Matter
Gramercy Funds Management LLC and Gramercy Peru Holdings LLC v. Republic of Peru (ICSID Case No. UNCT/18/2)
- 29 June 2018France
29 June 2018France
Procedural Order No. 1 dated 29 June 2018
International Centre for Settlement of Investment Disputes
- Decision summary
- The Tribunal set the procedural timetable and rules for the conduct of the arbitration, including written submissions, document production, hearings, languages, transcripts, confidentiality, and transparency.
Supporting details
International Centre for Settlement of Investment Disputes
- 29 June 2018France
29 June 2018France
Procedural Order No. 2 dated 29 June 2018
International Centre for Settlement of Investment Disputes
- Decision summary
- The Tribunal decided that the seat of the arbitration is Paris, France.
Supporting details
International Centre for Settlement of Investment Disputes
13 days later · 13 days
- 12 July 2018France
12 July 2018France
Procedural Order No. 3 dated 12 July 2018
International Centre for Settlement of Investment Disputes
- Decision summary
- The Tribunal established the procedure and schedule for document production.
Supporting details
International Centre for Settlement of Investment Disputes
13 days later · 13 days
- 25 July 2018France
25 July 2018France
Procedural Order No. 4 dated 25 July 2018
International Centre for Settlement of Investment Disputes
- Decision summary
- The Tribunal established the procedure for submissions by the non-disputing Party and amicus curiae petitions.
Supporting details
International Centre for Settlement of Investment Disputes
1 month and 4 days later · 35 days
- 29 August 2018France
29 August 2018France
Procedural Order No. 5 dated 29 August 2018
International Centre for Settlement of Investment Disputes
- Decision summary
- The Tribunal directed the Parties on non-aggravation of the dispute, communication channels, and respect for the role of the non-disputing Party.
Supporting details
International Centre for Settlement of Investment Disputes
6 months and 7 days later · 191 days
- 8 March 2019France
8 March 2019France
Procedural Order No. 6 dated 8 March 2019
International Centre for Settlement of Investment Disputes
- Decision summary
- The Tribunal decided the Parties' document production requests and directed compliance with the decisions in the annexes.
Supporting details
International Centre for Settlement of Investment Disputes
2 months and 2 days later · 63 days
- 10 May 2019France
10 May 2019France
Procedural Order No. 7 dated 10 May 2019
International Centre for Settlement of Investment Disputes
- Decision summary
- The Tribunal issued further procedural directions concerning the conduct and confidentiality of the arbitration.
Supporting details
International Centre for Settlement of Investment Disputes
28 days later · 28 days
- 7 June 2019France
7 June 2019France
Procedural Order No. 8 dated 7 June 2019
International Centre for Settlement of Investment Disputes
- Decision summary
- The Tribunal ordered the protection and restricted use of Confidential Documents and related information.
Supporting details
International Centre for Settlement of Investment Disputes
1 month and 13 days later · 43 days
- 20 July 2019France
20 July 2019France
Procedural Order No. 9 dated 20 July 2019
International Centre for Settlement of Investment Disputes
- Decision summary
- The Tribunal issued procedural decisions concerning the scope of the Parties' reply and rejoinder submissions and related evidence.
Supporting details
International Centre for Settlement of Investment Disputes
6 months and 8 days later · 192 days
- 28 January 2020France
28 January 2020France
Procedural Order No. 10 dated 28 January 2020
International Centre for Settlement of Investment Disputes
- Decision summary
- The Tribunal organized the hearing, including its schedule, time allocation, core bundle, demonstrative exhibits, witness and expert questioning, and transcript arrangements.
Supporting details
International Centre for Settlement of Investment Disputes
2 months and 19 days later · 79 days
- 16 April 2020France
16 April 2020France
Procedural Order No. 11 dated 16 April 2020
International Centre for Settlement of Investment Disputes
- Decision summary
- The Tribunal issued procedural directions on the matters addressed in the order's discussion and decisions.
Supporting details
International Centre for Settlement of Investment Disputes
6 months and 20 days later · 203 days
- 5 November 2020France
5 November 2020France
Procedural Order No. 12 dated 5 November 2020
International Centre for Settlement of Investment Disputes
- Decision summary
- The Tribunal organized the post-hearing oral arguments for 17 and 18 November 2020 by videoconference, including the agenda, time allocation, access, and participant protocols.
Supporting details
International Centre for Settlement of Investment Disputes
2 years, 1 month and 1 day later · 761 days
- 6 December 2022France
6 December 2022France
Final Award dated 6 December 2022
International Centre for Settlement of Investment Disputes
- Decision summary
- The Arbitral Tribunal, by majority, dismissed Peru's jurisdictional and admissibility objections, declared that it had jurisdiction and that the claims were admissible, found that Peru breached Article 10.5 of the Treaty through the issuance of DS 242/2017, ordered Peru to pay Gramercy Peru Holdings LLC USD 33,222,630 plus 7.22% annual compound interest from 1 January 2009 until full payment, ordered Peru to pay specified arbitration-related costs and reasonable legal costs with 7.22% annual compound interest from the date of the Award until full payment, and dismissed all other claims and requests.
Supporting details
28 participantsGramercy Funds Management LLC
- Representative
- Mark W. Friedman (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Ina Popova (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Floriane Lavaud (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Carl Riehl (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Berglind Halldorsdottir Birkland (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Guilherme Recena Costa (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Julianne Marley (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Sarah Lee (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Julio Rivera Rios (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Duncan Pickard (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Debevoise & Plimpton LLP (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
Gramercy Peru Holdings LLC
- Representative
- Mark W. Friedman (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Ina Popova (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Floriane Lavaud (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Carl Riehl (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Berglind Halldorsdottir Birkland (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Guilherme Recena Costa (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Julianne Marley (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Sarah Lee (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Julio Rivera Rios (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Duncan Pickard (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
- Representative
- Debevoise & Plimpton LLP (For: Gramercy Funds Management LLC · Gramercy Peru Holdings LLC)
The Republic of Peru
- Representative
- Federico Fragachan (For: The Republic of Peru)
- Representative
- Luis Bedoya (For: The Republic of Peru)
- Representative
- Francisco Cardenas Pantoja (For: The Republic of Peru)
- Representative
- Alejandro Manayalle (For: The Republic of Peru)
- Representative
- Paolo Di Rosa (For: The Republic of Peru)
- Representative
- Patricio Grane Labat (For: The Republic of Peru)
- Representative
- Jonathan C. Hamilton (For: The Republic of Peru)
- Representative
- Rodrigo, Elias & Medrano (For: The Republic of Peru)
- Representative
- Arnold & Porter Kaye Scholer LLP (For: The Republic of Peru)
International Centre for Settlement of Investment Disputes
- Arbitrator
- Juan Fernandez-Armesto
- Arbitrator
- Stephen L. Drymer
- Arbitrator
- Brigitte Stern
- Tribunal secretary
- Marisa Planells-Valero
- Tribunal secretary
- Sofia de Sampaio Jalles