Webuild S.p.A. (formerly Salini Impregilo S.p.A.) v. Argentine Republic (ICSID Case No. ARB/15/39)

Procedural record

1. 28 April 2025Arbitration

   28 April 2025Arbitration

   Award of the Tribunal dated 28 April 2025

   International Centre for Settlement of Investment Disputes

   Decision summary

   The Tribunal found that Argentina breached the fair and equitable treatment obligation under Article 2.2 of the Argentina-Italy treaty, rejected the defense of necessity, and ordered Argentina to pay USD 97,400,000 in compensation, interest, specified legal costs, and arbitration-cost reimbursement.

   Participants

   Webuild S.p.A.

   Representative

   Roberto Aguirre Luzi (For: Webuild S.p.A.)

   Representative

   Craig S. Miles (For: Webuild S.p.A.)

   Representative

   Eldy Quintanilla Roche (For: Webuild S.p.A.)

   Representative

   Arturo Oropeza Casas (For: Webuild S.p.A.)

   Representative

   Juan Manuel Poggio Aguerre (For: Webuild S.p.A.)

   Argentine Republic

   Representative

   Esteban Sanchez (For: Argentine Republic)

   Representative

   King & Spalding LLP (For: Argentine Republic)

   Representative

   Santiago Maria Castro Videla (For: Argentine Republic)

   Representative

   Juan Ignacio Stampalija (For: Argentine Republic)

   Representative

   Julio Pablo Comadira (For: Argentine Republic)

   Representative

   Mariana Mabel Lozza (For: Argentine Republic)

   Representative

   Maria Alejandra Etchegorry (For: Argentine Republic)

   International Centre for Settlement of Investment Disputes

   Arbitrator

   Lucinda A. Low

   Arbitrator

   Kaj Hober

   Arbitrator

   Jurgen Kurtz

   Tribunal secretary

   Mercedes Cordido-Freytes de Kurowski

   Tribunal secretary

   Freya Baetens

   Authorities cited

   3

   • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention, 1966)
     statute
   • Agreement between the Argentine Republic and the Republic of Italy on the Promotion and Protection of Investments (Argentina-Italy Bilateral Investment Treaty, signed 22 May 1990, entered into force 14 October 1993)
     statute
   • Argentine Emergency Law No. 25,561 (Law No. 25,561)
     statute