Arbitral Digest

Matter

Hochtief Aktiengesellschaft v. Argentine Republic (ICSID Case No. ARB/07/31)

Case no.
ARB/07/31
Applicable rules
ICSID Arbitration Rules in force as of April 2006
  1. 24 October 2011Arbitration

    24 October 2011Arbitration

    Decision on Jurisdiction

    International Centre for Settlement of Investment Disputes

    Decision summary
    By majority, the Tribunal rejected Argentina's submission that the Centre had no jurisdiction and the Tribunal had no competence, held that the Centre had jurisdiction and the Tribunal had competence, and deferred costs and fees to the merits stage.

    Supporting details

    3 authorities · 17 participants
    Hochtief Aktiengesellschaft
    Representative
    Paul F. Doyle (For: Hochtief Aktiengesellschaft)
    Representative
    Philip D. Robben (For: Hochtief Aktiengesellschaft)
    Representative
    Mellisa E. Byroade (For: Hochtief Aktiengesellschaft)
    Representative
    Julia A. Garza Benitez (For: Hochtief Aktiengesellschaft)
    Argentine Republic
    Representative
    Angelina Abbona (For: Argentine Republic)
    Representative
    Gabriel Bottini (For: Argentine Republic)
    Representative
    Romina de los Angeles Mercado (For: Argentine Republic)
    Representative
    Veronica Lavista (For: Argentine Republic)
    Representative
    Matias Osvaldo Bietti (For: Argentine Republic)
    Representative
    Ariel Martins (For: Argentine Republic)
    Representative
    Julian Santiago Negro (For: Argentine Republic)
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Vaughan Lowe

    Authorities cited

    3
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      treaty
    • Vienna Convention on the Law of Treaties
      treaty
    • Treaty between the Federal Republic of Germany and the Argentine Republic on the Encouragement and Reciprocal Protection of Investments (Done at Bonn 9 April 1991; entered into force 8 November 1993)
      treaty

    3 years, 2 months and 5 days later · 1162 days

  2. 29 December 2014Arbitration

    29 December 2014Arbitration

    Decision on Liability

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal held by majority that Hochtief's claims in its capacity as a lender to Puentes del Litoral S.A. were inadmissible, rejected the other admissibility objections, found that Argentina breached the fair and equitable treatment obligation under Article 2 of the Treaty, and held that reparation was due. It rejected the necessity and economic-crisis defence, awarded Hochtief 26% of the damages caused to Puentes del Litoral S.A. with damages to be assessed as at the date of the Decision, and ordered Argentina to reimburse US$6,925,318.50 in costs; compensation and compound interest were to be calculated under the stated principles.

    Supporting details

    2 authorities · 30 participants
    Hochtief Aktiengesellschaft
    Representative
    Paul F. Doyle (For: Hochtief Aktiengesellschaft)
    Representative
    Philip D. Robben (For: Hochtief Aktiengesellschaft)
    Representative
    Mellisa E. Byroade (For: Hochtief Aktiengesellschaft)
    Representative
    Julia A. Garza Benitez (For: Hochtief Aktiengesellschaft)
    Representative
    Ana Correa (For: Hochtief Aktiengesellschaft)
    Representative
    Tanya Green (For: Hochtief Aktiengesellschaft)
    Argentine Republic
    Representative
    Cynthia Ines Graf Caride (For: Argentine Republic)
    Representative
    Angelina Abbona (For: Argentine Republic)
    Representative
    Gabriel Bottini (For: Argentine Republic)
    Representative
    Javier Pargament (For: Argentine Republic)
    Representative
    Carlos Mihanovich (For: Argentine Republic)
    Representative
    Horacio Seillant (For: Argentine Republic)
    Representative
    Veronica Lavista (For: Argentine Republic)
    Representative
    Julian Santiago Negro (For: Argentine Republic)
    Representative
    Manuel Dominguez Delucchi (For: Argentine Republic)
    Representative
    Leandro Fernandez (For: Argentine Republic)
    Representative
    Luis Rivarola (For: Argentine Republic)
    Representative
    Mariana Lozza (For: Argentine Republic)
    Representative
    Magdalena Gasparini (For: Argentine Republic)
    Representative
    Adriana Cusmano (For: Argentine Republic)
    Representative
    Martin Lommatzsch (For: Argentine Republic)
    Representative
    Hector A. Mairal (For: Argentine Republic)
    Representative
    Ismael Mata (For: Argentine Republic)
    Puentes del Litoral S.A.
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Vaughan Lowe

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      treaty
    • Treaty between the Federal Republic of Germany and the Argentine Republic on the Encouragement and Reciprocal Protection of Investments (Done at Bonn 9 April 1991; entered into force 8 November 1993)
      treaty

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Hochtief Aktiengesellschaft v. Argentine Republic (ICSID Case No. ARB/07/31) · Matter