Arbitral Digest

Matter

CDC Group plc v. Republic of Seychelles (ICSID Case No. ARB/02/14)

Case no.
ARB/02/14
Applicable rules
ICSID Arbitration Rules · ICSID Rules of Procedure for the Institution of Conciliation and Arbitration Proceedings
  1. 17 December 2003Arbitration

    17 December 2003Arbitration

    Award dated 17 December 2003

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Sole Arbitrator rejected the Republic's defences to CDC's claims under the Guarantees and ordered the Republic to pay CDC principal of GBP 1,771,096.75, interest of GBP 672,915.45 through 25 August 2003, further interest at GBP 611 per day until the date of the Award and thereafter under the Loan Agreements, legal fees and disbursements of GBP 100,000, and USD 40,000 for Tribunal and Centre fees and expenses.

    Supporting details

    5 authorities · 10 participants
    CDC Group plc
    Representative
    Stephen Jagusch (For: CDC Group plc)
    Representative
    Allen & Overy (For: CDC Group plc)
    Republic of the Seychelles
    Representative
    Anthony Francis Tissa Fernando (For: Republic of the Seychelles)
    International Centre for Settlement of Investment Disputes
    Tribunal secretary
    Martina Polasek
    Other
    Witness
    Morin

    Authorities cited

    5
    • Convention on the Settlement of Investment Disputes between States and Nationals of other States
      statute
    • National Commercial Bank (Jamaica) Ltd v Hew (2003 UKPC Appeal No. 65 of 2002, 30 June 2003)
      case law
    • Smith v Bush ([1988] QB 835; [1990] 1 AC 831)
      case law
    • Lloyds Bank v Lundy ([1975] 1 QB 326)
      case law
    • National Westminster Bank Plc v Morgan ([1985] AC 686)
      case law

Matter record

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CDC Group plc v. Republic of Seychelles (ICSID Case No. ARB/02/14) · Matter