 2003. /Rect [ 101.2 349.1 505.6 362.9 ] %PDF-1.5 %���� 21 0 obj The next generation search tool for finding the right lawyer for you. 14 0 obj ARB/01/12 (United States/Argentina BIT), Decision on the Application for Annulment of the Argentine Republic >> ARB/01/12 | italaw (14 July 2006) paras 361-372 endobj >> 8 0 obj 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. /F3 37 0 R 16 0 obj /Subtype /Link ARB/01/12) Annulment Proceeding Decision on the Argentine Republic's Request for a Continued Stay of Enforcement of the Award >> Reviewing the two methodologies submitted by Azurix to measure fair market value (actual investment and book value), the Tribunal determined that the actual investment method should be applied. /Resources 10 0 R Sign in to download document The Committee found nothing in the BIT that reserved the fair market value standard of compensation solely to cases of expropriation. 15 0 obj 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. The Tribunal also determined that Azurix should be compensated, as part of the fair market value of the Concession, for its additional investments to finance ABA. endobj /F6 40 0 R /Type /Annot The decision is available here and nice summaries of the decision can be found here, here, and here. /Rect [ 101.2 362.9 505.6 376.7 ] /Dest [ 48 0 R /XYZ 89.9 758 0 ] Azurix v. Argentina (I) Azurix Corp. v. The Argentine Republic (I) ICSID Case No. Azurix Corp. v. The Argentine Republic, ICSID Case No. /Subtype /Link endobj 25 0 obj 2 pages) Ask a question Azurix Corp v Argentina (ICSID Case No ARB/01/12) - Annulment proceeding. 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. endobj /Type /Annot /Border [ 0 0 0 ] Azurix Corp v Argentine Republic - ICSID Case No ARB-01-12 - Award - English - 14 July 2006. /Subtype /Link /Border [ 0 0 0 ] endobj /Rect [ 89.2 155.9 505.6 169.7 ] ARB/97/3 (Originally published in 2011 in International Investment Law and Sustainable Development: Key cases from 2000–2010; republished on this website on October 18, 2018. /Type /Annot >> /Rect [ 114 744.7 505.6 757.4 ] << 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. 22 0 R 23 0 R 24 0 R 25 0 R 26 0 R 27 0 R 28 0 R 29 0 R 30 0 R 31 0 R 32 0 R ] >> Case ID: ICSID Case No. /Dest [ 8 0 R /XYZ 504.8 238.7 0 ] CMS v. Argentina CMS Gas Transmission Co. v. Republic of Argentina, ... 1.0 Case Summary 1.1 Factual background. /Subtype /Link Understand your clients’ strategies and the most pressing issues they are facing. >> The Committee therefore rejected both of Argentina’s grounds for annulment related to the Tribunal’s calculation of damages. Amount of damages under review: US$165,240,753 (plus interest compounded semi-annually), Grounds raised for annulment in relation to damages: (1) Tribunal manifestly exceeded its powers when it determined applicable standard of compensation and (2) Tribunal failed to state reasons and/or issued contradictory reasons for the amount of damages awarded. /Rect [ 101.2 293.9 505.6 307.7 ] ARB/01/12. /Type /Annot /Subtype /Link /Type /Annot My vote for the most important international law case for the month of July is Azurix v. Argentina. /Subtype /Link /Rect [ 113.2 224.9 505.6 238.7 ] The case summaries below were written by our expert writers, as a learning aid to help you with your studies. >> 28 0 obj /Border [ 0 0 0 ] stream Over the next several years, Azurix made additional capital contributions to ABA of almost US$113 million. << 20 0 obj 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. If you would like to learn how Lexology can drive your content marketing strategy forward, please email enquiries@lexology.com. /Type /Annot /Rect [ 101.2 169.7 505.6 183.5 ] Azurix Corp. v The Argentine Republic, ICSID Case No. /Border [ 0 0 0 ] /Rect [ 89.2 431.9 505.6 445.7 ] /Type /Annot endobj However, Argentina’s prosecutor general, Osvaldo Guglielmino, was quoted in local media Tuesday as saying the government was pleased with the result in the Azurix case despite the loss. /Border [ 0 0 0 ] Summaries | Pulp Mills on the River Uruguay (Argentina v. Uruguay) Links Site search Document search Contact The Court History Members of the Court. >> 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. Tribunal’s decision regarding damages: The Tribunal determined that, for purpose of calculating the compensation due to Azurix, it would use March 12, 2002, the date the Province put an end to the Concession. << /Border [ 0 0 0 ] Details of investment and summary of the dispute ... National Grid v. Argentina National Grid PLC v. The Argentine Republic. Azurix Corp. v. Argentine Republic, ICSID Case No. << endobj /Dest [ 42 0 R /XYZ 125.9 702.8 0 ] Finally, the Committee found that the Tribunal arrived at the US$60 million figure by applying a modified form of the “actual investment” method. Keep a step ahead of your key competitors and benchmark against them. /Border [ 0 0 0 ] endobj /Subtype /Link Moreover, the Committee rejected Argentina’s argument that this conclusion would make “expropriation as a cause of action redundant,” as there would be no reason for a claimant to seek to establish the “higher” threshold of liability for expropriation. /F7 41 0 R 11 0 obj << >> �Oos�k֝�Q�-� m�3$(h��^�룛��F��a�"_;,���YO>ʾ2�0��8E?2�k����5WD3"�>��It�L���qU�����yв8h�,��}�9�#����"�� �*N�Y?v��p��W��O_�����K?kSDA�����=R�ӑ�R��Q�x��{?H�_��S+�i*�ǐ��_%��–(�=�(gz� g_��R��qJ�2`�D��=BeR�!D��=��|�CC����C��. Dismissed Argentina ’ s grounds for Annulment in its entirety Case summaries below were written by our writers. 60 million found here, here, here, and here 2 pages ) Ask a question Corp. Damages awarded contributions to ABA of almost US $ 105,240,753 in to download document for example BG. @ iareporter.com 27, 2003 1.1 Factual background Gas Transmission Co. v. Republic Argentina! Did not fail to state reasons or issue contradictory reasons for the amount on. Canon paid by azurix on March 27, 2003, the Tribunal did not to... Damages awarded key competitors and benchmark against them Resource ID 4-504-4006 ( Approx Investor-State LawGuide you would like to how! See Case mapped in Subject Navigator on Investor-State LawGuide jurisdictional issue to the merits Rejection... Contact customerservices @ lexology.com, Sector involved: water and Sewage Concession summaries of the can... This request writers, as a learning aid to help you with your studies - Annulment proceeding Practical Resource. Join the jurisdictional issue to the merits Griffith Q.C Subject Navigator on Investor-State LawGuide Case details ICSID Case No -... … azurix v. Argentina ( ICSID Case No the Canon paid by.. 2 pages ) Ask a question azurix Corp v Argentina ( ICSID No... Azurix Corp. v. 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