Arbitral Digest

Matter

OPIC Karimun Corporation v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/10/14)

Case no.
ARB/10/14
Applicable rules
ICSID Arbitration Rules
  1. 28 May 2013Arbitration

    28 May 2013Arbitration

    Award dated 28 May 2013

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal found that it had no jurisdiction under Article 22 of Venezuelan Decree-Law No. 356 on the Protection and Promotion of Investments of 3 October 1999 and no competence to decide the merits. The parties were ordered to share equally the fees and expenses of the Tribunal and ICSID, with each party bearing its own fees and expenses.

    Supporting details

    13 authorities · 13 participants
    OPIC Karimun Corporation
    Representative
    McDermott Will & Emery Rechtsanwalte Steuerberater LLP (For: OPIC Karimun Corporation)
    Representative
    McDermott Will & Emery LLP (For: OPIC Karimun Corporation)
    Representative
    K&L Gates LLP (For: OPIC Karimun Corporation)
    Bolivarian Republic of Venezuela
    Representative
    Curtis, Mallet-Prevost, Colt & Mosle LLP (For: Bolivarian Republic of Venezuela)
    Representative
    Curtis, Mallet-Prevost, Colt & Mosle, S.C. (For: Bolivarian Republic of Venezuela)
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Doug Jones
    Arbitrator
    Philippe Sands
    Tribunal secretary
    Alicia Martin Blanco
    Tribunal secretary
    Janet Whittaker
    Other

    Authorities cited

    13
    • Venezuelan Decree-Law No. 356 on the Protection and Promotion of Investments of 3 October 1999 (Decree No. 356, Official Gazette No. 5.390 (Extraordinary), 22 October 1999)
      statute
    • Mobil Corporation, Venezuela Holdings, B.V., Mobil Cerro Negro Holding, Ltd., Mobil Venezolana de Petroleos, Inc. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/07/27, Decision on Jurisdiction, 10 June 2010)
      case-law
    • Cemex Caracas Investments B.V. and Cemex Caracas II Investments B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/08/15, Decision on Jurisdiction, 30 December 2010)
      case-law
    • Brandes Investment Partners LP v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/08/3, Award, 2 August 2011)
      case-law
    • Southern Pacific Properties Ltd. v. Arab Republic of Egypt (ICSID Case No. ARB/84/3, Decision on Jurisdiction, 14 April 1988)
      case-law
    • Tradex Hellas S.A. v. Republic of Albania (ICSID Case No. ARB/94/2, Decision on Jurisdiction, 24 December 1996)
      case-law
    • Ceskoslovenska Obchodni Banka, A.S. v. The Slovak Republic (ICSID Case No. ARB/97/4, Decision on Objections to Jurisdiction, 24 May 1999)
      case-law
    • Zhinvali Development Ltd. v. Republic of Georgia (ICSID Case No. ARB/00/1, Award, 24 January 2003)
      case-law
    • Pac Rim Cayman LLC v. Republic of El Salvador (ICSID Case No. ARB/09/12, Decision on the Respondent's Jurisdictional Objections, 1 June 2012)
      case-law
    • Fisheries Jurisdiction Case (Spain v. Canada) (ICJ Reports 1998, Judgment on Jurisdiction, page 454)
      case-law
    • Amco Asia et al. v. Indonesia (ICSID Case No. ARB/81/1, Decision on Jurisdiction, 25 September 1983)
      case-law
    • Tidewater Inc. et al. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/10/5, Decision on Jurisdiction, 8 February 2013)
      case-law
    • Convention on the Settlement of Investment Disputes Between States and Nationals of Other States
      treaty

Matter record

Report a correction

OPIC Karimun Corporation v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/10/14) · Matter