issue #14, week 40. 07 October 2010
Prepared by TDM and Aloysius Gng (CEPMLP/Dundee)

TDM News Digest

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NEWS

Iraq: DNO Iraq AS - Arbitration award received

Oct 6, http://www.dno.no/Press--Media/Press-Releases/4142/Arbitration-award-received/

DNO Iraq AS, a subsidiary of DNO International ASA (DNO), is involved in arbitration proceedings related to certain third party interests in The Kurdistan Region of Iraq. The London Court of International Arbitration has disclosed the award in these proceedings.

The award, which is conditional, does not specify any figure of damages to be paid by DNO, but rather the method and assumptions to be applied by the parties to calculate and agree on a final figure. Due to the complexity of the calculation model, some time is needed in order to agree on a final figure. Our very early and preliminary estimates indicate the damages to be in the range of USD 55-75 million.

DNO recorded a provision for arbitration claims of USD 12 million in its year-end accounts for 2009, in line with the Company's submission based on third party experts used by DNO. The claimants' submission for damages was USD 144 million.

"We note that this award deviates from both the claimants' and our submissions. Assuming a final award in line with our preliminary calculations, we are able to fully cover the estimated range of damages from our cash reserves. Furthermore, this should not have any effect on our current investment plan which includes the drilling of at least five exploration wells and completion of a new development in Yemen", says Helge Eide, Managing Director and President of DNO International ASA.

Based on the preliminary calculation, the award is expected to imply additional loss of USD 45-65 million in the Company's accounts for the third quarter of 2010. This will affect the Company's income statement and equity, but DNO will remain in full compliance with its financial covenants.

DNO reported a total cash position of NOK 822 million for the second quarter of 2010. As a result of increased production and cash flow, the Company's cash position has increased to around NOK 940 million (USD 160 million) by end of the third quarter. Consequently, the Company is in a position to fully cover the estimated range of damages from its cash reserves.

Algeria still plans to take Orascom's Djezzy

Oct 05, http://www.foxbusiness.com/markets/2010/10/05/algeria-plans-orascoms-djezzy/

Reuters - Algeria still plans to nationalise Orascom Telecom's local unit, undermining Vimpelcom's $6.6 billion acquisition deal ahead of the Russian president's visit to the country on Wednesday.

State of Qatar Signs the ICSID Convention

Sep 30, http://icsid.worldbank.org/ICSID/FrontServlet?requestType=CasesRH&actionVal=OpenPage&PageType=AnnouncementsFrame&FromPage=Announcements&pageName=Announcement65

The Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention) was signed today on behalf of the State of Qatar by His Excellency Ali Bin Fahad Al-Hajri, Ambassador Extraordinary and Plenipotentiary of the State of Qatar to the United States. The Ambassador was accompanied at the signing ceremony by Mr. Essa Al-Mannai, Deputy Chief of Mission and chargé d’affaires ad interim of the Embassy of Qatar in Washington. D.C.

ICJ: Territorial and Maritime Dispute (Nicaragua v. Colombia) - Proceedings on whether to grant Costa Rica's application for permission to intervene and Honduras's application for permission to intervene - The Court to hold public hearings from 11 to 22 October 2010 82 Kb [Link to all documents in the case]

Sep 28, http://www.icj-cij.org/presscom/index.php?pr=2298&pt=1&p1=6&p2=1

PCA: Chemtura Corporation (formerly Crompton Corporation) v. Government of Canada

Aug, http://www.pca-cpa.org/showpage.asp?pag_id=1278

The PCA provided administrative support in this arbitration, which was conducted under Chapter Eleven of the North American Free Trade Agreement (NAFTA).

Award: http://www.pca-cpa.org/showfile.asp?fil_id=1459

Bolivia: Rurelec raises £425,000 to accelerate arbitration proceedings for Bolivia claim

Sep 14, http://www.rurelec.com/news-and-publications/185-placing-of-425-million-new-ordinary-shares

Rurelec PLC, the power plant developer and owner-operator of power generation assets in Latin America, announces that it has today placed a total of 4.25 million new ordinary shares of 2 pence each ("the Placing Shares") at a price of 10 pence per share to raise £425,000 before expenses ("the Placing").

Religare Capital Markets plc, lead broker to Rurelec, acted in the Placing, which is conditional upon admission of the Placing Shares to trading on AIM.

The net proceeds from the Placing will be used to accelerate preparations to initiate the international arbitration process as Rurelec pursues its compensation claim against the Government of Bolivia for the nationalisation ("Nationalisation") of the controlling stake in Empresa Guaracachi SA ("Guaracachi") held by its US subsidiary Guaracachi America, Inc. (the "Nationalisation"). The Nationalisation was a part of the 2010 May Day programme in which three privately-owned power generating companies, a regional distribution company and a national electricity transmission company were brought into state ownership by means of a Supreme Decree issued by Bolivia's President Evo Morales on 1st May (the "Decree"). The net proceeds from the Placing will be used to help fund costs associated with initiating the international arbitration process to ensure that the international right to receive fair market value of its investment is respected.

The Placing

The Placing Shares have been allotted subject only to admission to trading on AIM ("Admission"). Admission is expected to take place on 20th September, 2010. The Placing Shares will in aggregate represent just under 0.2 per cent. of the enlarged share capital of Rurelec. The total enlarged issued share capital of Rurelec following Admission will be 220,671,505 Ordinary Shares (the "Enlarged Issued Share Capital"). The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.

The Placing Shares have been placed with existing institutional shareholders.

Working Capital

The directors expect that EdS will be in a position to refinance its loan with Standard Bank PLC within the next two months, following initiation of its Resolution 220 contract. The refinancing will allow EdS to start repaying loans and interest on funds lent by Rurelec.

The net proceeds of the fundraising will not provide the Company with sufficient working capital to satisfy its total medium and long term requirements, without the anticipated refinancing of the Standard Bank loan or the extension of current facilities due to expire during the current financial year. An announcement will be made at the appropriate time if there is any further change in the financial condition of the Group.

Burundi attracts $150 mln in investments, May-Aug

Sep 10, http://af.reuters.com/article/topNews/idAFJOE6890B720100910

Reuters - Burundi saw private investment of $150 million from May to August this year ... its new investment body said on Friday. ... Burundi had also passed a new investment law earlier this year that granted a number of advantages to investors ...

Canada-India: FIPPA will conclude soon: Canadian Minister

Sep 15, http://news.in.msn.com/international/article.aspx?cp-documentid=4383002

PTI - The Foreign Investment Protection and Promotion Agreement (FIPPA) between Canada and India that would safeguard the rights of investors in the two countries and boost bilateral economic ties will be finalised soon.

Canada-Venezuela: Gold Reserve Inc. Submits $1.928 Billion Arbitration Claim to World Bank's ICSID

Sep 28, http://www.goldreserveinc.com/documents/nr%2010-04.pdf

Gold Reserve Inc. announced today it has filed its arbitration claim against the Bolivarian Republic of Venezuela with the World Bank's International Centre for Settlement of Investment Disputes ("ICSID"), in accordance with the provisions of the Canada-Venezuela Bilateral Investment Treaty ("BIT").

Gold Reserve's claim alleges violations of three provisions of the Canada-Venezuela BIT culminating in the effective expropriation of Gold Reserve's sizable investments in the world-class Brisas gold/copper project and the promising Choco 5 gold property.

Gold Reserve believes three breaches of the Canada-Venezuela BIT occurred: (1) Article II - Failure to provide fair and equitable treatment and full protection and security, (2) Article III - Failure to guarantee treatment on no less favorable terms than provided to nationals of any other State, and (3) Article VII - Protection against expropriation of investments without due process of law, on a discriminatory basis, without a legitimate public purpose, and without proper compensation.

Gold Reserve seeks compensation for all of its losses caused by Venezuela's breaches of the BIT, including the full value of its investments in the Brisas Project and in Choco 5 prior to Venezuela's breaches of the BIT, and other related damage. As of September 24, 2010, Gold Reserve values its damages at a minimum in the amount of $1.928 billion, equivalent to approximately $30 a share.

Doug Belanger, President, stated, "The filing of the Memorial that supports the claim is the result of several months of extensive effort by counsel, technical, legal and financial experts and Company personnel. The Brisas Project and the promising Choco 5 exploration property were significant assets to the shareholders of the Company. We worked extremely hard to maximize the value of these projects for the shareholders, stakeholders, and local beneficiaries in Venezuela. Venezuela has obviously decided to take another path regarding the Brisas Project. As a result of the unfortunate actions taken by Venezuela in violation of the BIT, we are prepared to vigorously pursue a decision in this case for our shareholders and stakeholders. We remain ready, however, to evaluate and possibly enter into an amicable settlement that would compensate us for our losses and allow the project or projects to proceed on a fast track basis. Any settlement would be accepted only if it were beneficial to the shareholders and stakeholders of the Company."

Further written submissions are scheduled to be made during 2011 and the oral hearing in the case is scheduled to commence on December 5, 2011.

Please visit our website at www.goldreserveinc.com under Investor Relations: SEDAR Filings or SEC Filings.

Procedural status of the Company's arbitration against Venezuela: http://www.goldreserveinc.com/documents/Arbitration%20-%20Procedural%20Status%20Updated%20September%2024,%202010.pdf

Canada: Cross-border Investment Disputes on the Rise; Thorny Issues for Ottawa, Provinces: C.D. Howe Institute

July 22, http://www.cdhowe.org/pdf/backgrounder_133.pdf

Cross-border Investment disputes have supplanted trade disputes as the main focus of legal actions under the North American Free Trade Agreement (NAFTA), according to a study released today by the C.D. Howe Institute. In "Trend Spotting: NAFTA Disputes After Fifteen Years," author Lawrence Herman finds a growing number of these investment disputes entail challenges by American investors against Canada's provincial, as opposed to federal, laws and regulations. So important constitutional issues need clarifying between Ottawa and the provinces. "As party to the treaty, Ottawa must carry the ball in court," notes Mr. Herman, "but who is really responsible? Who pays when the provinces - or municipalities - run afoul of Ottawa's multilateral commitments?"

Canada: ECU Silver Receives Favourable Ruling in Arbitration Hearing

Sep 23, http://www.ecu.ca/

ECU Silver Mining Inc. is pleased to report that it has received, what it considers to be, a very favourable decision from the panel of arbitrators (the "Arbitration Panel") in the matter of the arbitration between Golden Tag Resources Ltd. ("Golden Tag") and ECU Silver.

Golden Tag commenced the proceedings by issuing a Notice of Arbitration to ECU Silver dated June 23, 2009 alleging that ECU Silver committed various breaches of the joint venture agreement (the "JV Agreement") including that a lien had been attached to the San Diego Property and that ECU failed to pay suppliers on a timely basis.

Golden Tag had sought relief by way of i) dilution of ECU Silver's 50% interest in the San Diego Property, ii) application to have Golden Tag appointed Operator, and iii) request for damages. The decision of the Arbitration Panel concludes that no dilution of ECU Silver's interest is warranted, Golden Tag is not appointed Operator and no damages are warranted and payable to Golden Tag by ECU Silver.

Michel Roy, CEO and Chairman of ECU Silver stated, "We would like to thank our legal advisors, Kaufman Laramée, for their professional approach to the arbitration and for their efforts in understanding a complex situation. We believe the decision of the Arbitration Panel is fair and equitable based on Quebec law which was the governing law of the JV Agreement. We are very pleased with all aspects of the decision and are confident that the arbitration process is now behind us."

Pursuant to the Notice of Arbitration, Golden Tag claimed that ECU Silver allowed encumbrances in the form of a charge to be registered against the San Diego Property and as such, sought remedies in association with this claim. The Arbitration Panel ruled that there was no violation by ECU Silver and no remedy was warranted.

Golden Tag further claimed that ECU Silver did not pay its share of the exploration costs on a timely basis for the most recent exploration program (the Phase 4 Program) during the financial crisis of late 2008 and as such, sought to have ECU Silver's 50% interest diluted. The Arbitration Panel concluded that the evidence indicated that ECU Silver had made its payments current and may have contributed more than its share of the Joint Venture costs. The Arbitration Panel dismissed Golden Tag's claim for dilution.

ECU Silver's evidence that it had contributed more than its share of the Joint Venture costs and that Golden Tag has not, to date, made any payments to ECU Silver in respect of these Joint Venture costs, resulted in a claim by ECU Silver that Golden Tag's interest be diluted. The Arbitration Panel has dismissed this claim as well and instead has ordered that an audit of the accounting and financial records of the Joint Venture, and the preparation of financial statements be undertaken by an independent accounting firm. The Arbitration Panel has ruled that given ECU Silver's dual role as both the Operator and a Participant, the costs of conducting the required audit and preparing financial statements be borne two-thirds by ECU Silver and one-third by Golden Tag.

Golden Tag had also made the request that ECU cease the removal of material from old tailings on the San Diego Property, which ECU complied with, over a year ago, on August 13, 2009 and Golden Tag also requested that in consideration for all the alleged breaches of the JV Agreement, ECU be condemned to pay over twenty one million dollars (US$21,000,000) in damages. The Arbitration Panel determined that ECU Silver improperly removed material from the old stockpiles on the San Diego Property and awarded Golden Tag a payment of approximately sixty thousand five hundred and sixty five dollars (US$60,565) for the material removed from the stockpiles, but did not award damages.

Golden Tag has the option to requisition a second stage of the arbitration hearing if it wishes to attempt to prove that it suffered damages, however, the Arbitration Panel has advised Golden Tag that proving and quantifying damages caused by ECU Silver, if any, would be difficult and probably a highly speculative exercise.

Golden Tag also demanded that ECU Silver be removed as the Operator and that Golden Tag be appointed as the Operator. The Arbitration Panel did not appoint Golden Tag as Operator and has allowed the removal of ECU Silver as Operator under the JV Agreement. The Arbitration Panel is of the view that the selection of a new Operator under the JV Agreement should be conducted equally by both ECU Silver and Golden Tag.

ECU Silver shall pay for the costs of these arbitration hearings that include engaging the arbitrators, room rentals and other incidentals.

Stephen Altmann, President stated "While we consider the outcome of the arbitration hearing to be favourable to ECU, we are disappointed that Golden Tag elected to undertake such a lengthy and costly process despite repeated attempts, over the past year, by ECU to fairly rectify the situation amicably and quickly. Although, the future of exploration on the San Diego Property remains uncertain, ECU will work constructively with Golden Tag while we assess the state of the Joint Venture relationship. In the meantime, ECU will continue to focus its attention, as it has over the past 15 months, on mining, milling and future exploration on its two primary projects, Velardeña and Chicago."

The parties have 60 days, or such additional time as they may agree in writing, to determine the firm, entity, or person that will conduct the audit and prepare financial statements. The Management Committee has 30 days to meet to select a new Operator and must agree within 60 days on the selection of a new Operator, or such additional time as they may agree to in writing.

Cyprus court freezes $6 billion worth of Russian assets

Sep 24, http://www.cyprus-mail.com/cyprus/cyprus-court-freezes-6-billion-worth-russian-assets/20100924

A Cyprus court has frozen $6 billion worth of Russian assets including Suleiman Kerimov's stakes in potash producer Uralkali, and mining group Polyus Gold, court documents showed yesterday.

Dominican Republic: EnviroGold Successful in Arbitration Proceedings

Sep 20, http://envirogold.links.com.au/userfiles/2010-09-20%20EnviroGold%20successful%20in%20Arbitration%20proceedings.pdf

EnviroGold Limited advises that it has been successful in recent Arbitration proceedings to determine the obligation of the minority participant in its Las Lagunas gold project in the Dominican Republic, to provide a share mortgage to the Project's financier, Macquarie Bank Limited.

The Arbitration panel in Vancouver also confirmed in effect, that the profit share from the Project attributable to the minority participant, Grimston World Inc ("GWI"), would be equivalent to the ratio of its US$2.25 million carried equity to the balance of equity being provided by the EnviroGold Group. To date the EnviroGold Group has provided approximately US$33.8 million to the Project, and this is likely to increase to around US$36.0 million on construction completion and result in a profit share of approximately 94% to the Group.

Macquarie Bank needs to finalise a number of administrative matters and will then effect forward sales of 126,000 ounces of gold prior to providing funding which is expected no later than mid October 2010, after which Project construction can be accelerated.

Mr Brian Johnson, Executive Chairman of EnviroGold Limited, said that though he was pleased with the outcome of the Arbitration, it had been a huge waste of time and money and the Project had been set back nine months. He also said that EnviroGold will seek to recover costs and damages from GWI.

DRC: First Quantum launches new arbitration

Sep 15, http://www.mining-journal.com/finance/first-quantum-launches-new-arbitration

The arbitration, under the facilities of the International Centre for Settlement of Investment Disputes in Washington, US, relates, according to First Quantum, to "the unjustified withdrawal and reissue of certain mining titles held by First Quantum's subsidiaries by the DRC in violation of the provisions of the DRC Mining Code and applicable law".

DRC: First Quantum Starts Legal Action Against ENRC Units

Sep 15, http://www.businessweek.com/news/2010-09-15/first-quantum-starts-legal-action-against-enrc-units.html

Bloomberg - First Quantum Minerals Ltd., fighting for rights to the Kolwezi project in the Democratic Republic of Congo, began legal action against subsidiaries of Eurasian Natural Resources Corp. and will seek an injunction against the use of its equipment and plant there.

First Quantum filed a claim in the British Virgin Islands "in relation to the unlawful expropriation of its legal title" to Kolwezi, the company said today in a statement. "The expropriation of the Kolwezi project has been orchestrated by certain interests within the government of the DRC and third parties at First Quantum's expense."

DRC: Congo Unhappy With World Bank's Conduct in First Quantum Licensing Dispute

Sep 21, http://www.bloomberg.com/news/2010-09-21/congo-unhappy-with-world-bank-s-conduct-in-first-quantum-licensing-dispute.html

The Democratic Republic of Congo is unhappy with the World Bank's conduct with regard to a yearlong dispute over First Quantum Minerals Ltd.'s $750 million Kolwezi project, Mines Minister Martin Kabwelulu said.

Officials of the World Bank will not be allowed into some mines-related meetings, Kabwelulu told reporters in Kinshasa today. He "fell out" with unidentified officials of the World Bank after they complained about the cancellation of First Quantum's license, he said.

Egypt: TMG eyes international arbitration in wake of Madinaty ruling

Sep 19, http://www.almasryalyoum.com/en/news/tmg-eyes-international-arbitration-wake-madinaty-ruling

Legal advisor for the Talaat Moustafa Group (TMG) Shawqi al-Sayyid has threatened to seek international legal arbitration in an attempt to blame the Egyptian government for contractual flaws in the agreement it signed with the group to implement the Madinaty housing project.

Hungary: ICSID rules in favor of Hungary in AES case

Sep 24, http://bbjonline.hu/index.php?col=1000&cat=&id=54323

The International Center for Settlement of Investment Disputes (ICSID) has decided in favor of Hungary in a case brought against it by AES Summit Generation for regulated pricing, the National Development Ministry told MTI on Friday.

Press release: Arnold & Porter LLP Achieves Second Straight Victory for Hungary in ICSID Arbitration, Obtaining Dismissal of All Energy Charter Treaty Claims

September 2010

An international arbitration tribunal operating under the auspices of the World Bank-affiliated International Centre for the Settlement of Investment Disputes (ICSID) has dismissed all claims brought against the Republic of Hungary by UK and Hungarian subsidiaries of electricity giant AES Corp., under the investment dispute resolution provisions of the multilateral Energy Charter Treaty (ECT). The tribunal, composed of three eminent international jurists, unanimously found that the claims of AES Summit Generation Ltd. and AES-Tisza Eromu Kft. (AES) lacked legal merit. The award comes almost exactly four years after Arnold & Porter secured a complete victory for Hungary before another ICSID tribunal in Telenor Mobile Communications A.S. v. Hungary.

The latest case by AES against Hungary has generated significant scholarly and media interest due to the fact that it involved the intersection of European Community law (and competition law in particular) with international investment law. It is also the first investment arbitration proceeding to have featured an amicus curiae submission by the European Commission.

In an award dated September 23, 2010, the ICSID Tribunal found that Hungary did not breach the Energy Charter Treaty's investment protection provisions when it temporarily imposed maximum price caps on electricity sold by AES Tisza's electric power plant-as well as on electricity sold by other generators operating in Hungary's public utility market segment- in the course of transitioning to a more liberalized market structure in the aftermath of Hungary's accession to the European Union. One after another, the Tribunal considered and rejected claims that Hungary's actions breached the ECT's provisions on fair and equitable treatment, impairment by unreasonable and discriminatory measures, constant protection and security, national treatment, most favored nation treatment and expropriation.

In particular, the Tribunal found that AES could have had no "legitimate expectation" that the government would not regulate its prices, given that Hungary made no specific commitments to freeze its regulatory regime and in fact made clear that change in the electricity market structure and legal regime was likely to occur. The Tribunal also determined that the challenged regulation was nondiscriminatory, responded to legitimate public policy objectives, and was implemented in a manner that was rational and consistent with due process. Finally, the Tribunal found that the temporary price caps imposed by Hungary did not deprive AES Tisza of all or even a significant part of its value and therefore could not, at a threshold level, be considered an expropriation.

The award in AES v. Hungary caps over three years of efforts by Hungary's defense team, led by Arnold & Porter partners Jean Kalicki (Washington), Luc Gyselen (Brussels) and Dmitri Evseev (Washington/London), in conjunction with Dr. János Katona (Budapest). Arnold & Porter and Dr. Katona also represent the Republic of Hungary in another Energy Charter Treaty arbitration before ICSID, Electrabel S.A. v. Hungary, which is pending the Tribunal's decision, following a merits hearing in February 2010.

The full text of the award is available on the ICSID website, at http://icsid.worldbank.org/ICSID/FrontServlet?requestType=CasesRH&actionVal=showDoc&docId=DC1730_En&caseId=C114

Ireland: Website aims to boost €50m arbitration industry

Sep 24, http://www.independent.ie/business/irish/website-aims-to-boost-euro50m-arbitration-industry-2351246.html

A new website aimed at growing Ireland's €50m Alternative Dispute Resolution (ADR) industry will be unveiled this morning at an international conference to be held in Dublin.

Ireland is vying to compete with London and Switzerland to become one of the world's leading ADR centres, as domestic and international parties opt for arbitration and mediation to reduce the need for costly litigation.

Last night Irish arbitrator Joe Behan, the world president of the 12,000 strong Chartered Institute of Arbitrators (CIArb), said the new online facility -- www.arbitration.ie -- would allow businesses and private individuals to have a suitable practitioner assigned to them in record time by applying directly to the interactive website.

Ivanhoe Mines Ltd.: Alert Issued About False and Misleading Statements Published by the Australian and Business Spectator

Sep 15, http://www.ivanhoemines.com/i/pdf/2010-09-15_NR.pdf

... The curiously similar claims by both publications that Ivanhoe Mines alone has delayed the selection of an arbitrator to evaluate a complaint by Rio Tinto are false. Ivanhoe has negotiated in good faith throughout the process in an effort to reach agreement on an arbitrator who is entirely independent of the parties and the issues to be considered in the arbitration. The truth is that Ivanhoe Mines and Rio Tinto previously reached agreement on an arbitrator, but were unable to proceed because of a conflict later identified by the proposed arbitrator involving a company associated with Rio Tinto. Rio Tinto and Ivanhoe Mines subsequently have reached a tentative agreement on a new, independent arbitrator, subject to his clearance of conflicts, and Ivanhoe expects that the selection process will be concluded shortly. ...

Kuwait: Global Investment House arbitration award overturned

Sep 16, http://www.globalinv.net/pdfs/InvestorRelations/RNSAnnouncementRegardingCourtJudgment.pdf

Global Investment House announced today that the Kuwaiti courts of first instance, being the preliminary courts in the State of Kuwait, in which "Al Madina for Finance and Investment ("Al Madina") previously pleaded the court to put aside the arbitral award no. 41/0920 made by the Kuwaiti Commercial Arbitration Centre on 1 April, 2010 (the "Award"), which awarded Global an amount equivalent to USD 10,011,224 in addition to USD 300,000 as compensation due and payable by Al Madina to Global, issued the following judgment (the "Judgment"):

1. Revoking and putting aside the Award

2. Referring the matter of dispute between the litigating Parties to the experts department at the Kuwaiti Ministry of Justice and to seek the experts department's finding in connection with the matter of dispute.

The Judgment is a first instance judgment and is therefore subject to further appeals by Global. Global confirms that it shall pursue all appropriate legal measures available to it to contest the Judgment and seek to enforce the earlier Arbitration Award.

Netherlands: New tax treaty with Japan signed

Aug 25, http://www.minfin.nl/english/News/Newsreleases/2010/08/New_tax_treaty_with_Japan_signed

On August 25, 2010, the new tax treaty between the Netherlands and Japan was signed in Tokyo. This marks the next step towards the entry into force of the treaty.

(Tax treaty between Japan and Netherlands, Exchange of notes Japan and the Netherlands, Agreement in principle on a new Tax Convention with Japan available via the link above)

Russia: RUSAL files lawsuit against MMC Norilsk Nickel to overrule AGM Board election

Sep 29, http://rusal.ru/en/news_details.aspx?id=6797

UC RUSAL Plc, the world's largest aluminium producer and owner of a 25% stake in MMC Norilsk Nickel, announces the filing of a lawsuit to the Arbitration Court of the Krasnoyarsky region to overrule the Board Election at the Annual General Meeting (AGM) of shareholders of MMC Norilsk Nickel.

RUSAL assumes that during the AGM held on 28 July 2010 a number of violations occurred which allows to overrule its results according to the acting legislation. In particular, the quorum of the AGM was unlawfully inflated due to the fact that 'quasi-treasury' shares were used by the management of Norilsk Nickel to vote for their own benefit.

Furthermore the representatives of Bank of New York International Nominees (BONY) that holds MMC Norilsk Nickel ADRs were illegitimately participating in the AGM and voted without the approval of ADR holders. This action has increased the voting threshold for candidates to be elected to the Board of Directors. If not for this violation the outcome of the AGM would have been different and Alexander S.Voloshin would have been elected to the Board.

Thus the violations during the AGM influenced the outcome of the vote to elect the Board of Directors.

Singapore and Russia sign Investment Promotion and Protection Agreement

Sep 27, http://news.asiaone.com/News/Latest%2BNews/Asia/Story/A1Story20100927-239362.html

Singapore Minister of State for Trade & Industry and Manpower, Lee Yi Shyan and Russia Deputy Minister for Economic Development, Andrey Slepnev, signed an Investment Promotion and Protection Agreement (IPPA) today.

South Africa: AgriSA's R99 Billion Claim Over Expropriation

Oct 4, http://www.newstime.co.za/SouthAfrica/AgriSAs_R99_Billion_Claim_Over_Expropriation/12246/

Agricultural union AgriSA is suing the state for R99 billion over what it says was an expropriation of mineral rights by the State. The amount was given to the North Gauteng High Court by Advocate Cassie Badenhorst who is the counsel appearing on behalf of Minerals Minister Susan Shabangu. Badenhorst also added that another firm had sued for R32 billion in claims.

South Africa: Optimum Coal Holdings Limited Eskom Arbitration Update

Sep 14, http://www.optimumcoal.com/index.php?option=com_content&view=article&id=148:sens-announcements-14-september-2010-eskom-arbitration-update&catid=49:sens&Itemid=124

A Coal Supply Agreement ("CSA") was entered into between Eskom Holdings Limited ("Eskom") and BHP Billiton Energy Coal South Africa Limited ("BECSA"). With effect from 1 July 2008, the rights and obligations of BECSA under the CSA, as amended by the First Addendum to the CSA, were ceded and delegated to Optimum Coal Mine (Proprietary) Limited ("Company"), a subsidiary of Optimum Coal Holdings Limited. In terms of the CSA, the Company delivers 5.5 million tons of coal annually to the Hendrina Power Station owned and operated by Eskom.

The Company has given notice to Eskom cancelling the CSA with Eskom with effect from 1 May 2010. The basis on which the Company gave notice to cancel the CSA is that Eskom is in breach thereof. The Company alleges, in addition to its having been entitled to cancel the CSA, that Eskom is indebted to the Company in an amount in excess of R22 million. The Company seeks to recover this amount from Eskom.

Eskom has disputed the Company's entitlement to cancel the CSA; and has denied that it is in breach of the CSA and/or indebted to the Company in the amount claimed or at all. Eskom alleges that it has deducted from amounts due and payable to the Company a penalty which it alleges arises from the non-conformity of coal supplied by the Company with a quality parameter in respect of abrasiveness. The Company is of the view that there is no quality parameter in respect of abrasiveness in the CSA as amended by the First Addendum.

The disputes between the Company and Eskom (i.e. whether the Company was entitled to cancel the CSA with effect from 1 May 2010; and whether Eskom is indebted to the Company in the amount of R22 million) are subject to arbitration proceedings ("Arbitration") in terms whereof the Company is the Claimant, before Mr John Myburgh SC ("Arbitrator"). The Arbitration was set down for hearing for a period of 5 days to commence on 10 August 2010. The Company has started with the presentation of its case, and the Arbitrator has heard evidence in support of the Company's case. By reason of factual and other complexities, the Arbitration has been postponed to be heard for a further 10 days during March and April 2011. The Arbitration award is expected to be handed down thereafter.

In the event that the Company were to be successful in the Arbitration, and were to be found to have been entitled to have cancelled the CSA:

1. The CSA will have been cancelled with effect from 1 May 2010 (the date with effect from which the Company gave written notice to Eskom in respect of cancellation of the CSA);

2. The Company will stop supplying and delivering coal to Eskom for the Hendrina Power Station; and

3. The Company will recover from Eskom an amount of R22 575 297 plus interest, in respect of amounts unpaid by Eskom in terms of the CSA.

In the event that the Company were to be unsuccessful in the Arbitration, the Company's business will carry on without any change, and it will continue to supply and deliver coal to Eskom in terms of the CSA, as it has done previously. The Company would then also be obliged to pay penalties arising from the quality parameter in respect of abrasiveness, which the Company at present denies as being part of the CSA.

The Company and Eskom have agreed that, pending finalization of the Arbitration, the Company will continue to deliver coal to Eskom in terms of the CSA, as if that agreement had not been cancelled and as if it remains in full force and effect in accordance with its terms; and Eskom has agreed on the same basis not to deduct from the purchase price due to the Company any amounts in respect of the failure of coal delivered by the Company to Eskom to comply to a quality specification in respect of abrasiveness.

Syria: Aleppo Commercial Arbitration Center Signs Three Cooperation Agreements

Oct 04, http://www.sana.sy/eng/24/2010/10/04/311288.htm

SANA - The 1st International Arbitration Conference was concluded on Sunday evening at the city of Aleppo by signing three cooperation agreements. The Aleppo Commercial Arbitration Center signed three agreements with the European Court of Arbitration (CEA), the Qatar Arbitration Center, and the Afro Asian Center of Arbitration.

Taiwan Seeks Recourse to International Arbitration for Cross-Strait Investment Disputes

Sep 13, http://cens.com/cens/html/en/news/news_inner_33743.html

The Taiwanese government will seek the inclusion of international-arbitration mechanism in the cross-Taiwan Strait investment protection agreement, according to Chinese-language Economic Daily News (EDN), sister publication of Taiwan Economic News (TEN).

UK: Cobham loses €37m arbitration case

Sep 15, http://www.cobhaminvestors.com/news-item?item=493253371639607

As a result of a binding arbitration award from the International Chamber of Commerce, Cobham will make a one-off payment to a commercial customer of €37m before tax. This award will be separately identified in the results for the year ended 31 December 2010 and paid in the fourth quarter. Insurance recoveries may mitigate up to half the settlement, but will only be recognised when received.

The award follows a claim against an agreement signed in 2000, regarding the effectiveness of certain components for use on satellites which were supplied by Cobham's Mission Systems Division in the US from 2001 to 2004. Cobham is disappointed with the outcome of the arbitration given the circumstances and the strength of the defence. The arbitration award is not subject to appeal and the payment is full and final.

Ukraine's Security Service preparing to file Naftogaz-related case to court

Sep 17, http://www.kyivpost.com/news/business/bus_general/detail/82831/

The Ukrainian Security Service (SBU) is planning to file to court a case for damages caused to the state allegedly by executives of Naftogaz Ukrainy national oil and gas company. "We will complete the investigation in the nearest future," SBU head Valeriy Khoroshkovsky said at a Friday press conference in Kyiv.

Ukraine, Vanco To Delay Review of Production Case

Oct 1, http://www.oilandgaseurasia.com/news/p/0/news/8936

The government of Ukraine and Vanco Prykerchenska Ltd. are likely to ask the International Court of Arbitration to again delay review of the case to restore Vanco's licence to develop the Prykerchenska oil and gas block of the Black Sea and the related production sharing agreement, Vanco press secretary Ruslan Skiba told Ukroil.

Ukraine: Naftohaz Ukrainy Appeals To Supreme Court Against Order To Return 12.1 Billion Cubic Meters Of Natural Gas To RosUkrEnergo

Sep 23, http://un.ua/eng/article/287214.html

The Naftohaz Ukrainy national joint-stock company has appeals to the Supreme Court against the Shevchenkisvkyi District Court of Kyiv's August 13 decision that upheld an earlier decision by the arbitration institute of the Stockholm Chamber of Commerce, which ordered Naftohaz Ukrainy to return 12.1 billion cubic meters of natural gas to the RosUkrEnergo company (Switzerland). The press service of the Supreme Court announced this in a statement.

Ukraine: Parliament prolongs Rosukrenergo probe

Sep 24, http://www.kyivpost.com/news/nation/detail/83681/

The Verkhovna Rada, Ukraine's parliament, has prolonged for two months the activities of its temporary commission investigating the Stockholm Arbitration Tribunal's ruling, the allegations of corrupt activities against the Swiss-registered gas trader RosUkrEnergo AG, the involvement of public officials into this case, and the arrest of the former chief of the State Customs Service, Anatoliy Makarenko.

Ukraine: Rada Commission On RosUkrEnergo Asks Fuel And Energy Ministry To Provide Copy Of Stockholm Arbitration Tribunal's Decision

Sep 16, http://un.ua/eng/article/285856.html

The interim parliamentary commission investigating the operation of the RosUkrEnergo company (Switzerland) has requested that the Fuel and Energy Ministry provide it with a copy of the decision of the arbitration institute of the Stockholm Chamber of Commerce (Sweden) that ordered the Naftohaz Ukrainy national joint-stock company to return 12.1 billion cubic meters of natural gas to RosUkrEnergo.

United States Requests Dispute Settlement Panel in Tuna Dolphin NAFTA Choice of Forum Dispute

Sep 24, http://www.ustr.gov/about-us/press-office/press-releases/2010/september/united-states-requests-dispute-settlement-panel

The Office of the United States Trade Representative announced today that the United States has requested that the North American Free Trade Agreement (NAFTA) Free Trade Commission establish a dispute settlement panel regarding Mexico's decision not to move its "dolphin safe" labeling dispute from the World Trade Organization (WTO) to the NAFTA, as requested by the United States and as required by Article 2005 of the NAFTA. The NAFTA requires that in certain types of disputes, if the defending party makes such a request, the NAFTA rather than any other forum should be the sole venue of the dispute. In this case, that means that the NAFTA - rather than the WTO - is the proper forum to hear a challenge by Mexico to U.S. "dolphin safe" labeling provisions for tuna and tuna products.

"We regret that Mexico continues to move forward with its WTO proceeding," said Nkenge Harmon, a USTR spokesperson. "In the NAFTA, the United States, Canada and Mexico agreed to give a defending party the right to choose NAFTA dispute settlement in circumstances such as these, and we are seeking to enforce this right," said Harmon.

The U.S. dolphin safe labeling provisions at issue in the WTO dispute establish conditions under which tuna products may voluntarily be labeled "dolphin safe" and provide that tuna sellers may not label their products as "dolphin safe" if the tuna is caught by intentionally encircling ("setting on") dolphins with purse seine nets. Many Mexican fishing vessels use this technique to fish for tuna.

Mexico's challenge to the U.S. dolphin safe labeling provisions meets the criteria in the NAFTA choice of forum. This provision states that certain disputes which pertain to matters arising under both the WTO Agreement and the standards-related provisions of the NAFTA, and which concern human, animal or plant life or health or the environment and raise factual issues concerning the environment or conservation, shall be heard - at the responding party's option - solely under the NAFTA's dispute settlement procedures.

NAFTA rules provide that once a responding party invokes the choice of forum provision, the complaining party must withdraw from the WTO proceedings and may pursue the dispute solely under the NAFTA.

BACKGROUND

On March 9, 2009 Mexico requested that a WTO panel be established to review Mexico's claims that U.S. law limiting the use of the "dolphin safe" label on tuna and tuna products is inconsistent with U.S. obligations under the WTO Agreement. In response, the United States invoked the NAFTA choice of forum provision (Article 2005(4) of the NAFTA) on March 24, 2009. However, Mexico continued to pursue its request for a WTO panel, and on April 20, 2009 the WTO Dispute Settlement Body established a WTO panel to review Mexico's claims.

The United States and Mexico held consultations on the choice of forum dispute in December 2009. When consultations did not resolve the dispute, the United States requested the NAFTA Free Trade Commission, which is composed of the NAFTA countries' trade ministers or their designees, meet to discuss the matter. The Commission met on May 7, 2010 but was also unable to resolve the dispute.

Under NAFTA rules, a dispute settlement panel is established immediately upon delivery of the request to the Commission.

US-Ecuador: Courts Allow Chevron to Subpoena Consultants

Sep 14, http://www.courthousenews.com/2010/09/14/30334.htm

CN - Two federal courts have rejected the appeals of consultants seeking to quash Chevron's subpoenas in a $27 billion environment contamination lawsuit against the oil giant in Ecuador.

US-India: Mahindra Rejects Valid $35 Million Order and Flouts the Arbitration Process in Dispute with Global Vehicles

Sep 28, http://finance.yahoo.com/

Indian company Mahindra and Mahindra has improperly rejected a valid $35 million-plus factory order placed on Sept. 24 for U.S.-spec Mahindra pickup trucks, exclusive U.S. distributor Global Vehicles U.S.A., Inc. confirmed today.

US: Finra To Propose New Plan For Arbitration Panels

Sep 28, http://www.foxbusiness.com/markets/2010/09/28/finra-propose-new-plan-arbitration-panels/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+foxbusiness%2Flatest+%28Internal+-+Latest+News+-+Text%29

Dow Jones - The Financial Industry Regulatory Authority will file a rule proposal in October that would give all investors filing arbitration claims the option of having a panel comprised of all public arbitrators, the regulator announced Tuesday.

US: Finra proposal on public arbitration wins praise - Investment News

Oct 3, http://www.investmentnews.com/article/20101003/REG/310039991

Finra's efforts last week to open up its arbitration process have pleased - but not satisfied - critics who claim that the proposal doesn't go far enough to protect investors. Investors who file claims against brokerage firms would be able to request public arbitration panels without industry representatives under a proposal announced last Tuesday by the Financial Industry Regulatory Authority Inc.

US: General Mills files for arbitration over Yoplait

Sep 10, http://www.cnbc.com/id/39104084

MINNEAPOLIS - General Mills Inc. has filed for arbitration over a contract issue with the French company from which it has licensed the Yoplait brand for more than three decades.

The food maker said in a regulatory filing that dairy company Sodima sent it a letter on Sept. 3 saying it wanted to end their agreement in two years.

US: Yoplait arbitration "could take years"

Sep 29, http://www.ausfoodnews.com.au/2010/09/29/yoplait-arbitration-could-take-years-general-mills-ceo.html

Ken Powell, General Mills chairman and CEO, told investors at the company's AGM that the licencing deal, which has run since 1977, is scheduled to be renewed in 2012 for a further ten years.

Venezuela's Chavez promises to lower prices of farm supplies by expropriating Agroislena CA

Oct 4, http://www.canadianbusiness.com/markets/market_news/article.jsp?content=D9IL27KG1

AP - Venezuelan President Hugo Chavez promised Monday to bring down prices of seeds and fertilizers as his government takes over a leading farm-supply business [Agroislena CA].

Venezuela: Holcim and Venezuela signed an agreement regarding Venezuela's compensation for the nationalization of Holcim Venezuela

Sep 13, http://www.holcim.com/CORP/EN/id/1610650055/mod/6_1/page/news.html

Holcim signed a settlement with the Bolivarian Republic of Venezuela agreeing on the terms for Venezuela's compensation payment for the June 2008 nationalization of Holcim Venezuela C.A. and the suspension of the international arbitration procedure currently pending before the International Centre for Settlement of Investment Disputes (ICSID) in connection with that nationalization.

The agreed total compensation amount is USD 650 million, of which a first down-payment of USD 260 million was received. The remaining compensation amount of USD 390 million will be paid in four equal yearly installments.

Zimbabwe PM says indigenisation not expropriation

Sep 16, http://af.reuters.com/article/topNews/idAFJOE68F0EQ20100916

Zimbabwean Prime Minister Morgan Tsvangirai said on Thursday a law to increase local black ownership of foreign firms would be implemented gradually and without forced sales.

India has resources for world-class arbitration centre Moily

Sep 08, http://www.expressindia.com/latest-news/India-has-resources-for-world-class-arbitration-centre--Moily/679018/

India has a comprehensive, contemporary and progressive legal framework to support international arbitration that is on par with the best in the world, Union Minister M Veerappa Moily said here today.

Singapore Looks To Be Accessible Neutral Venue For Arbitration

Sep 08, http://www.thegovmonitor.com/world_news/asia/singapore-looks-to-be-accessible-neutral-venue-for-arbitration-38252.html

Speech by Law Minister K Shanmugam at the Singapore International Arbitration Centre's "India: Prime Global Business Destination - An Arbitral Perspective" Conference.

Ghana: High Court Halts Arbitration Proceedings Balkan Energy v Ghana

Sep 08, http://www.ghanaweb.com/GhanaHomePage/NewsArchive/artikel.php?ID=190054

The Commercial Division of the High Court, on Monday granted an interlocutory injunction application by the Attorney-General, to stay proceedings at the international court of arbitration, initiated by Balkan Energy in its dispute with the Government of Ghana over a 20-year lease agreement of the ‘Osagyefo’ Power Barge.

Kazakhstan: ENRC tells First Quantum to back off

Sep 09, http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=3679086

ENRC has sent a letter to FQM complaining about recent statements made by the Canadian company which ENRC believes are an attempt to interfere with the Kazakh company’s rights to develop the Camrose joint venture and the Kolwezi tailings project.

Papua New Guinea: Downer flies north to claim its long overdue reward

Sep 8, http://www.watoday.com.au/business/downer-flies-north-to-claim-its-long-overdue-reward-20100907-14zkq.html

Collecting a $31 million bad debt that's eight years overdue is a top priority for Downer EDI, with two representatives of the engineering contractor yesterday winging their way to Port Moresby in an effort to extract payment from the Papua New Guinean Treasurer. The outstanding amount relates to a 127-kilometre road upgrade completed between 1998 and 2002, when aid funding from the European Development Fund saw Downer engaged to work on the Ramu Highway.

US: Merck, J&J arbitration on drug rights starts soon

Sep 7, http://www.denverpost.com/healthcare/ci_16013318

Merck & Co. said Tuesday that arbitration will begin in late September in its dispute with Johnson & Johnson over revenue from two blockbuster drugs for rheumatoid arthritis and other immune disorders.

Republic of Moldova: Ascom Takes Government of Kazakhstan to Stockholm Court of Arbitration Under the International Energy Charter Treaty

Sep 8, http://www.digitaljournal.com/pr/107932

Ascom S.A. ('Ascom'), the international oil and gas exploration group, today announced it has submitted a Request for Arbitration to the Arbitration Institute of the Stockholm Chamber of Commerce against the Government of Kazakhstan for the illegal expropriation of Ascom's investments in Kazakhstan, in direct contravention of the international Energy Charter Treaty.

Ascom alleges that it has been subjected to a systematic campaign of harassment by the Kazakh State since 2008, which culminated with the abrupt cancellation of the Subsoil Use Contracts held by Ascom's local operating companies, KPM and TNG, and the illegal seizure of its Kazakh assets in July 2010. These assets are now being operated by state-owned KazMunaiGas.

Ascom has been operating in Kazakhstan since 1999, when it acquired its interests in the Borankol field and Tolkyn field from private Kazakh companies. Over the past ten years, it has invested approximately US$990 million (as of 31 March 2010) in exploration and development. These investments were partly funded through international bond offerings in 2006, 2007 and 2009, when Ascom's subsidiary Tristan Oil Ltd. ("Tristan Oil") sold US$531million of bonds to international institutional investors. These bonds, which are held by many blue-chip international investors, were due to mature in 2012 and are secured against the oil fields that have now been expropriated.

Prior to Ascom's programme of exploration and investment, the Borankol and Tolkyn fields were considered by many to be unprospective. Following its programme of investment, by 2008 Ascom had approximately 100 operational wells in the two fields, with approximately 80 of those producing 56,000 boed per day on average. To support these operations, Ascom had also constructed significant oil field infrastructure - including investing US$245 million in a Liquid Petroleum Gas plant that when completed would have had a processing capacity of 7 million cubic metres of gas per day.

In addition to steadily increasing production at those fields, Ascom made a significant find in its Tabyl Block in July 2008 and declared the geological discovery of oil and gas fields on the Munaibay and Bahyt structures of the Tabyl Block in March 2009. In September 2008, Ascom received seven non-binding offers to purchase its fields, including one from KazMunaiGas, in the first phase of a formally conducted trade sale process. After reviewing the preliminary non-binding offers, Ascom decided to further engage in negotiations with the most competitive bidders in an effort to acquire binding offers and complete the trade sale process.

Subsequently, a systematic campaign of harassment and illegal treatment of Ascom arose - believed to have been triggered in part by a letter from Vladimir Voronin, former communist President of Moldova, to President Nursultan Nazarbayev of Kazakhstan on the 6 October 2008. The letter, widely reported by the international media, made a number of false and defamatory accusations against Anatol Stati, founder and owner of Ascom.

The Kazakh Government's campaign of harassment against, and illegal treatment of, Ascom's Kazakh investments, has included:

- Imposition of unfounded criminal fines and tax assessments of more than USD 220 million

- Conviction and jailing of Mr Cornegruta, the General Manager of KPM, on trumped up criminal charges

- Arresting of physical assets, bank accounts and equity interests of the company

- Blocking further exploration and development, and preventing daily operations

- Stalling completion of the LPG plant

- Interfering with Ascom's attempts to sell its investments and ultimately blocking a negotiated sale

- Asserting spurious violations of the Subsoil Use Contracts and subsequently wrongfully revoking these Contracts

- Seizing operational control of Ascom's investments and turning these over to Kazakhstan's State-owned KazMunaiGas

An example of the unfounded nature of the allegations brought against Ascom and its subsidiaries can be seen in the prosecution of KPM's General Manager, Mr Cornegruta, who was arrested in April 2009 on false charges of being an 'entrepreneur' and operating a 'main' or 'trunk' pipeline without a license.

The alleged main pipeline in the case is part of Ascom's gathering system, and transports oil to the Uzen-Atyrau-Samara main oil pipeline. Ascom secured seven independent expert witnesses to attest that this was not a main pipeline - these were ignored by the Court in favour of a single expert opinion generated by an employee of the Ministry of Justice with no oil and gas experience.

In addition to there being no main pipeline, under Kazakh law Mr Cornegruta cannot be considered an entrepreneur (a specific legal classification) as he was neither registered as an entrepreneur or the owner of the company, and is a salaried employee. These facts were disregarded by the Kazakh Court and he was sentenced to a four year jail term, while KPM was ordered to pay to the Republic of Kazakhstan approximately US$145 million in fines. Mr Cornegruta served 18 months of a four year sentence.

Ascom believes the Kazakh government's actions are in clear and direct violation of the Energy Charter Treaty and has submitted a claim under the Treaty to the Arbitration Institute of the Stockholm Chamber of Commerce.

Comment

Artur Lungu, Chief Financial Officer of Tristan Oil and Commercial Vice President of Ascom, said:

"Ascom and our associated companies have worked openly and transparently with the Government of Kazakhstan for over 10 years, investing nearly US$1 billion into our businesses. During that time, we have not only provided investment and employment, but have paid more than US$500 million in fees and taxes to the Kazakh State. This illegal campaign of harassment followed the coming on stream of peak production in our fields and conveniently after a significant hydrocarbon find.

"We are determined that we secure appropriate compensation for these illegal actions. We also believe that it is appropriate that other stakeholders and major international oil companies, such as ExxonMobil, Royal Dutch Shell, BP, Chevron Corporation, ConocoPhillips and Total S.A., all of which have made significant levels of investment in Kazakhstan, are aware of the illegal treatment and expropriation we have suffered."

This press release is for informational purposes only. It does not constitute a solicitation of consents.

Certain statements in this press release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements, including without limitations, statements about the anticipated completion of the transactions contemplated herein or the timing thereof. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause actual results, timing, performance, or achievements to materially differ from the future results, timing, performance, or achievements expressed or implied by forward-looking statements. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that these expectations will be achieved or will prove to have been correct. Moreover, the Company's forward-looking statements may be affected by known and unknown risks, events or circumstances that may be outside the Company's control.

See also http://www.tristanoil.com/index.php/the-news/49-july-22-2010.html

Kenya: KenolKobil Serves KPRL Court of England Proceedings

Sep 6, http://www.kenolkobil.com/home/index.php?active_page_id=&id=239&PHPSESSID=75a6cccd2a80f550fcd00950a1ec4c22

1. Following our application filed on 1st September 2010, the High Court of Kenya on Friday 3rd September 2010, issued a Stay Order restraining the Energy Regulatory Commission (ERC) from taking any step against any of KenolKobil’s licenses.

2. KenolKobil has filed an application in the English High Court of Justice in London to appoint an Arbitrator, following the recent court ruling by Judge A. K. Koome that the Arbitration proceeding between KenolKobil and KPRL are governed by English Arbitration Act.

On Thursday 2nd September 2010, the High Court of Justice in London, in a claim No. 2010 FOLIO 1037 (Kenya Oil Company Limited & Kobil Petroleum Limited -v- Kenya Petroleum Limited) granted a leave to serve the Pleadings upon KPRL.

Today, 6th September 2010, at 13.00 p.m. we effected service of the Order and Pleadings upon KPRL MD, Mr. Raj Varma in his office on ChiromoRoad, Westlands, Nairobi.

3. As has been advised in the past, the management of KenolKobil will act only in the interest of its Shareholders and protect its Commercial Rights.

If necessary, KenolKobil will file in Court applying for a Compelling Order against Energy Regulatory Commission, compelling ERC to act on KenolKobil’s complaint filed by Shapley Barret & Company Advocates on 21st August 2010 to take action against KPRL, being in blatant breach of the laws of Kenya and it’s licence requirements.

See also http://www.businessdailyafrica.com/KenolKobil%20shares%20tumble%20in%20panic%20over%20licence%20row/-/539552/1004988/-/7oo12h/-/

Congo: Mining companies clash over copper mine

Sep 6, http://www.guardian.co.uk/business/2010/sep/06/congo-copper-mine-first-quantum-enrc

A row between two mining companies over a multimillion-pound copper mine in the Democratic Republic of the Congo has escalated after one of the firms wrote to the UK regulator alleging that shareholders have been misled over the affair.

Poland: TDC wins DKK 2.9 bln in arbitration case against Telekomunikacja Polska

Sep 6, http://www.telecompaper.com/news/article.aspx?cid=754998

The Arbitration Tribunal in Vienna has issued a ruling in the case against Telekomunikacja Polska. TDC owns a 25 percent stake in Danish Polish Telecommunications Group (DPTG), which is part of Telekomunikacja Polska. The dispute concerns the determination of traffic volumes carried via the NSL fibre optical telecommunications system in Poland.

Slovakia: European American Investment Bank against the Slovak Republic

Aug 31, http://www.finance.gov.sk/en/Default.aspx?CatID=10&id=63

The Permanent Court of Arbitration recently appointed the presiding arbitrator to a three-member international arbitration tribunal established to hear a claim by an Austrian entity, European American Investment Bank, AG (“EURAM”), against the Slovak Republic. EURAM filed its claim late last year under the Austria-Slovakia bilateral investment treaty and the UNCITRAL Arbitration Rules.

EURAM claims that it suffered damages after acquiring, through its Slovak subsidiary, E.I.C., a.s. (“EIC”), a 51% stake in APOLLO zdravotná poistovna, a.s. (“Apollo”), in 2007. Although EIC sold its stake in Apollo in 2008, EURAM seeks compensation for damages allegedly resulting from regulatory measures introduced by Slovak authorities in the health insurance sector in late 2007 and early 2008. The EURAM claim is the third arbitration brought against Slovakia in connection with Slovakia’s adoption of regulations governing the operations of private health insurers.

Notably, in October 2009, a tribunal hearing another claim under the same investment protection treaty invoked by EURAM dismissed the claim in its entirety after a preliminary phase. The tribunal in that case determined that it lacked authority under the Austria-Slovakia investment treaty to hear the merits of the Austrian investor’s complaints.

The Slovak Republic will be represented in presented the proceedings by Foley Hoag LLP and David A. Pawlak LLC. Both companies are among the renowned advisors for representation in international investment treaty arbitration matters.

Malaysia: Kuala Lumpur Regional Centre for Arbitration centre to handle more cases this year

Sep 6, http://www.btimes.com.my/articles/4klrca/Article/

Kuala Lumpur Regional Centre for Arbitration (KLRCA) expects to handle more dispute cases this year as it appoints a new management team and adopts new United Nations (UN) arbitration rules. To achieve the target, KLRCA is currently mounting a marketing and publicity campaign, holding dialogues with trade bodies, engaging with government and regulatory bodies, knowledge-sharing with academia, participating in international conferences and exhibitions as well as holding roadshows.

China: LDK Solar Files Suit Against Canadian Solar for Contract Dispute

Sep 1, http://www.ldksolar.com/9-1-10.html

LDK Solar Co., Ltd., a leading manufacturer of solar wafers and PV products, announced today the filing of an objection for an Arbitration before the China International Economic and Trade Arbitration Commission (CIETAC) in Shanghai, China against Canadian Solar, Inc. (CSI), a provider of solar system solutions. LDK Solar also filed a lawsuit to demand compensation from CSI due to the breach of a take-or-pay supply agreement signed by the two companies and the illegal termination of the agreement.

LDK Solar signed the 10-year supply agreement with CSI in 2008. Under the contract, there are comprehensive and precise provisions regarding the price and delivery amounts for the duration of the contract. CSI failed to perform its purchase obligations and ceased making payments. LDK Solar believes the 10-year contract is legal and remains effective, and that CSI's unilateral action constitutes a breach of the contract.

India, Pak request UN, others to appoint Kishenganga umpires

Sep 2, http://www.dnaindia.com/india/report_india-pak-request-un-others-to-appoint-kishenganga-umpires_1432649

India and Pakistan have written to the United Nations and other prominent international bodies to name neutral umpires for efforts to settle their dispute over Jammu and Kashmir-based Kishenganga hydel project

Venezuela: Chavez says government to pay $600 million for stores

Sep 2, http://www.forbes.com/feeds/ap/2010/09/02/business-lt-venezuela-expropriation_7900515.html?boxes=financechannelAP

AP - Venezuelan President Hugo Chavez says his government has reached a $600 million deal to pay for a chain of retail stores and supermarkets that were majority owned by a French company [Casino Guichard Perrachon SA].

Viet Nam: Law boosts effectiveness of arbitration

Sep 3, http://english.vietnamnet.vn/biz/201009/Law-boosts-effectiveness-of-arbitration-933414/

The National Assembly passed the Law on Commercial Arbitration (Law 2010) in June, replacing the 2003 Ordinance on Commercial Arbitration. Law 2010 has extended commercial arbitration to encompass disputes in which at least one party engages in commercial activities and means that arbitration can be used to settle disputes arising from contractual or non-contractual obligations. The expansion of arbitration is a significant innovation and should have arbitration services to meet a wider range of real community needs. Arbitration can not only be used to settle disputes between "organisations and individuals doing business" but also where only one party does business. The number of disputes that go to arbitration are expected to rise once Law 2010 is enacted.

Australia: Woodside faces long delay

Sep 3, http://www.watoday.com.au/business/woodside-faces-long-delay-20100902-14rrc.html

WOODSIDE'S $30 billion Browse liquefied natural gas development could be delayed by a protracted legal stoush after the West Australian government announced it had taken steps to compulsorily seize the Kimberley land for the project.

US: Has Arbitration Become More Burdensome than Litigation?

Sep 1, http://blogs.wsj.com/law/2010/09/01/has-arbitration-become-worse-than-litigation/

Arbitration was once known as a faster, cheaper, better way to settle disputes.

But has the process become as bogged down as conventional litigation?

Possibly, writes Gina Passarella in the Philadelphia Legal Intelligencer on Wednesday. Writes Passarella: "litigators are starting to find the quicker, cheaper, more private aspects of arbitration have turned into lengthy, expensive and often public quasi-trials."

As a result, an increasing number of attorneys are advising clients either to draft narrowly tailored arbitration clauses or to simply take their chances in court.

In the old days, Cozen O'Connor litigator Philip G. Kircher told Passarella, arbitration used to mean a six-month process "from cradle to grave." But as arbitration became more popular, the arbitrators became more sophisticated, which resulted in parties asking more of those arbitrators in terms of complex discovery.

...

New Zealand: Nelson water rates dispute goes to arbitration

Sep 2, http://www.radionz.co.nz/news/regional/55818/nelson-water-rates-dispute-goes-to-arbitration

Tasman District Mayor Richard Kempthorne says he's happy for a water rates conflict to be resolved by an arbitrator.

Three of Nelson's biggest companies are fighting a move by the district council to raise their water rates by more than $1 million a year.

Sweden: SCC welcomes new legal counsels to the Secretariat

Sep 1, http://www.chamber.se/?id=24071

On 1 September Niklas Lindström and Johan Lundstedt begin their respective employments as legal counsels at the SCC Secretariat.

South Africa: Mining industry in decline - An analysis

Sep 1, http://www.politicsweb.co.za/politicsweb/view/politicsweb/en/page71656?oid=196410&sn=Detail&pid=71616

Peter Leon on why the industry actually shrank during the commodity boom. Address by Peter Leon Partner and Co-Head of Mining, Natural Resources and Environmental Law, Webber Wentzel, Chair, Mining Law Committee, International Bar Association to Miners from the Frontiers Conference, Macquarie Connections - Macquarie Capital (Europe) Limited, Grange St. Paul's Hotel, London, September 1 2010

Canada: AbitibiBowater wins NAFTA case vs. Ottawa

Aug 27, http://www.montrealgazette.com/business/AbitibiBowater+wins+NAFTA+case+Ottawa/3448690/story.html

It came as a surprise to many this week that the federal government -and ultimately Canadian taxpayers -will make a payment of $130 million to Montrealbased AbitibiBowater Inc. to compensate for company assets expropriated by the Newfoundland government in that province.

Bangladesh: Exploration in Bay for gas: Petrobangla to sign deal with ConocoPhilips soon

Sep 1, http://nation.ittefaq.com/issues/2010/09/01/news0088.htm

The state-run Petrobangla is set to sign an initial agreement with US based oil giant ConocoPhilips by this month for hydrocarbon exploration in the country's exclusive economic zone for the first time in Bay of Bengal. ... A Maritime boundary dispute with neighbouring India and Myanmar has slowed down the process to sign a final contract with the foreign companies. India lodged a complaint on the block-5 and 10 and Myanmar on the block-11. The block-5 was awarded to Tullow, and block-10 and 11 were awarded to ConocoPhillps. All the other blocks claimed by both of the countries.

To settle the issue Bangladesh lodged arbitration in an international court.

"Now we reach a point that Conoco will explore the undisputed areas of Block 10 and 11," the official said. The PSC (production sharing contract) will be governed by Bangladesh Arbitration Act, he added.

"We accept their proposal to add Singapore's name as arbitration venue," the official said.

...

Indonesia: Oil Spill Team Tells Firm Pay Up or Face Court

August 31, http://www.thejakartaglobe.com/news/oil-spill-team-tells-firm-pay-up-or-face-court/393885

Transportation Minister Freddy Numberi said on Tuesday that the company responsible for last year's Timor Sea oil spill could either pay $2.44 billion in damages or be taken to an international court of arbitration.

PTTEP Australasia, a subsidiary of Thailand's state-controlled PTT Exploration and Production, has been presented a Rp 22 trillion compensation claim by the Indonesian government.

...

UAE: Sharjah International Commercial Arbitration Centre completes third phase of training program for Sharjah arbitrators

Aug 31, http://www1.albawaba.com/news/sharjah-international-commercial-arbitration-centre-completes-third-phase-training-program-shar

The Sharjah International Commercial Arbitration Centre (SICAC), a dispute resolution body operating under the Sharjah Chamber of Commerce and Industry (SCCI), has recently announced completion of the third phase of its integrated training program. The training, which was held in partnership with the Emirates International Law Centre, covered a series of workshops and lectures aimed at improving the arbitration and dispute handling skills of Sharjah based arbitrators. The program is part of SICAC's continued commitment to help reduce and resolve labor and commercial arbitration issues in the emirate while also helping in the efforts to package Sharjah as a safe and attractive investment destination in the Middle East region.

EVENTS

LCIL Friday Lunchtime Lecture: Judicial Decisions as Expropriation - The Implications of Saipem v Bangladesh.

http://www.lcil.cam.ac.uk/news/article.php?section=26&article=1308

Friday 15th October 2010, 13:00

Professor Luca Radicati di Brozolo, Professor of Private International Law, Catholic University of Milan

LCIL Friday Lunchtime Lecture: International Investment Law, Empire and the Environment

http://www.lcil.cam.ac.uk/news/article.php?section=26&article=1313

Friday 19th November 2010

Speaker: Kate Miles, Lecturer in Law, University of Sydney

IAI Conference on Jurisdiction in Investment Treaty Arbitration - 14 October 2010 [pdf]

14 October 2010. Paris, France. http://www.iaiparis.com/dwnld/agenda/IAIConference2010Programme.pdf

Conference organized by the International Arbitration Institute (IAI) on issues of "Jurisdiction in Investment Treaty Arbitration". The Conference will take place in Paris at the Cercle Interallié. Speakers and moderators include: Emmanuel Gaillard, Vicky Pryce, Stanimir Alexandrov, Pierre-Marie Dupuy, Stephen M. Schwebel, Michael Polkinghorne, Peter Turner, Megan Clifford, Roberto Echandi-Gurdián, Jae-Hoon Kim, Laurent Lévy, Doak Bishop, Partner, Yas Banifatemi, Geneviève Bastid Burdeau, Charles Brower, Veijo Heiskanen, Zachary Douglas. Working languages: English and French, with simultaneous translation.

How to Handle Competition Issues in an International Commercial Arbitration: 12 - 15 October 2010

This three-day intensive seminar based on a mock arbitration case will provide critical skills and practical insight into handling arbitration cases primarily under the auspices of the ICC Rules of Arbitration.

3rd St.Gallen International Dispute Resolution Conference, 14-15 October 2010

St.Gallen, Switzerland. http://www.sg-disputeresolution.com/

Organised by the University of St.Gallen in cooperation with the University of Texas School of Law. Speakers and Moderators: Prof. Rachel Brewster, - Prof. Lucius Caflisch, - Ambassador Dr. Christian Etter, - Prof. Susan Franck, - Daniel Hochstrasser, - Prof. Dr. Christine Kaddous, - Prof. Dr. Juliane Kokott, - James Loftis, - Paul Mahoney, - Prof. Dr. Markus Müller-Chen, - Sir Richard Plender, QC. - Prof. Alan Rau, - Dean Lawrence Sager, - Prof. Akio Shimizu, - Dr. John Temple Lang, - Prof. Dr. Peter Van den Bossche, - Edwin Vermulst, - Dr. Michael Waibel, and Prof. Dr. Franz Werro.

International Investment Arbitration - The Need of Change of Legal Regulations, 26 October 2010

26 October 2010, Warsaw, Poland.

The Chairs of the Conference are prof. Andrzej Szumanski, the President of the Court of Arbitration at PCPE Lewiatan and dr Marcin Dziurda, President of the State Treasury Solicitors' Office. The panelists will be: dr Beata Gessel-Kalinowska vel Kalisz, dr Marek Swiatkowski, dyr. Maria Szymanska, mec. Bartosz Kruzewski, dr Andrzej W. Wisniewski, dr Maciej Jamka, mec. Pawel Pietkiewicz, dr Wojciech Sadowski, mec. Wojciech Jaworski, dr Katarzyna Michalowska, mec. Sylwester Pieckowski, dr Maciej Szpunar, prof. dr hab. Stanislaw Soltysinski, prof. dr hab. Grzegorz Domanski, mec. Maciej Laszczuk and mec. Justyna Szpara.

The Conference is a part of the project “Promotion of amicable methods of commercial dispute resolution” co-financed by the European Union Funds within the framework of the European Social Fund. Therefore, the Conference is free of charge. The Conference will be held in Polish and English (simultaneous translation)

Foreign Direct Investment International Moot Competition (FDI Moot) 22-24 October 2010

The 2010 Oral Rounds will be held 22-24 October 2010 at Pepperdine University School of Law in Malibu, Cailfornia (on the Pacific Coast 20-45 minutes north of Los Angeles).

The "FDI Moot Problem 2010" and other information is available on the website http://www.fdimoot.org/

Current Developments in Investment Arbitration

Florida International University College of Law. Miami, Florida. November 5-6, 2010. http://bit.ly/9yOBPA

This seminar will offer an opportunity to US and Latin American arbitrators, practicing attorneys, corporate counsel, government officials, and academics, to discuss a broad range of issues currently at stake in the practice of investment arbitration. The program features several sessions and a showcase debate on the key issues that arise in investment arbitration. A number of well-known experts in the field of investment arbitration will be among the discussants and presenters at this seminar. This event will be hosted at Florida International University College of Law and is co-organized by FIU's Global Legal Studies Initiative and the Instituto Latinoamericano de Arbitraje.

Featured speakers and moderators include: Christian Leathley, Curtis, Mallet-Prevost, Colt & Mosle, LLP; Cristián Conejero Roos, Cuatrecases, Goncalves Pereira; Diego Brian Gosis, Remaggi, Pico, Jessen & Asociados; Ignacio L. Torterola, PTN - ICSID Liaison at the Argentine Embassy in Washington, DC; Marco Schnabl, Skadden, Arps, Slate, Meagher & Flom, LLP; Tomás Solis, Dewey & Leboeuf, LLP; Manuel A. Gomez, Florida International University College of Law; J. Eloy Anzola, Independent Arbitrator / Florida International University College of Law.

Cross-Examination in International Arbitration, 5 November 2010

Grand Hotel Wien, Vienna, Austria, http://www.jurisconferences.com/

Juris Conferences will be putting on a day-long seminar at the Grand Hotel in Vienna on Cross-Examination in International Arbitration. The seminar will be directed toward an expected audience of lawyers with civil law backgrounds who would like to have greater familiarity with the techniques of cross-examination, because it is a major part of international arbitration hearings.

Stockholm conference on Resolving Disputes in Today's China - A Case Study

8 November 2010, Sweden. http://www.sccinstitute.com/?id=23696&newsid=35599

The program revolves around a hypothetical case of a European-Chinese joint venture which has run into problems. Panelists will provide a practical approach and discuss the options available from a dispute resolution perspective, including investor-state arbitration. Corporate counsel will round off with a client perspective on the alternatives as presented throughout the day.

Fifth Annual Lecture on International Commercial Arbitration: 11 November 2010

The annual lecture offers an eminent figure in international arbitration a platform on which to share his or her ideas on novel issues and current trends in international arbitration, while providing practitioners and academics an exclusive opportunity to participate. The 2010 Annual Lecture will feature Yves Derains, Partner, Derains Gharavi & Lazareff.

Guerrilla Tactics in International Arbitration & Litigation, The Fine Line: How to Counter & Employ

Vienna, Austria. November 12 and 13 2010. http://www.icc-austria.org/

The conference will address topical issues that are of interest to arbitration practitioners, in-house counsel as well as forensic experts and investigators. A summary list of topics is provided below.

The registration form included in the detailed conference flyer (featuring legal experts from civil/common law jurisdictions along with investigation and PR experts, representatives of arbitration institutions and in-house counsel) is available at http://www.icc-austria.org/. OGEMID/YOUNG OGEMID members will receive a 10% discount on the registration fee (please state membership on registration form).

Friday, November 12, 2010
Start of registration: 8:15 a.m.

Conference: 10:00 a.m. - 6:30 p.m.

Facing the reality of guerrilla tactics in international arbitration

Facing guerrilla tactics - Sanctions of the tribunal & the threat of setting aside & enforcement proceedings

Facing guerrilla tactics - Investigation, media work & the in-house perspective

Cocktail - Reception & Conference Dinner (side event)

Saturday, November 13, 2010

9:30 a.m. - 1:30 p.m.

Preventing guerrilla tactics in arbitration through state court & institutional support Guerrilla tactics in international litigation

Preventing/Employing "guerrilla tactics" in arbitration and litigation

Cross Border Arbitration & Dispute Resolution

November 15 - 16, London, UK. http://www.informaglobalevents.com/KW8107TDMWB

* Hear from those at the coal face of international arbitration and those advising in the most complex cross border disputes
* Gain a deeper understanding of alternative dispute resolution and a greater commercial pragmatism in resolving commercial disputes
* Benefit from a sophisticated, advanced analysis and comparison of the various arbitration institutions and an update on the very latest institution and arbitration rules
* Hear a thorough update and insightful commentary from exceptional industry speakers and advisers from the very top of their game
Claim your 10% discount to attend this conference. Just quote your VIP Code: KW8107TDM.

Hong Kong International Arbitration Centre 25th Anniversary, 17-20 November 2010

http://www.hkiac.org/25th, Hong Kong

This year marks the 25th anniversary of the founding of the Hong Kong International Arbitration Centre (the “HKIAC”). To celebrate this special occasion, the HKIAC will host a series of events from 17-20 November in Hong Kong.

The festivities will commence on 17 November 2010 with the Kaplan Lecture 2010 and the Opening Reception. This year's Kaplan Lecture will be delivered by Toby Landau QC.

The HKIAC 25th Anniversary Conference will then be held from 18-19 November 2010. The theme for the Conference is "Rethinking International Arbitration". The Opening Keynote Speaker will be Jan Paulsson. The Conference will include many distinguished practitioners from around the world who will serve as presenters or moderators of the various sessions. These include Lord Hoffman, Lord Goldsmith QC, Professor Dr Gabrielle Kaufmann-Kohler, Arthur Marriott QC, Albert Jan van den Berg, David W. Rivkin, Dominique Brown-Berset, Hon. Charles Brower and others.

On 20 November 2010, the HKIAC will organise a mock arbitration co-supported by the ICC Court of International Arbitration and the Chartered Institute of Arbitrators, East Asia Branch.

For more details, please visit http://www.hkiac.org/25th or contact the HKIAC by email at adr (at) hkiac [dot] org or by fax at (852) 2524 2171.

Investment arbitration and EU law, 8 December 2010

Paris, France.

The future of Investment arbitration in EU law is far from clear. The July Communication by the European Commission contributes to the ongoing discussion. On 8 December 2010, the European College of Paris and Prof. Catherine Kessedjian will host a "journée d'étude" on Investment arbitration and EU law as a follow up to the discussions held on 27 April 2009 which were published in November 2009. Papers will be presented in either French or English. There will be no simultaneous translation. Registration will be open around mid October. The full program may be obtained from the organising committee at investmentarb-8-12-2010 (at) hotmail (dot) fr

The 15th Geneva Global Arbitration Forum - Ahead of the Curve. December 8 - 9

December 8 and December 9, 2010. Geneva, Switzerland. http://www.ggaf.ch/

Jacques Werner will be the Chairman of the Conference
Programme:

Wednesday, December 8, 2010Cocktail reception at the Four Seasons Hotel des Bergues


Thursday, December 9, 2010

Conference Information

Dates and Venue:
Wednesday, December 8 and Thursday, December 9, 2010
Four Seasons Hotel des Bergues - 33, Quai des Bergues - 1201 Geneva - Switzerland

Conference Fee:
CHF 900 / US$ 860 / Euro 690. This includes cocktail reception and lunch.

Language:
The proceedings will be in English.

The number of participants is limited and registration will be accepted on a first-come, first-served basis.

The Forum is sponsored by The Journal of World Investment & Trade; The Geneva Post Quarterly; OGEL; TDM
Please visit www.ggaf.ch for updates of the conference programme.

Mauritius International Arbitration Conference 2010

13 and 14 December 2010, Balaclava, Mauritius. www.miac2010.mu

The conference is co-hosted by ICSID, UNCITRAL, the PCA, the ICC, the LCIA and ICCA and will launch the new platform created by the Government of Mauritius for international commercial and investment arbitration after five years of work during which Mauritius has adopted state-of-the art legislation based on the UNCITRAL Model Law; concluded a Host Country Agreement with the Permanent Court of Arbitration at The Hague pursuant to which the PCA has now appointed a permanent representative in Mauritius; and taken steps to open a dedicated and state-of-the art Centre for International Arbitration in co-operation with a leading institution.

The 16th ITF Public Conference: Is There an Evolving Customary International Law on Investment?

May 6, London, United Kingdom. http://www.biicl.org/events/view/-/id/561/

This ITF Public Conference will consider whether there is now an emerging customary international law relating to investment protection. It has been suggested that with over 3,000 investment treaties regulating investment worldwide that some of the substantive protections provided in these treaties have, as Judge Schwebel suggested 'seeped into the corpus of customary international law'. Practitioners, arbitrators and academics will debate which if any of these standards have now been accepted so widely as to comprise customary international law. It is an issue that is being submitted before tribunals in investment cases by counsel and yet there seems to be very little consensus in the investment community. This topic is thus ripe for review and should generate some interesting discussion from members of the Forum.

PODCASTS

IDN 93 - Expressions in Negotiations, Part I: Fear and Contempt

In the first of three parts, Prof. Clark Freshman of Hastings College of the Law and a consultant with the Paul Eckman group, both in San Francisco, explains how he trains people to spot emotions in negotiations. This week, Freshman discusses with IDN host Mike McIlwrath provocations that make negotiators afraid, and which breed contempt. Next episode, he will examine how negotiators conceal their emotions, including dishonesty. And Part III will conclude with a discussion of happiness in negotiations, and what it can mean - which isn't always happy.

IDN 94 - Expressions in Dispute Negotiations, Part II: Happiness

From fear to happiness: Prof. Clark Freshman of Hastings College of the Law and a consultant with the Paul Eckman Group LLC, both in San Francisco, returns to discuss how he trains people to spot emotions in negotiations.

MOVES / JOBS

Shell recruits Peter Rees QC as new legal chief

Oct 5, http://www.legalweek.com/legal-week/news/1740508/shell-recruits-debevoise-litigation-partner-legal-chief

Debevoise & Plimpton litigation partner Peter Rees QC is set to leave the firm to take up a new role as legal director at Shell. Rees, who will join the oil and gas giant on 15 November, will take over as legal director at the beginning of next year when current incumbent Beat Hess retires.

N. Jansen Calamita joins Institute as Senior Research Fellow in International Investment Law and Director of the Investment Treaty Forum

http://www.biicl.org/news/view/-/id/144/

The British Institute of International and Comparative Law is delighted to announce that N. Jansen Calamita has joined them as the Senior Research Fellow in International Investment Law and the Director of the Investment Treaty Forum. Jansen is a Lecturer in International Law at the University of Birmingham, and previously was a member of the Faculty of Law at the University of Oxford and at George Mason University in Virginia. Jansen also has served in the Office of the Legal Adviser in the United States Department of State (International Claims and Investment Disputes), representing the United States before the Iran-U.S. Claims Tribunal and in bilateral investment matters, and in the Office of Legal Affairs at the United Nations as a member of the UNCITRAL Secretariat. Prior to joining the United Nations, he was in private practice in New York, specializing in international arbitration and litigation. Jansen brings considerable experience as both a practitioner and as a scholar to the Institute and will ensure the continuing development of the Institute's highly regarded Investment Treaty Forum (which brings together the leading practitioners, arbitrators and scholars in the field), and will maintain its excellence in applied research in this growing area of international law.

Herbert Smith expands its international arbitration practice with the hire of Christian Leathley

Oct 01, http://www.herbertsmith.com/News/news011010.htm

Herbert Smith LLP has continued the expansion of its highly regarded international arbitration practice with the hire of Christian Leathley. Christian joins the firm as Of Counsel on 18 October 2010 and will be based in Herbert Smith's London office.

Arnold & Porter Expands Its Presence In San Francisco, Silicon Valley

Oct 5, http://www.arnoldporter.com/press_releases.cfm?u=ArnoldPorterExpandsItsPresenceInSanFranciscoSiliconValley&action=view&id=239

Arnold & Porter LLP announced today that patent litigator Bob Taylor and Maria Chedid, an international arbitration lawyer with experience in IP-related disputes and an appellate specialist, have joined the firm in San Francisco.

Herbert Smith appoints Sarah Munro as senior consultant

Sep 2, http://www.theasiachronicles.com/archives/2847

Herbert Smith announced today that it has appointed Sarah Munro as a senior consultant. The appointment takes effect as of 1 September 2010. Based in Herbert Smith's Shanghai office, Sarah will play a key role in the development of the disputes practice across all three offices in Greater China, supporting the further growth of the firm's 20-partner Greater China practice.

BOOKS

Legal Theory of International Arbitration

Emmanuel Gaillard
Publisher: Brill Academic Publishers
Binding: Hardback
ISBN13: 9789004186415
Published: June 2010

International arbitration readily lends itself to a legal theory analysis. The fundamentally philosophical notions of autonomy and freedom are at the heart of its field of study. Similarly essential are the questions of legitimacy raised by the parties' freedom to favor a private form of dispute resolution over national courts, to choose their judges, to tailor the procedure and to choose the applicable rules of law, and by the arbitrators' freedom to determine their own jurisdiction, to shape the conduct of the proceedings and to choose the rules applicable to the dispute.

International Arbitration in Australia

Edited by: Luke Nottage, Richard Garnett
ISBN13: 9781862878051
To be Published: November 2010
Publisher: Federation Press
Country of Publication: Australia
Binding: Hardback
Price: £89.00 - Not Yet Published

Contents:

This is the first book to present a comprehensive picture of international commercial arbitration (ICA) and investor-state arbitration (ISA) from an Australian perspective. Australian experts in international arbitration have played important roles in transforming ICA world-wide since the 1950s into the preferred means of resolving commercial disputes, and some are now helping to lead the way in the burgeoning new field of ISA.

The Australian government has re-emphasised the significance of a vibrant ICA culture by enacting major amendments in July 2010 to the International Arbitration Act (Cth), adopting most of the 2006 revisions to the UNCITRAL Model Law on International Commercial Arbitration as well many other novel provisions. This federal legislation also provides the core for new uniform Commercial Arbitration Acts nation-wide, which apply to domestic arbitrations unless parties agree to conduct them under the International Arbitration Act. Australia's newly harmonised regime aims to align itself more closely with other major arbitral venues, including several now in Asia, and to generate more ICA activity by promoting cost-effective and timely dispute resolution involving considerable deference to party autonomy. The government is also actively concluding bilateral and regional treaties including ISA provisions to protect private investors against excessive host state interference.

This volume brings together leading Australian practitioners and professors to cover all these developments in historical, comparative and practical perspectives. It introduces the legislative history and key features of the 2010 amendments, including perspectives on issues left unresolved by the amendments, as well as the wider statutory and treaty framework. Other chapters analyse the major sets of Arbitration Rules governing arbitrations involving Australian interests, especially those from ACICA (including its Expedited Rules), UNCITRAL (including its new 2010 Rules) and the ICC.

ICSID

Award: Astaldi S.p.A. v. Republic of Honduras (ICSID Case No. ARB/07/32)

Award rendered on September 17, 2010. Available on the ICSID Website.

Award: AES Summit Generation Limited and AES-Tisza Erömü Kft. v. Republic of Hungary (ICSID Case No. ARB/07/22)

Award rendered on September 23, 2010. Available on the ICSID Website.

New: Mr. David Minnotte and Mr. Robert Lewis v. Republic of Poland (ICSID Case No. ARB(AF)/10/1)

Blood treatment and processing facilities. Registered September 14, 2010

New: Standard Chartered Bank (Hong Kong) Limited v. Tanzanian Electric Supply Company Limited (ICSID Case No. ARB/10/20)

Power purchase agreement. Registered October 01, 2010

Renée Rose Levy de Leviv. Republic of Peru (ICSID Case No. ARB/10/17)

Status of Proceeding: Secretary-General fixes time limits for the parties to present observations on the Claimant's request for provisional measures pursuant to ICSID Arbitration Rule 39(5) on September 14, 2010

Standard Chartered Bank v. The United Republic of Tanzania (ICSID Case No. ARB/10/12)

Tribunal constituted September 27: W.W. Park, B. Legum (U.S.), M.C. Pryles

Olyana Holdings LLC v. Republic of Rwanda (ICSID Case No. ARB/10/10)

Tribunal Constituted: September 15: B. Simma, M. Lalonde, B. Stern

Antoine Abou Lahoud and Leila Bounafeh-Abou Lahoud v. Democratic Republic of the Congo (ICSID Case No. ARB/10/4)

Status of Proceeding: Tribunal issues a procedural order concerning the procedural calendar on September 20, 2010

Tidewater Inc. and others v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/10/5)

Claiments file a proposal for disqualification of an arbitrator; the proceeding is suspended on September 28, 2010

RSM Production Corporation and others v. Grenada (ICSID Case No. ARB/10/6)

Status of Proceeding: Claimants file observations on the Respondent's preliminary objections and application for security costs on August 30, 2010

Convial Callao S.A. and CCI - Compañía de Concesiones de Infraestructura S.A. v. Republic of Peru (ICSID Case No. ARB/10/2)

Status of Proceeding: Tribunal holds a first session by telephone conference on September 14, 2010

UAB "ARVI" ir ko and UAB "SANITEX" v. Republic of Serbia (ICSID Case No. ARB/09/21)

Status of Proceeding: Tribunal holds a first session by telephone conference on September 14, 2010

Gold Reserve Inc. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB(AF)/09/1)

Status of Proceeding: Claimant files a memorial on the merits on September 24, 2010

Reinhard Hans Unglaube v. Republic of Costa Rica (ICSID Case No. ARB/09/20)

Status of Proceeding: Tribunal issues a procedural order con 5ac cerning production of documents on October 1, 2010

Pac Rim Cayman LLC v. Republic of El Salvador (ICSID Case No. ARB/09/12)

Status of Proceeding: Tribunal issues a procedural order concerning production of documents on September 27, 2010

International Company for Railway Systems (ICRS) v. Hashemite Kingdom of Jordan (ICSID Case No. ARB/09/13)

Status of Proceeding: Respondent files observations on the Claimant's request for provisional measures on September 16, 2010

Holcim Limited, Holderfin B.V. and Caricement B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/09/3)

Status of Proceeding: parties file a request for the discontinuance of the proceeding pursuant to ICSID Arbitration Rule 43(1) on September 10, 2010

Elsamex, S.A. v. Republic of Honduras (ICSID Case No. ARB/09/4)

Status of Proceeding: Sole Arbitrator confirms the parties' agreement concerning the procedural calendar on September 18, 2010

Millicom International Operations B.V. and Sentel GSM S.A. v. Republic of Senegal (ICSID Case No. ARB/08/20)

Status of Proceeding: Tribunal issues a procedural order concerning provisional measures on September 15, 2010

Malicorp Limited v. Arab Republic of Egypt (ICSID Case No. ARB/08/18)

Status of Proceeding: parties file statements of costs on September 24, 2010

Inmaris Perestroika Sailing Maritime Services GmbH and others v. Ukraine (ICSID 486 Case No. ARB/08/8)

Status of Proceeding: Claimants file a memorial on the merits on September 8, 2010

Marion Unglaube v. Republic of Costa Rica (ICSID Case No. ARB/08/1)

Status of Proceeding: Tribunal issues a procedural order concerning production of documents on October 1, 2010

Ron Fuchs v. Georgia (ICSID Case No. ARB/07/15)

Status of Proceeding: Ron Fuchs files observations on Georgia's application for an unconditional stay of enforcement of the award, and an application for security as a condition of any continued stay of enforcement on September 2, 2010

M. Meerapfel Söhne AG v. Central African Republic (ICSID Case No. ARB/07/10)

Status of Proceeding: parties file statements of costs on September 15, 2010

Giovanni Alemanni and others v. Argentine Republic (ICSID Case No. ARB/07/8)

Status of Proceeding: Claimants file a rejoinder on jurisdiction and admissibility on September 1, 2010

Ioannis Kardassopoulos v. Georgia (ICSID Case No. ARB/05/18)

Status of Proceeding: Ioannis Kardassopoulos files observations on Georgia's application for an unconditional stay of enforcement of the award, and an application for security as a condition of any continued stay of enforcement on September 2, 2010

ABCI Investments N.V. v. Republic of Tunisia (ICSID Case No. ARB/04/12)

Status of Proceeding: Claimant files a request for provisional measures on October 1, 2010

Mobil Exploration and Development Inc. Suc. Argentina and Mobil Argentina S.A. v. Argentine Republic (ICSID Case No. ARB/04/16)

Status of Proceeding: Respondent files a rejoinder on the merits on September 6, 2010

SAUR International v. Argentine Republic (ICSID Case No. ARB/04/4)

Status of Proceeding: Tribunal issues a decision on production of documents on October 4, 2010

Azurix Corp. v. Argentine Republic (ICSID Case No. ARB/03/30)

Tribunal Reconstituted September 23: G. Möller, B. Hanotiau, D.M. McRAE

Camuzzi International S.A. v. Argentine Republic (ICSID Case No. ARB/03/2)

Status of Proceeding: following the resignation of an arbitrator, the Centre notifies the parties of the vacancy on the Tribunal; the proceeding is suspended on September 3, 2010

Ahmonseto, Inc. and others v. Arab Republic of Egypt (ICSID Case No. ARB/02/15)

Status of Proceeding: Secretary-General moves that the Tribunalstay the proceeding for lack of payment of therequired advances, pursuant to ICSID Administrativeand Financial Regulation 14(3)(d)and(e) on October 1, 2010

Urbaser S.A. and Consorcio de Aguas Bilbao Biskaia, Bilbao Biskaia Ur Partzuergoa v. Argentine Republic (ICSID Case No. ARB/07/26)

Proposal for disqualification of an arbitrator is declined; the proceeding is resumed on August 12, 2010.

Available on the ICSID Website: Decision on Claimants' Proposal to Disqualify an Arbitrator (English & Spanish)

Tidewater Inc. and others v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/10/5)

Status of Proceeding: Pending (Tribunal recently constituted)

Carnegie Minerals (Gambia) Limited v. Republic of The Gambia (ICSID Case No. ARB/09/19)

Status of Proceeding: Pending (the Respondent files a proposal for disqualification of an arbitrator; the proceeding is suspended on August 30, 2010)

International Company for Railway Systems (ICRS) v. Hashemite Kingdom of Jordan (ICSID Case No. ARB/09/13)

Status of Proceeding: Pending (the Claimant files a counter-memorial on jurisdiction on August 31, 2010)

Karmer Marble Tourism Construction Industry and Commerce Limited Liability Company v. Georgia (ICSID Case No. ARB/08/19)

Status of Proceeding: Pending (the Claimants file a reply on the merits and a counter-memorial on jurisdiction on August 31, 2010)