Arbitral Digest

Matter

Enel Fortuna S.A. v. Republic of Panama (ICSID Case No. ARB/19/5)

Case no.
ARB/19/5
Applicable rules
ICSID Arbitration Rules
  1. 18 August 2021Arbitration

    18 August 2021Arbitration

    Award dated 18 August 2021

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Tribunal unanimously recorded the Parties’ Settlement Agreement in the form of an Award. The settlement permanently discontinued the ICSID proceedings; Panama was to pay USD 15,500,000 to Enel Fortuna in consideration of Enel Fortuna’s withdrawal of its Request for Arbitration, and each Party was to bear its own legal fees and expenses.

    Supporting details

    2 authorities · 25 participants
    Enel Fortuna S.A.
    Representative
    Jesse Ann Duarte Chang (For: Enel Fortuna S.A.)
    Representative
    Daniel Munoz (For: Enel Fortuna S.A.)
    Representative
    Beatriz Saiz Marti (For: Enel Fortuna S.A.)
    Representative
    Maximilian Winter Bassett (For: Enel Fortuna S.A.)
    Representative
    C. Ignacio Suarez Anzorena (For: Enel Fortuna S.A.)
    Representative
    Hernan Chiriboga Novillo (For: Enel Fortuna S.A.)
    Representative
    Florencia Bohl (For: Enel Fortuna S.A.)
    Representative
    Clifford Chance US LLP (For: Enel Fortuna S.A.)
    Republic of Panama
    Representative
    Hector E. Alexander H. (For: Republic of Panama)
    Representative
    Eloy Arturo Fisher (For: Republic of Panama)
    Representative
    Dani Kuzniecky (For: Republic of Panama)
    Representative
    Miguel Angel Clare (For: Republic of Panama)
    Representative
    Margie-Lys Jaime (For: Republic of Panama)
    Representative
    Michelle Mastellari (For: Republic of Panama)
    Representative
    Eli Whitney Debevoise II (For: Republic of Panama)
    Representative
    Natalia Giraldo-Carrillo (For: Republic of Panama)
    Representative
    Arnold & Porter Kaye Scholer LLP (For: Republic of Panama)
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Gavan Griffith
    Tribunal secretary
    Luisa Fernanda Torres
    Tribunal secretary
    Adam Jankowski
    Other

    Authorities cited

    2
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention)
      treaty
    • Agreement Between the Government of the Republic of Panama and the Government of the Italian Republic on the Promotion and Protection of Investments (Panama-Italy BIT)
      treaty

Matter record

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Enel Fortuna S.A. v. Republic of Panama (ICSID Case No. ARB/19/5) · Matter

Enel Fortuna S.A. v. Republic of Panama (ICSID Case No. ARB/19/5)