Arbitral Digest

Matter

Sociedad Aeroportuaria Kuntur Wasi S.A. and Corporación América S.A. v. Republic of Peru (ICSID Case No. ARB/18/27)

ICSID arbitration by Sociedad Aeroportuaria Kuntur Wasi and Corporación América against Peru concerned jurisdiction, treaty breaches and concession agreements.

  • Investor-state arbitration
  • Jurisdiction and arbitration agreements
Case no.
ARB/18/27
Industry type
Transportation and storage
Applicable rules
ICSID Arbitration Rules in force as of April 2006

Procedural record

  1. 11 August 2023Arbitration

    11 August 2023Arbitration

    Decision on Jurisdiction, Liability and Certain Aspects of Quantum, with Further Directions on Quantum

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal upheld jurisdiction over the treaty claims, found breaches of the Concession Contract, Guarantee Agreement and fair and equitable treatment obligations, determined supported heads of damages and the applicable interest method, and directed further submissions on remaining quantum and costs issues.

    Participants

    Sociedad Aeroportuaria Kuntur Wasi S.A.
    Corporación América S.A.
    Republic of Peru
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Lucinda Low
    Arbitrator
    Enrique Barros Bourie
    Arbitrator
    José Emilio Nunes Pinto

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      convention
    • Agreement between the Republic of Peru and the Government of Argentina for the Reciprocal Promotion and Protection of Investments (Peru-Argentina BIT, signed 10 November 1994)
      treaty

    8 months and 28 days later · 272 days

  2. 9 May 2024Arbitration

    9 May 2024Arbitration

    Award

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal awarded US$91,205,056 in damages, including interest to 28 February 2024, to Sociedad Aeroportuaria Kuntur Wasi S.A., with additional interest to payment. It awarded US$10,066,793 for entrepreneurial profit, ordered a 29.5% tax gross-up for entrepreneurial profit and the performance bond, and allocated legal and expert costs to each Party while sharing administrative costs equally.

    Participants

    Sociedad Aeroportuaria Kuntur Wasi S.A.
    Corporación América S.A.
    Republic of Peru
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Lucinda Low
    Arbitrator
    Enrique Barros Bourie
    Arbitrator
    José Emilio Nunes Pinto

    Authorities cited

    2
    • Agreement between the Republic of Peru and the Government of Argentina for the Reciprocal Promotion and Protection of Investments (Peru-Argentina BIT, signed 10 November 1994)
      treaty
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      convention

Matter record

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Sociedad Aeroportuaria Kuntur Wasi S.A. and Corporación América S.A. v. Republic of Peru (ICSID Case No. ARB/18/27) · Matter