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ICSID Publishes New Materials On Mediation In Investment Disputes - Litigation, Mediation & Arbitration
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Romania Fights $2.9M Sanctions In Investor $356M Award Suit
Law360 (July 28, 2021, 6:47 PM EDT) The Romanian government has urged a D.C. federal judge to deny a $2.9 million sanction request by Viorel and Ioan Micula, two Swedish food investors who say the country violated contempt orders by not following post-judgment discovery obligations.
The International Centre for Settlement of Investment Disputes had handed the Micula brothers a $250 million award in 2013, finding that Romania violated a bilateral investment treaty with Sweden by revoking certain economic incentives, which the tribunal said harmed food and drink facilities that the Miculas built in a remote, impoverished region of Romania. The award has since grown to $356 million because.
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Oil Co. Reaches Deal With Ecuador Over $412M Award
Law360 (July 28, 2021, 7:43 PM EDT) A D.C. federal judge has approved a Bahamian oil company s bid to let it enforce a $412 million arbitral award against Ecuador after the parties reached a deal on the amount of interest owed in a dispute over profits from two oil blocks in the Amazon.
Chief Judge Beryl A. Howell in a minute order on Wednesday granted Perenco Ecuador Ltd. s motion to lift a stay of proceedings in its long-running dispute with the Republic of Ecuador, which said the two sides have finally reached an agreement on the amount of interest owed after an International Centre for Settlement of Investment.
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Aussie Mining Co. Lodges $94M Arbitration Against Tanzania
Law360 (July 27, 2021, 8:56 PM EDT) An Australian mining company has opened a 127 million Australian dollar (about $93.5 million) arbitration with the International Centre for Settlement of Investment Disputes against Tanzania for allegedly violating international investment agreements by seizing a project site under altered laws.
Indiana Resources, the majority shareholder of U.K.-based mining company Ntaka Nickel Holdings, had shared details of the dispute in January 2020 and said it would give the country six months to resolve the dispute before arbitrating the claims.
Indiana Resources said in a Monday announcement that it has reached a roughly $4.7 million litigation funding agreement with Litigation Capital Management Ltd..
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