A new Croatia ICSID arbitration was registered on 16 September by UniCredit Bank Austria, a Vienna branch of Italian banking group UniCredit and its subsidiary Zagrebacka Banka. This is the first case against Croatia over controversial legislation intended to protected borrowers by converting loans and mortgages in Swiss francs to Euros. In September 2015, Croatia passed […]
International Arbitration
New English Court Decision Regarding Third-Party Funding Cost Recovery in Arbitration
In 2008, Norscot Rig Management Pvt Limited (“Norscot”), the Claimant, successfully brought a claim in arbitration before the ICC in London, against Essar Oilfield Services Limited (“Essar”), the Respondent. The Arbitrator (Sir Philip Otton) held that the Respondent had breached an operation management agreement relating to an offshore drilling platform and thus was liable to pay over […]
Mumbai Centre for International Arbitration (MCIA)
The Mumbai Centre for International Arbitration (MCIA) was established in India as a joint initiative between the Government of Maharashtra and the domestic and international business and legal communities, in order to transform Mumbai into a major international financial centre. It hopes to bring most Indian cases back from the Singapore International Arbitration Centre (SIAC), […]
International Investment Arbitration
Investment arbitration is a procedure to resolve disputes between foreign investors and host States (also called Investor-State Dispute Settlement or ISDS). The possibility for a foreign investor to sue a host State is considered as a guarantee for the foreign investor that, in the case of a dispute, it will have access to independent and qualified arbitrators who will solve the […]
Duzgit Integrity Arbitration
On 5 September 2016 an award was issued by a PCA tribunal in a dispute between Malta and São Tomé and Príncipe, also known as the “Duzgit Integrity Arbitration”. The PCA issued a Press Release on 12 September 2016, available at https://pca-cpa.org/wp-content/uploads/sites/175/2016/09/Press-release-dated-12-September-2016.pdf The proceedings were instituted by Malta on 22 October 2013 under Chapter VII of […]
Rectification of Awards under the ICSID Convention
The rectification of an award under Article 49(2) of the ICSID Convention is a remedy for inadvertent omissions and minor technical errors in an award. It enables the arbitral tribunal to correct mistakes that may have occurred in the award’s drafting in a non-bureaucratic and expeditious manner. Such corrections are provided for in Article 49(2) of the ICSID Convention: […]
New Russian Arbitration Law
A new Russian arbitration law has entered into force. On 29 December 2015, Russia signed the Law on Domestic Arbitration in the Russian Federation (“DCA Law”) with the Law on amendments coming into effect on 1 September 2016. It replaces the Law of the Russian Federation No. 5338-1 on International Commercial Arbitration of 7 July 1993, […]
Croatia v Slovenia PCA Arbitration
The highly-politicized and controversial Croatia v Slovenia Maritime delimitations arbitration, a PCA arbitration concerning the countries’ sea and land frontier dispute, will continue after all, ruled the PCA tribunal in a partial award on 30 June 2016. The proceedings were interrupted in July 2015 when Croatia raised concerns about the impartiality and independence of the Slovenian arbitrator, Jernej […]
The 2016 SIAC Rules
To celebrate its 25 years of establishment, the Singapore International Arbitration Centre (“SIAC”) has drafted the “2016 SIAC Rules”, replacing the 2013 Rules. These new Rules came into effect on August 1, 2016. The 2016 SIAC Rules are described as “a unique hybrid of modern commercial arbitration rules and specialist investment arbitration rules”[1]. The 2016 […]
