Arbitral Digest

Matter

Air Canada v Bolivarian Republic of Venezuela (ICSID Additional Facility Case No. ARB(AF)/17/1)

Case no.
ARB(AF)/17/1
Applicable rules
ICSID Additional Facility Rules
  1. 13 September 2021Arbitration

    13 September 2021Arbitration

    Award

    International Centre for Settlement of Investment Disputes

    Decision summary
    The tribunal found the dispute within its jurisdiction and admissible, held Venezuela in breach of Articles VIII and II(2) of the Canada–Venezuela investment agreement, awarded Air Canada USD 20,790,574 plus simple interest, allocated arbitration costs and fees, and rejected all other claims.

    Supporting details

    2 authorities · 6 participants
    Air Canada
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes
    Arbitrator
    [X] [B]
    Arbitrator
    [D] [K]
    Arbitrator
    [U] [L]

    Authorities cited

    2
    • Agreement between the Government of Canada and the Government of the Republic of Venezuela on the Promotion and Protection of Investments
      treaty
    • ICSID Additional Facility Rules
      rules

    1 month and 14 days later · 44 days

  2. 27 October 2021Arbitration

    27 October 2021Arbitration

    Decision on Correction of the Award

    International Centre for Settlement of Investment Disputes

    Decision summary
    The tribunal corrected the interest commencement date in the award, so that simple interest on USD 20,790,574 ran from 26 May 2014 until full payment.

    Supporting details

    1 authority · 6 participants
    Air Canada
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes
    Arbitrator
    [X] [B]
    Arbitrator
    [D] [K]
    Arbitrator
    [U] [L]

    Authorities cited

    1
    • Arbitration Rules
      rules

    1 year, 10 months and 30 days later · 699 days

  3. 26 September 2023France

    26 September 2023France

    Judgment of the Paris Court of Appeal, International Commercial Chamber, Division 5, Chamber 16 in the case RG 21/20965 dated 26 September 2023

    Paris Court of Appeal, International Commercial Chamber, Division 5 - Chamber 16

    Case no.
    RG 21/20965
    Citation
    Paris Court of Appeal, International Commercial Chamber, Division 5 - Chamber 16, judgment no. 75/2023
    Decision summary
    The Court rejected Venezuela's applications to annul the 13 September 2021 Award and the 27 October 2021 Decision on Correction of the Award in ICSID Additional Facility Case No. ARB(AF)/17/1. The rejection conferred exequatur on both arbitral decisions; Venezuela was also ordered to pay Air Canada EUR 100,000 under Article 700 of the French Code of Civil Procedure.

    Supporting details

    11 authorities · 17 participants
    Application
    Venezuela's applications to annul the Award and Decision on Correction of the Award — Rejected
    Bolivarian Republic of Venezuela
    Representative
    Procurador General de la República Bolivariana de Venezuela (For: Bolivarian Republic of Venezuela)
    Representative
    Luca DE MARIA (For: Bolivarian Republic of Venezuela)
    Representative
    SELARL PELLERIN - DE MARIA - GUERRE (For: Bolivarian Republic of Venezuela)
    Representative
    Alfredo DE JESUS O. (For: Bolivarian Republic of Venezuela)
    Representative
    SELEURL ALFREDO DE JESUS O.TRANSNATIONAL ARBITRATION & LITIGATION (For: Bolivarian Republic of Venezuela)
    Air Canada
    Representative
    Matthieu BOCCON GIBOD (For: Air Canada)
    Representative
    SELARL LEXAVOUE PARIS-VERSAILLES (For: Air Canada)
    Representative
    Agnès BIZARD (For: Air Canada)
    Representative
    Marc-Olivier LANGLOIS (For: Air Canada)
    Representative
    KING & SPALDING (For: Air Canada)
    Paris Court of Appeal, International Commercial Chamber, Division 5 - Chamber 16
    Judge
    [N] [I]
    Other
    Institutional administrator
    Najma EL FARISSI

    Authorities cited

    11
    • ICSID Convention
      treaty
    • Agreement between the Government of Canada and the Government of the Republic of Venezuela on the Promotion and Protection of Investments
      treaty
    • Air Transport Agreement between the Government of Venezuela and the Government of Canada
      treaty
    • Convention on International Civil Aviation
      treaty
    • Vienna Convention
      treaty
    • French Code of Civil Procedure
      statute
    • ICSID Additional Facility Rules
      rules
    • Arbitration Rules
      rules
    • Providencia No. 23
      regulation
    • Providencia No. 60
      regulation
    • Organic Law on Administrative Procedures (LOPA)
      statute

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Air Canada v Bolivarian Republic of Venezuela (ICSID Additional Facility Case No. ARB(AF)/17/1) · Matter