Arbitral Digest

Matter

Tidewater Investment SRL and Tidewater Caribe, C.A. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/10/5)

Case no.
ARB/10/5
Applicable rules
ICSID Arbitration Rules
  1. 23 December 2010Arbitration

    23 December 2010Arbitration

    Decision on the Proposal to Disqualify Professor Brigitte Stern, Arbitrator

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal dismissed Tidewater's proposal to disqualify Brigitte Stern, reserved the determination and attribution of costs, and terminated the suspension of the proceeding.

    Supporting details

    3 authorities · 6 participants
    Tidewater Inc.
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Brigitte Stern

    Authorities cited

    3
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      convention
    • ICSID Arbitration Rules
      rules
    • IBA Guidelines on Conflicts of Interest in International Arbitration
      guidelines

    3 months and 6 days later · 96 days

  2. 29 March 2011Arbitration

    29 March 2011Arbitration

    Procedural Order No. 1 on Production of Documents

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal ordered the Respondent to investigate and produce or schedule documents concerning Article 22 of the Investment Law, ordered the Claimants to produce or schedule specified documents, and set a procedure for further objections.

    Supporting details

    3 authorities · 6 participants
    Tidewater Inc.
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Brigitte Stern

    Authorities cited

    3
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      convention
    • ICSID Arbitration Rules
      rules
    • IBA Rules on the Taking of Evidence in International Arbitration
      rules

    1 year, 10 months and 10 days later · 682 days

  3. 8 February 2013Arbitration

    8 February 2013Arbitration

    Decision on Jurisdiction

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal found that it had no jurisdiction over the claims by virtue of Article 22 of the Venezuelan Investment Law of 1999, but had jurisdiction over the claims of Tidewater Barbados and Tidewater Caribe under Article 8 of the Barbados BIT to the extent that they concerned treaty breaches arising after 9 March 2009. It admitted the Respondent's objection in part, overruled it in part, directed an amended Request for Arbitration, and reserved costs.

    Supporting details

    4 authorities · 7 participants
    Tidewater Inc.
    Tidewater Investment SRL
    Tidewater Caribe, C.A.
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Brigitte Stern

    Authorities cited

    4
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      convention
    • Agreement between the Government of Barbados and the Government of the Republic of Venezuela for the Promotion and Protection of Investments (1984 UNTS 181)
      treaty
    • Venezuelan Investment Law of 1999 (Decree-Law No. 356 of 3 October 1999)
      statute
    • International Law Commission Guiding Principles Applicable to Unilateral Declarations of States Capable of Creating Legal Relations (UN Doc A/61/10)
      international law principles

    2 years, 1 month and 5 days later · 763 days

  4. 13 March 2015Arbitration

    13 March 2015Arbitration

    Award

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal found that Venezuela expropriated the Claimants' investment in SEMARCA without prompt, adequate, and effective compensation. It awarded principal compensation of US$46.4 million, interest from 8 May 2009 at 4.5% per annum compounded quarterly, equal shares of Tribunal and Centre fees and expenses, and US$2.5 million as partial reimbursement of the Claimants' merits-phase costs.

    Supporting details

    2 authorities · 6 participants
    Tidewater Investment SRL
    Tidewater Caribe, C.A.
    Bolivarian Republic of Venezuela
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Brigitte Stern

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      convention
    • Agreement between the Government of Barbados and the Government of the Republic of Venezuela for the Promotion and Protection of Investments (1984 UNTS 181)
      treaty

    3 months and 24 days later · 116 days

  5. 7 July 2015Arbitration

    7 July 2015Arbitration

    Decision on Application for Revision

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal dismissed Venezuela's application for revision, held that enforcement of the Award was no longer stayed, and ordered that no fees and expenses be charged by the Tribunal members, that Venezuela bear the Centre's expenses, and that each Party bear its own expenses incurred for the application.

    Supporting details

    2 authorities · 6 participants
    Bolivarian Republic of Venezuela
    Tidewater Investment SRL
    Tidewater Caribe, C.A.
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Brigitte Stern

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      convention
    • ICSID Arbitration Rules
      rules

    7 months and 22 days later · 237 days

  6. 29 February 2016Arbitration

    29 February 2016Arbitration

    Decision on the Applicant's Request for a Continued Stay of Enforcement of the Award

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee lifted the stay of enforcement for the undisputed US$27.407 million plus interest from 8 May 2009 at 4.5% per annum compounded quarterly. It maintained the stay for US$18.993 million in compensation and US$2.5 million in partial reimbursement of the Claimants' costs.

    Supporting details

    2 authorities · 6 participants
    Bolivarian Republic of Venezuela
    Tidewater Investment SRL
    Tidewater Caribe, C.A.
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Rolf Knieper

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      convention
    • ICSID Arbitration Rules
      rules

    9 months and 28 days later · 302 days

  7. 27 December 2016Arbitration

    27 December 2016Arbitration

    Decision on Annulment

    International Centre for Settlement of Investment Disputes

    Decision summary
    The ad hoc Committee annulled the portion of the Award for which the Tribunal had failed to state reasons, dismissed all other grounds of Venezuela's application for annulment, and left the remainder of the Award, including the adjudication of US$36.397 million, unaffected. It ordered the Respondents to pay 30% of the total costs of the Committee and ICSID, required each Party to bear its own costs and fees, and terminated the stay for the unannulled part of the Award.

    Supporting details

    2 authorities · 6 participants
    Bolivarian Republic of Venezuela
    Tidewater Investment SRL
    Tidewater Caribe, C.A.
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Rolf Knieper

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      convention
    • ICSID Arbitration Rules
      rules

Matter record

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Tidewater Investment SRL and Tidewater Caribe, C.A. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/10/5) · Matter