issue #04, week 23. 06 June 2012
Prepared by TDM and Aloysius Gng (CEPMLP/Dundee)

TDM News Digest

provides a condensed overview of recent events of interest to the international arbitration community.

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Recent issues:

SCC Continues to Soar

Apr 11, http://www.sccinstitute.com/?id=23696&newsid=43126

2011 proved to be another strong year for the SCC. The SCC's 2011 caseload achieved an increase of cases from the previous year and continued success as the arbitral institution of choice for parties from around the world to resolve international and domestic disputes in a wide range of subject matters.

The SCC registered 199 new cases in 2011, an increase from the 2010 caseload. Of these 199 cases, 58%, or 116 cases, consisted of arbitrations registered under the SCC Rules. Parties also initiated Emergency Arbitrations (2), Expedited Arbitrations (62) and Mediations (6) under SCC rules and requested SCC administrative services in Appointing Experts (6) and Ad Hoc (2) and UNCITRAL Arbitrations (5).

Statistics from 2011: http://www.sccinstitute.com/filearchive/4/43127/The%20SCC%20Continues%20to%20Soar_statistik.pdf

SCC: Swedish Case Law Accessible in English

May 10, http://www.sccinstitute.com/?id=23696&newsid=43426

"The SCC is excited to offer this new service to the international arbitration community as a means to make Swedish case law more accessible to the international community and to increase transparency in arbitration", said Annette Magnusson, Secretary General of the SCC, at the launch of the new Swedish Arbitration Portal.

http://www.arbitration.sccinstitute.com/Swedish-Arbitration-Portal/

SIAC Introduces New Arbitrators' Fee Cap For Disputes Exceeding S$500 million

May 22, http://www.siac.org.sg/

For more details visit the SIAC website

MIGA Welcomes Niger as New Member Country

May 15, http://www.miga.org/news/index.cfm?aid=3316

Multilateral Investment Guarantee Agency (MIGA), the political risk insurance arm of the World Bank Group, announced today that Niger has fulfilled all of its membership requirements to become MIGA's 177th member country.

New ICC Investment Guidelines define investor and government roles

April 23, http://www.iccwbo.org/policy/trade/index.html?id=48114

Download: http://www.iccwbo.org/uploadedFiles/2012_ICC_Guidelines_Intl_Investment.pdf

The International Chamber of Commerce (ICC) has re-issued its Guidelines for International Investment to adapt to new challenges of the international investment environment and to further promote investment as a driver of economic growth.

New LEADR Code of Ethics

Apr 12, http://www.leadr.com.au/

The Board is pleased to announce that it has adopted a new Code of Ethics. This Code replaces the Law Council Ethical Standards for Mediators which the LEADR Board had previously adopted in 2002. The new Code applies to ADR practitioners, including mediators, is written in plain English, aligns closely with the LEADR Constitution and reflects the commitment that LEADR holds to promoting high standards in the delivery of ADR services. With a similar commitment to high standards, the National Mediator Accreditation System requires mediators to adhere to the code of conduct or ethical standards prescribed by the organisation or association with which they have membership. The Board hopes that the new Code will inspire Members to reflect on their practice and serve as a guide for providing both an ethical and a quality service to participants in ADR.

Download: http://www.leadr.com.au/documents/leadr-code_of_ethics-2012.pdf

KLRCA Annual Report 2011

June 4, http://www.rcakl.org.my/scripts/list-posting.asp?recordid=260

KLRCA is pleased to share the publication of the KLRCA 2011 Annual Report.

KLRCA Official Host of Alternative Hearing Centre for Court of Arbitration for Sport

May 8, http://www.rcakl.org.my/scripts/list-posting.asp?recordid=248

Joining an exclusive circle of the select few, the KLRCA has signed an agreement with the Switzerland-based International Council of Arbitration for Sport (ICAS) to serve as the official host of an alternative hearing centre for the Court of Arbitration for Sport (CAS), right here in Kuala Lumpur.

First UNCITRAL Digest of International Commercial Arbitration case law published

May 31, http://www.unis.unvienna.org/unis/pressrels/2012/unisl163.html

UN Information Service - A Digest of Case Law on International Commercial Arbitration will be launched in Singapore on 9 June 2012 by the United Nations Commission on International Trade Law (UNCITRAL). The Digest will be available on the UNCITRAL website and in print. The Digest is being launched at an event organized by the Singapore Ministry of Law, in cooperation with the UNCITRAL Secretariat, at Maxwell Chambers in Singapore.

ICJ: Territorial and Maritime Dispute (Nicaragua v. Colombia) Conclusion of the public hearings - Court to begin its deliberation

May 9, http://www.icj-cij.org/docket/files/124/17012.pdf

THE HAGUE, 9 May 2012. The public hearings in the case concerning the Territorial and Maritime Dispute (Nicaragua v. Colombia) were concluded on Friday 4 May. The Court will now begin its deliberation.

During the hearings, which opened on Monday 23 April 2012 at the Peace Palace, seat of the Court, the delegation of the Republic of Nicaragua was led by H.E. Mr. Carlos José Argüello Gómez, Ambassador of the Republic of Nicaragua to the Kingdom of the Netherlands, as Agent and Counsel; and the delegation of the Republic of Colombia was led by H.E. Mr. Julio Londoño Paredes, Professor of International Relations, Universidad del Rosario, Bogotá, as Agent and Counsel.

The Court's Judgment will be rendered at a public sitting, the date of which will be announced in due course.

ICSID: Railroad Development Corporation v. Republic of Guatemala (ICSID Case No. ARB/07/23) - Public Hearing recordings available

May 30, http://icsid.worldbank.org/ICSID/FrontServlet?requestType=CasesRH&actionVal=OpenPage&PageType=AnnouncementsFrame&FromPage=Announcements&pageName=Announcement106

ICSID transmitted live on its website the public hearing on the merits in the above case, held at the seat of the Centre in Washington, D.C. from December 8 to December 16, 2011. With the agreement of the parties, the video recordings of the hearing in English will remain available on the ICSID website at the link above.

IFC partners with CEDR to tackle board-level disputes in emerging economies

May 3, http://www.cedr.com/news/?387

Experts join forces to empower emerging market businesses with sustainable corporate governance dispute resolution systems

EEA EFTA States submit comments on the proposals regarding Alternative Dispute Resolution and Online Dispute Resolution

May 28, http://www.efta.int/eea/eea-news/2012-05-24-eea-efta-comment-adr-and-odr.aspx

On 24 May 2012, the EEA EFTA States submitted a Comment on the Commission's Proposal for a Directive on Alternative Dispute Resolution and the Commission's Proposal for a Regulation on Online Dispute Resolution to the European Parliament in view of the adoption of a draft report on each of the proposals.

Overall, the EEA EFTA States agree with the intention of ensuring good quality Alternative Dispute Resolution (ADR) as quality ADR entities are the key to achieving confidence in the ADR systems among both consumers and traders and hence contribute to promoting trust in the market place.

The EEA EFTA States however believe that full coverage for all disputes from the sale of goods and provision of services in different market sectors only by those ADR entities that exactly fulfil the criteria specified in the Directive is too ambitious.

The EEA EFTA States are of the opinion that the obligation of Member States to provide access to ADR should be limited only to disputes submitted by the consumer. They are also concerned by the rather short deadline of 90 days to resolve a dispute.

The EEA EFTA States mainly support the proposal to provide information to consumers regarding the possibilities to seek ADR, however, such information should be timely and information overload should be avoided. The EEA EFTA States believe that once the Directive is adopted, cooperation and exchange of best practice between Member States should be facilitated.

Lastly, the EEA EFTA States are of the view that the scope of the Online Dispute Resolution (ODR) platform should remain limited to cross-border transactions and not be extended to domestic disputes. A key factor to success is overcoming the challenge of language. The EEA EFTA States believe that technical solutions for translation are not sufficient and that further assistance would be needed. It is important to the EEA EFTA States that the ODR platform is designed to be compatible with national online ODR facilities.

EFTA and Canada to explore expansion of free trade agreement

May 5, http://www.efta.int/free-trade/free-trade-news/2012-05-11-efta-canada-2nd-jc-mtng.aspx

The Joint Committee noted that the FTA has served economic operators in the EFTA States and Canada well since the entry into force in July 2009. At the same time, the Committee agreed to start exploring the possibility of extending the FTA to areas beyond trade in goods, such as trade in services, investment, government procurement as well as sustainable development, thereby taking into account their latest agreements with third parties.

EFTA and Vietnam start free trade negotiations

May 25, http://www.efta.int/free-trade/free-trade-news/2012-05-25-efta-vietnam-1st-round-of-negotiations.aspx

During the round, constructive initial discussions were held on most topics foreseen to be covered by a future agreement, based on text proposals prepared by the two sides. A range of follow-up work was agreed in preparation for a second round of negotiations scheduled in October 2012.

EFTA Council discusses expanding free trade network

May 16, http://www.efta.int/about-efta/news/2012-05-16-efta-council.aspx

The EFTA Council met on 16 May for their third meeting in 2012 under the chairmanship of Switzerland. The Council discussed free trade relations with several countries outside the European Union including the ongoing negotiations with the Custom Union of Russia, Belarus and Kazakhstan and recent meetings under EFTA's free trade agreements (FTAs) with Canada and Egypt. The Council also prepared the EFTA Summer Ministerial meeting in Switzerland.

EFTA meets with Russia, Belarus and Kazakhstan for fifth round of free trade negotiations

Apr 19, http://www.efta.int/free-trade/free-trade-news/2012-04-19-efta-rubeka-fta-neg-5th-rnd.aspx

Delegations from the four EFTA States and the customs union of Russia, Belarus and Kazakhstan convened from 16 to 19 April 2012 in Geneva to pursue their talks on a broad-based preferential trade agreement.

EFTA-Ukraine free trade agreement enters into force

May 23, http://www.efta.int/free-trade/free-trade-news/2012-05-23-efta-ukraine-fta-agreement.aspx

Following ratification by all Parties, the free trade agreement between the EFTA States (Iceland, Liechtenstein, Norway and Switzerland) and Ukraine will become effective on 1 June 2012.

The agreement between the two sides was signed in Reykjavik, Iceland on 24 June 2010. It has a broad coverage including trade in goods and services, investment, trade facilitation, competition, protection of intellectual property rights and government procurement.

Bilateral merchandise trade between EFTA and Ukraine amounted to USD 1.2 billion in 2011, following an average annual growth of 19% over the last ten years. Ukraine is EFTA's second most important export destination in Europe outside the EU, with fish and pharmaceutical products as main export categories. EFTA's top imports from Ukraine currently are inorganic chemicals.

The free trade agreement will provide new opportunities to economic operators of the EFTA States and Ukraine and will further enhance trade and investment relations between the two sides. For more information please visit the EFTA website: www.efta.int/free-trade.

The EFTA States now have 24 free trade agreements covering 33 partner countries outside the European Union.

Abu Dhabi Chamber: Libyan Economy Minister discusses with the officials of the DED and ADCCI the means of cooperation and the role of the private sector in the economic development

Apr 17, http://www.adcci-uae.com/English/MediaCenter/...

During the meeting, HE Al-Koshly expressed his country's desire in taking advantage of the UAE and Abu Dhabi experience in formulating economic legislations and achieving sustainable economic and social development in Libya.

...

HE Mohammed Omar Abdullah expressed the readiness of the DED in placing its technical and legislative experience in the hands of the Libyan side, especially in issuing licenses, attracting investments, and developing economic laws and regulations which are related to the Libyan business environment in order to enhance the performance of non-oil sectors and develop partnerships with strategic partners.

HE stated that the DED will prepare a comprehensive vision that covers all sectors, and will prepare futuristic economic plans and strategies, as well as provide training for those who operate in the Libyan economic authorities and hold specialized economic workshops that help in realizing the set goals.

HE said that this comprehensive vision will be discusses during the visit of the Libyan Technical Team next month in Abu Dhabi. He stressed that the DED is aware of offering its technical and corporation experiences in serving the Libyan people.

...

Abu Dhabi: Court of Arbitration for Sport to open office

May 11, http://gulfnews.com/sport/other-sports/court-of-arbitration-for-sport-to-open-office-1.1021400?localLinksEnabled=false

Abu Dhabi: The reputation of Abu Dhabi as a sporting capital of the region will be further enhanced when the Court of Arbitration for Sport (CAS) - the highest body that settles disputes in sport - opens an office here tomorrow.

Algeria: Orascom Telecom Algerie Submits Formal Notice of Arbitration Against the Algerian Government

Apr 12, http://www.vimpelcom.com/pr/pr.wbp?id=3818f39a-e8e9-4f83-a580-da428ce623d3

"VimpelCom Ltd", a leading global provider of telecommunications services, announces that earlier today its subsidiary, Orascom Telecom Holding S.A.E. ("OTH"), submitted a formal Notice of Arbitration against the government of the People's Democratic Republic of Algeria in respect of actions taken by the Algerian government against Orascom Telecom Algerie ("OTA"). The claim in the Notice of Arbitration is being made under the arbitration rules of the United Nations Commission on International Trade Law.

In its Notice of Arbitration, OTH asserts that since 2008 its rights under the Agreement on the Promotion and Reciprocal Protection of Investments between Egypt and Algeria have been violated by actions taken by the Algerian government against OTA, including the recent court judgment against OTA and a member of its senior executive team imposing a total fine of 99 billion Algerian Dinar (approximately USD 1.3 billion) and a criminal sentence against a member of OTA's senior executive team.

VimpelCom continues to be open to finding an amicable resolution with the Algerian government that is mutually beneficial to both parties.

OTA is 96.8% owned by OTH, which, in turn, is 51.9% owned by VimpelCom.

Angola rebuilding to attract capital for farms, mining

Apr 20, http://www.reuters.com/article/2012/04/20/us-africainvest-summit-angola-idUSBRE83J0A720120420

Maria de Luisa Abrantes, President of the Angolan Agency for Private Investment (ANIP), also told Reuters that a new investment law passed in 2011 is helping the government approve foreign investment projects more rapidly and monitor their effectiveness more closely.

Arbitration Court of Chelyabinsk Region Denies Magnitogorskiy metallurgicheskiy kombinat OAO's Motion to Lift Injunction Relief Banning Acquisition of Flinders Mines Ltd

Apr 19, http://www.reuters.com/finance/stocks/FMS.AX/key-developments/article/2519482

Reuters - Ms. Egorova has been challenging the legitimacy of the MMK Board of Directors' resolutions with respect to the acquisition of 100% stake in Flinders Mines Ltd. The court's ruling kept in force the injunction relief order restraining MMK from implementing MMK Board's resolutions aimed at acquisition of Flinders Mines Ltd.

Argentina appoints board of nationalized YPF

June 5, http://www.google.com/hostednews/afp/article/ALeqM5hHhsl7edw-DCdwvOXAn7JElTtw-Q?docId=CNG.9a0788c3cfbd4dc44d7d384e474ecbf1.511

AFP - Miguel Galuccio has been named CEO, with the state on Monday selecting 16 board members -- including Deputy Economy Minister Alex Kicillof, seen as the architect of the takeover -- and Repsol appointing just one.

Ana Palacio: Argentina before the law

Apr 22, http://www.sundayszaman.com/sunday/newsDetail_getNewsById.action?newsId=278231

MADRID -- Argentine President Cristina Fernández de Kirchner's decision to renationalize the energy company YPF has raised a virtual tsunami of political diatribes, threats from unexpected places and players, heated commentary from journalists worldwide and public outrage in Argentina, Spain and many other countries.

Ana Palacio, a former Spanish foreign minister, served as vice president of the World Bank and secretary-general of ICSID. She is a member of Spain's Council of State.

EU challenges Argentina's import restrictions

May 25, http://europa.eu/rapid/pressReleasesAction.do?reference=IP/12/503&format=HTML&aged=0&language=EN&guiLanguage=en

WTO http://www.wto.org/english/news_e/news12_e/ds438rfc_25may12_e.htm

Brussels, 25 May 2012 - The EU today launched a challenge to Argentina's import restrictions at the World Trade Organisation in Geneva. Under WTO dispute settlement procedures, the EU is first requesting consultations with Argentina in a bid to have these measures - which negatively affect the EU's trade and investment - lifted. The restrictive measures include Argentina's import licensing regime and notably the procedures to obtain an import licence as well as the obligation on companies to balance imports with exports. This is a first step in the WTO dispute settlement system. If no solution is found within 60 days, then the EU can request a WTO Panel to be established to rule on the legality of Argentina's actions.

"Argentina's import restrictions violate international trade rules and must be removed. These measures are causing very real damage to EU companies - hurting jobs and our economy as a whole", said EU Trade Commissioner Karel De Gucht. "The trade and investment climate in Argentina is clearly getting worse. This leaves me no choice but to challenge Argentina's protectionist import regime and ensure that the rules for free and fair trade are upheld."

The EU has clear concerns in respect of Argentina's import measures which run contrary to WTO rules for a transparent, free and fair trading system. These include:

- Argentina subjects the import of all goods to a pre-registration and pre-approval regime, called the "Declaración Jurada Anticipada de Importación". Since February 2012, this pre-approval requirement is applied to all imports.

- Hundreds of goods also need an import license. On the basis of these procedures, imports are systematically delayed or refused on non-transparent grounds. In early 2011, more than 600 product types were affected by this licence regime, such as electrical machinery, auto parts and chemical products.

- Argentina requires importers to balance imports with exports, or to increase the local content of the products they manufacture in Argentina, or not to transfer revenues abroad. This practice is systematic, non-written and non -transparent. Acceptance by importers to undertake this practice appears to be a condition for obtaining the license allowing imports of their goods. These measures delay or block goods at the border and inflict major losses to industry in the EU and worldwide.

The restrictions which were in place in 2011 affected about €500 million of exports in the same year. As of 2012, the extension of the measures to all products raised the magnitude of the potentially affected trade to all EU exports to Argentina, which amounted to €8.3 billion in 2011. The long-term impact of a negative trade and investment climate is significantly higher.

The EU, together with other major world trading partners, has raised the issue with Argentina repeatedly over the past years without success.

Background

Trade facts and figures

Trade in goods (directly impacted by the restrictive measures and subject to this WTO case)

- EU goods exports to Argentina 2011: €8.3 billion - EU goods imports from Argentina 2011: €10.7 billion

EU imports from Argentina primarily consist of agricultural products (food and live animals, 53%), chemicals (16%) and raw materials (14%), while the EU mainly exports manufactured goods such as machinery and transport equipment, such as cars and car parts (50%) and chemicals (20%) to Argentina.

Trade in commercial services

- EU services exports to Argentina 2010: €3 billion - EU services imports from Argentina 2010: €2.1 billion - The EU has a surplus in services trade with Argentina of € 0.9 billion

Argentina's restrictive measures are extending to more and more sectors; in this regard, the EU is also closely monitoring the services sector and evaluating the extent to which it is affected.

Next steps in WTO dispute settlement procedures

The request for consultations formally initiates a dispute under the WTO dispute settlement understanding. Consultations give the EU and Argentina the opportunity to discuss the matter and to find a satisfactory solution without resorting to litigation.

If these consultations do not reach a satisfactory solution within 60 days, the EU may request that a WTO Panel be established to rule on the legality of Argentina's measures.

Argentina as No Claims-Nation Revealed in Repsol Losses: Energy

May 13, http://www.bloomberg.com/news/2012-05-13/argentina-as-no-claims-nation-revealed-in-repsol-losses-energy.html

Repsol YPF SA (REP), the Spanish oil explorer seeking $10.5 billion from Argentina for seizing its assets, will line up behind companies from Exxon Mobil Corp. to Unisys Corp. yet to be repaid by the most-sued nation on earth.

Argentina Mulls Options After Backtracking On YPF Expropriation - Report

Apr 14, http://www.foxbusiness.com/news/2012/04/15/argentina-mulls-options-after-backtracking-on-ypf-expropriation-report/

BUENOS AIRES - The Argentine government might try to negotiate the acquisition of about 30% of YPF SA (YPF), the country's largest oil company, after shelving a more radical plan to take a controlling interest in the firm, newspaper La Nacion said.

Argentina presses ahead with expropriation

Apr 19, http://www.pe.com/business/business-headlines/20120419-argentina-presses-ahead-with-expropriation.ece

BUENOS AIRES, Argentina - The government showed no signs of backing down Thursday from expropriating a Spanish company's controlling stake in Argentina's formerly state-owned energy company, shrugging off international condemnation while finding overwhelming support for the plan in congress.

Argentina Sends Draft Bill Of YPF Takeover To Lawmakers - Report

Apr 12, http://www.foxbusiness.com/news/2012/04/12/argentina-sends-draft-bill-ypf-takeover-to-lawmakers-report/

BUENOS AIRES - Argentine President Cristina Kirchner has sent a draft bill to her supporters in Congress that would allow the government to take a controlling stake in local oil and gas giant, YPF SA (YPF, YPFD.BA), at the expense of its two largest shareholders, newspaper Clarin reported Thursday.

The legislation would declare 50.01% of YPF's class D shares of "public interest" and subject to expropriation, with compensation to be determined by a special tribunal and the Energy Secretariat, Clarin said, citing the draft.

Argentina to vet mining company imports

May 28, http://www.marketwatch.com/story/argentina-to-vet-mining-company-imports-2012-05-28

MarketWatch - Mining companies with operations in Argentina will be required to submit requests to the government 120 days before importing goods and set up an "import substitution" department to boost buying of locally made goods, the planning ministry said in a statement Monday.

Argentina's Senate Approves Plan To Expropriate YPF

Apr 26, http://www.foxbusiness.com/news/2012/04/26/argentina-senate-approves-plan-to-expropriate-ypf/

Dow Jones Newswires - Argentina's Senate voted in the small hours of Thursday morning to approve President Cristina Kirchner's bill to expropriate YPF SA (YPF, YPFD.BA), the country's biggest oil and gas company. Sixty-three senators voted for the bill, three against and four abstained, leaving no doubt about the popularity of the measure. The legislation now moves to the Lower House of Congress, where it is expected to easily pass next week.

Argentina's Senate Leader Says YPF Natural-gas Company Will Also Be Seized

Apr 19, http://www.bernama.com/bernama/v6/newsworld.php?id=660283

BERNAMA-NNN-MERCOPRESS - Argentina will also seize natural-gas producer YPF Gas SA as part of plans to boost control of its natural resources and increase production - two days after seizing oil producer YPF SA.

"We supposed it was a unit of YPF, but it isn't, it's a separate company," ruling party Senator Anibal Fernandez said yesterday here. "Both companies need to be expropriated." Argentine President Cristina Fernandez seized control of YPF, the country's largest energy company, on Mon April 16 and sent a bill to nationalise the stake.

Argentina's YPF CEO announces $7B investment plan

June 5, http://www.businessweek.com/ap/2012-06/D9V7B55G0.htm

The chief executive of Argentina's newly state-controlled energy company YPF announced an ambitious five-year plan Tuesday, saying it will need to invest up to $7 billion annually to recover from declining oil and natural gas output.

Argentina: 'Disappointed' EU mulling options against Argentina seizure

Apr 17, http://www.expatica.com/es/news/spanish-news/-disappointed--eu-mulling-options-against-argentina-seizure_221819.html

European Commission president Jose Manuel Barroso said Tuesday he was "seriously disappointed" by Argentina's decision to seize a subsidiary of Spanish oil giant Repsol.

Argentina: Boudou assures Argentina is open to trade; backs YPF expropriation

May 8, http://www.buenosairesherald.com/article/100279/boudou-assures-argentina-is-open-to-trade-backs-ypf-expropriation

Vice-President Amado Boudou stressed today Argentina's openness to international trade and defended the government's decision to partially expropriate shares from oil company YPF during a speech at the Council of the Americas held at the US State Department, in Washington DC.

Argentina: Congress validates YPF expropriation

May 24, http://www.buenosairesherald.com/article/101679/congress-validates-ypf-expropriation

Congress yesterday officially validated the decree establishing the expropriation of the energy company YPF and the designation of Federal Planning Minister Julio De Vido and Economy Vice-Minister Axel Kicillof as its trustees.

Argentina: Cuba backs Argentina's YPF oil company expropriation

Apr 20, http://www.reuters.com/article/2012/04/20/cuba-argentina-repsol-idUSN1E83I01T20120420

Cuba says expropriation of Repsol shares a sovereign right; Repsol a key Cuban partner in offshore oil exploration.

Argentina: ENAP recovers revoked Argentine concession

June 1, http://www.marketwatch.com/story/enap-recovers-revoked-argentine-concession-2012-06-01

MarketWatch - Chile's state-owned oil and gas company Empresa Nacional del Petroleo SA, or ENAP, recovered the Southern Argentine concession revoked in March by Chubut province, ENAP said in a statement Friday.

Argentina: IMF says YPF's expropriation is a 'bilateral affair'

Apr 20, http://www.buenosairesherald.com/article/98720/imf-says-ypfs-expropriation-is-a-bilateral-affair

Argentina got its first point in the diplomatic match with Spain over YPF' nationalization. The International Monetary Fund (IMF) decided to call the conflict a "bilateral affair" and "a decision of a sovereign nation," words pronounced by the IMF's Latin America and Caribbean Department Director Nicolas Eyzaguirre during a news briefing at the IMF, World Bank Spring 2012 meetings in Washington.

Argentina: Macri blasts Nat'l gov't for YPF 'confiscation', Subte handover - BuenosAiresHerald.com

May 8, http://www.buenosairesherald.com/article/100276/macri-blasts-nat%E2%80%99l-gov%E2%80%99t-for-ypf-confiscation-subte-handover

Buenos Aires City Mayor Mauricio Macri lashed out at Cristina Fernández de Kirchner administration today for the expropriation of YPF shares and the controversial Subte system handover.

Macri spoke during a press conference held at Buenos Aires City neighbourhood of Recoleta, where he accused the Kirchner's administration of trying to "sink the city" and called the YPF nationalization process a "confiscation."

Argentina: McEwen cautions investors about Argentina decrees

May 18, http://www.miningweekly.com/article/mcewen-cautions-investors-about-argentina-decrees-2012-05-18

TSX-listed McEwen Mining CEO Rob McEwen on Thursday cautioned shareholders that recent energy-industry expropriation and Argentina government policy decrees augured negatively for its San José silver/gold mine and other development projects.

Argentina: Mexico blasts YPF expropriation plans, Chile 'concerned'

Apr 16, http://www.buenosairesherald.com/article/98376/mexico-blasts-ypf-expropriation-plans-chile-concerned

Mexican President Felipe Calderón said the decision to expropriate YPF was not "very responsible nor very rational." The Chilean government also expressed 'concern' after the controversial announcement.

Argentina: Remarks by High Representative Catherine Ashton on Argentina's decision to expropriate the majority stake held by Repsol in YPF pdf

Apr 17, http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/EN/foraff/129568.pdf

Remarks by High Representative Catherine Ashton in the European Parliament on Argentina's decision to expropriate the majority stake held by Repsol in YPF

Last night the Argentinean Government announced that it intends to expropriate the majority stake held by the Spanish company Repsol in the YPF energy company.

This announcement is cause for grave concern. YPF is an important European Union investment in Argentina. A takeover sends a very negative signal to international investors and it could seriously harm the business environment in Argentina.

The measure creates legal insecurity for all European Union and foreign firms in the country. I am also alarmed to note that the President referred, in her speech, to investments in other sectors such as telecoms and banking.

This announcement adds to a number of problematic decisions taken by Argentina over the past few years in the areas of import restrictions and investment policy. The Government of Argentina must ensure compliance with its international commitments on the treatment and protection of investments originating from the European Union.

As a result of this announcement, we have decided to postpone the EU-Argentina Joint Cooperation Committee which had been scheduled to take place on Friday this week. This matter will also be discussed at next Monday's FAC in Luxembourg.

The Spanish government has our full backing in this matter.

The EU Delegation in Argentina has conveyed these concerns to the Government of Argentina. The announcement was only made last night, but the European Commission and the EEAS are studying the Argentinean draft measure so as to determine the next steps. All possible options are being analysed.

Argentina: Repsol Required to Buy Eskenazi YPF Stake

Arp 19, http://www.businessweek.com/news/2012-04-19/repsol-required-to-buy-back-eskenazi-family-s-25-percent-ypf-stake

Spain's Repsol YPF SA (REP), whose YPF unit was nationalized by Argentina this week, agreed in 2008 to buy back the Eskenazi family's shares in that oil company in the event that Repsol loses majority control.

Argentina: Repsol says its lawyers studying YPF expropriation

May 10, http://www.reuters.com/article/2012/05/10/spain-repsol-idUSE8E8CP05G20120510

"Our legal council is working on a definition of the legal path to follow and has already started some actions," the group's Chief Financial Officer Miguel Martinez said during a conference call following the first quarter earnings.

Argentina: Repsol to sue Argentina over YPF seizure

May 15, http://www.reuters.com/article/2012/05/15/repsol-ypf-idUSL5E8GF9RN20120515

Notifies Argentina's president of dispute; Pushing for compensation at ICSID; Argentina has ignored ICSID fines in the past.

Argentina: Repsol wants Argentina to buy remaining YPF stock

May 29, http://www.reuters.com/article/2012/05/29/repsol-strategy-treasury-idUSE8E8FP00S20120529

Reuters - Spanish oil firm Repsol will press Argentina to buy out its remaining shares in energy firm YPF after the Latin American country expropriated a 51 percent stake in mid-April, Chairman Antonio Brufau said on Tuesday.

Argentina: Repsol warns potential YPF investors of lawsuits

Apr 23, http://www.reuters.com/article/2012/04/23/us-repsol-ypf-idUSBRE83M1HT20120423

Reuters - Oil major Repsol warned it could take legal action against companies that invest in YPF after Argentina seized control of the Spanish company's energy unit last week.

Argentina: Repsol will take all legal measures to preserve the value of its assets and interests of all shareholders

Apr 17, http://www.repsol.com/es_en/corporacion/accionistas-e-inversores/hr-YPF.aspx

More info: https://imagenes.repsol.com/es_en/YPF_Expropiacion_ing_tcm11-621728.pdf

Yesterday, the Argentinian Government announced the start of a process of parliamentary approval in Argentina of a law for a change in control in YPF, by which 51% of YPF S.A.'s Class D shares, all of them owned by Repsol, are declared of public interest and subject to expropriation. Also yesterday, a Decree (Decreto de Necesidad y Urgencia) was approved by the Argentinian Government with immediate effect, establishing the administration of YPF, S.A. for a 30-day period and appointing a Minister of the Government as Controller with all the powers of the Board of Directors.

Argentina: Spain hopeful YPF case will end up at Word Bank's ICSID

Apr 26, http://www.buenosairesherald.com/article/99285/spain-hopeful-ypf-case-will-end-up-at-word-bank%C3%A2%E2%82%AC%E2%84%A2s-icsid

Spain's Foreign Minister José Manuel García Margallo said today that the Argentine government plans for the expropriation of YPF shares will end up a case at the World Bank International Centre for Settlement of Investment Disputes (ICSID).

Argentina: Spain slams Argentina amid escalating oil dispute

Apr 13, http://www.timesunion.com/news/article/Spain-slams-Argentina-amid-escalating-oil-dispute-3477594.php

AP - Spain warned Argentina on Friday it risks becoming "an international pariah" if it tries to wrest control of energy company Repsol's majority stake in its South American YPF unit.

Argentina: Timerman says De Gucht's statements on YPF are 'unacceptable'

Apr 26, http://www.buenosairesherald.com/article/99293/timerman-says-de-guchts-statements-on-ypf-are-unacceptable

"I find your criticism to our country's trade policies unacceptable," Timerman said in a letter he sent De Gucht, in which he said the European official's statements represent an "overreaction."

Argentina: Uruguay Supports Argentina's Seizure Of Spain's YPF Oil & Gas Co

May 7, http://www.bernama.com/bernama/v6/newsworld.php?id=664184

BERNAMA-NNN-MERCOPRESS -- Uruguayan Foreign Minister Luis Almagro backed Argentina's controversial decision to nationalise the country's biggest oil company YPF arguing countries' right to recover a strategic market is "indisputable".

Argentina: YPF dispute in calmer waters: Argentina yields and Repsol CEO calls for dialogue

Apr 15, http://en.mercopress.com/2012/04/15/ypf-dispute-in-calmer-waters-argentina-yields-and-repsol-ceo-calls-for-dialogue

The CEO from Spain's main oil corporation Repsol, Antonio Brufau said that there should be no speeches or attempts to impose, but rather more dialogue, in direct reference to the ongoing conflict with the Argentine government over the possible takeover of the YPF branch.

Argentina: YPF head sold shares before expropriation

Apr 26, http://www.ft.com/intl/cms/s/0/cf5cd954-8f79-11e1-98b1-00144feab49a.html

The head of Repsol in Argentina sold shares in the Spanish oil group ahead of Buenos Aires nationalising its YPF subsidiary, a move that saw the value of the company tumble by more than a third.

Argentine Bill To Takeover YPF Company Will Be Law Next Week

Apr 27, http://www.bernama.com/bernama/v6/newsworld.php?id=662258

BERNAMA-NNN-MERCOPRESS - The committees of Argentina's Lower House of Congress are currently debating to clear the YPF oil and gas company expropriation bill which has been approved by the Senate.

Argentine lawmakers approve YPF takeover

May 4, http://www.ntn24.com/news/news/argentine-lawmakers-approve-yp-13092

Argentine lawmakers approved by a wide margin Thursday the takeover of Spanish-owned oil company YPF, sealing a measure that has roiled the country's trade ties with Europe.

Argentine: EU Steps Up Challenge to Argentina's Policies

May 25, http://online.wsj.com/article/SB10001424052702304840904577424443455858220.html?mod=googlenews_wsj

BRUSSELS-The European Union on Friday is expected to file a complaint at the World Trade Organization challenging Argentina's import regulations, part of a plan to pressure President Cristina Kirchner on a range of policies that are angering the world's largest economies.

Armenia: Arbitrator Annuls Joint Venture Agreement for Marjan Project

Apr 5, http://calderaresources.com/

Caldera Resources Inc. received a negative decision from the Arbitrator on its claim filed against Global Gold Corporation relating to the joint venture agreement between the parties.

The Board has received advice that there are elements in this case, which include misconduct, partiality and exceeding authority by the Arbitrator, that could give rise to a successful application to vacate (or overturn) the award. Under New York law Caldera has 90 days from the date of the "final" award to move to vacate.

In light of this, Caldera will be making arrangements to file a motion to vacate or modify the award. More details will be forthcoming over the next few days. Arbitration awards must be confirmed by a Court to become effective. Once Caldera's motion to vacate is filed, the Court will need to settle the claims before an award can be confirmed. Caldera thus maintains its rights to the Marjan Project in Armenia under the Joint Venture Agreement, pending a Court hearing of its anticipated motion.

Meanwhile, Caldera's President and CEO, Mr. Bill Mavridis has tendered his resignation as officer and Director of the Company. He has agreed to assist the Board during this transition period.

Caldera's Board of Directors is working to ensure that this transition period is properly managed for all of the Company's stakeholders. Caldera will review additional opportunities in Canada and elsewhere and intends to continue to explore its 100% owned Marjan West Project in Armenia.

The 19 kilometer square Marjan West Project is an excellent exploration target as it has a prophyritic tonalite as well as kaolinitic alteration and copper mineralization. The license for the project is held by Biomine LLC, which is owned 91% by Caldera. This project is not subject to this arbitration.

The Arbitration Award

The Arbitrator's Award which was issued on March 29, 2012 focused on whether the precedent conditions for establishing the joint venture were met. The Arbitrator's award states that:

(1) The property should revert to GGM within thirty (30) days from the date hereof. Obviously, GGM may cause the appropriate governmental bodies in Armenia to register the property in GGM's name.

(2) Any sums actually paid by Caldera to GGM, should be returned to Caldera. Said sums should be returned within thirty (30) days from the date hereof. (3) As to any sums spent by Caldera on the property, Caldera shall be entitled to a Net Smelter Royalty 0.5 % for each tranche of $1,000,000 actually spent on the property.

The Marjan West Project

Caldera's independent geologist and Qualified Person, Mr. Ricardo Valls, M.Sc., P.Geo., identified the potential target of the Marjan West property by completing the interpretation of a satellite data. Mr. Valls, together with the local staff in Armenia, visited and sampled selective outcrops within the limits of the license last exploration season. The property has never been systematically explored in the past.

The Qualified Person's review of the license area indicates that the Marjan West Project has a prophyritic tonalite as well as kaolinitic alteration and copper mineralization. Caldera has presented an exploration plan to the MENR and is waiting for final approval.

Australia: High Court hearing commences - Tomorrow, Allan Myers QC will argue on behalf of BAT that the Tobacco Plain Packaging Act (TPP) legislation is unconstitutional

http://www.plainpack.com/news/high-court-hearing-commences.aspx

Press release - The hearing for British American Tobacco's (BAT) challenge against the Tobacco Plain Packaging Act (TPP) will begin tomorrow before the seven High Court Judges in Canberra.

Allan Myers QC will argue on behalf of BAT that the TPP legislation is unconstitutional due to the fact the Commonwealth is trying to acquire our valuable intellectual property without compensation.

The High Court proceedings brought by BAT will operate as a "test case" on the validity of the TPP Act relating to various property rights of our two brands, Winfield and Dunhill. If successful the decision should apply to other property and brands sold by BAT.

BAT spokesperson Scott McIntyre said BAT would obviously prefer not to be in a position where we're forced to take the Federal Government to court but unfortunately they've taken us down the legal path.

"As a legal company selling a legal product we have continually said we will defend our property on behalf of our shareholders as any company would," Mr McIntyre said.

"We're very grateful that the High Court has facilitated the hearing to occur so quickly after we commenced proceedings in December 2011.

"Obviously we have the utmost respect for the seven judges and all parties involved and we will continue to observe High Court protocol which is not to discuss proceedings before the court in the media.

"There has been much interest in the plain packaging debate and the pending High Court hearing which is now upon us.

"We ask that the media continue to be understanding as we endeavour to keep everyone informed while still respecting the protocols and convention of the court."

To view BAT's full submission which contains key arguments of our case please see the following link - http://www.hcourt.gov.au/cases/case-s389/2011

Baja Mining Receives Request for (LCIA) Arbitration from Louis Dreyfus

May 24, http://www.bajamining.com/static/news/NR26_2012-05-25_Final.pdf

Baja Mining Corp. announces that it has been advised by Louis Dreyfus Commodities Metals Suisse, S.A. ("LDCMS") that LDCMS has filed a Request for Arbitration with the London Court of International Arbitration pursuant to section 7.2 of the September 28, 2010 Convertible Cost Overrun Facility Agreement between Baja and LDCMS (the "COF"). In its Request for Arbitration, LDCMS seeks among other relief, a declaration that the COF is terminated and damages. The Company believes LDCMS's claims are without merit, and will defend the claims vigorously.

The COF is a US$35 million equity cost overrun facility agreed to with LDCMS in the form of an irrevocable letter of credit. Should the Company utilize this equity cost overrun facility, LDCMS will be issued common shares of the Company to the equivalent value of the amounts drawn under the facility, based on a value of Cdn$1.10 per common share, translated at the prevailing exchange rate.

Bangladesh can attract FDI through strengthening arbitration process

May 9, http://www.thefinancialexpress-bd.com/more.php?news_id=129098&date=2012-05-09

Bangladesh can attract huge FDI through strengthening its investment arbitration process and dispute resolution and increasing deals with foreign countries. IISD will provide training, financial and technical assistance to explore the country's investment opportunity, said experts at a workshop Tuesday.

Bangladesh International Arbitration Centre (BIAC) offers special facilities to NBR, SMEs

Apr 22, http://www.thefinancialexpress-bd.com/more.php?news_id=127412&date=2012-04-22

Bangladesh International Arbitration Centre (BIAC) will offer special facilities to SMEs and the newly-established NBR alternative dispute resolution.

"We are ready to offer our BIAC facilities for the NBR and also to SME arbitration and mediation," Mahbubur Rahman, Chairman of BIAC said Saturday at a dialogue titled 'ADR to promote trade and investment' held in a city hotel.

BIAC organized the event on the occasion of its 1st anniversary, where the Chief Guest was Shafique Ahmed, Minister for Law, Justice and Parliamentary Affairs.

See also "Govt to update arbitration law" http://www.thedailystar.net/newDesign/news-details.php?nid=231073

Belarus should have best investment conditions in world, Lukashenka says

May 8, http://naviny.by/rubrics/english/2012/05/08/ic_news_259_392721/

The nation should have a "directly applicable" investment law that would not require additional instructions and directives by the Council of Ministers, the Belarusian leader said.

"It is important to create conditions that would make it advantageous for investors to keep their profits in Belarus instead of taking them abroad," he said.

Bolivia terminates bilateral investment treaty with U.S. as Pakistan questions FIPA negotiations with Canada

May 23, https://www.federalregister.gov/articles/2012/05/23/2012-12494/notice-of-termination-of-united-states-bolivia-bilateral-investment-treaty

The Government of Bolivia has delivered to the United States a notice of termination for the bilateral investment treaty between the two countries, a termination that will take effect on June 10, 2012. As of June 10, 2012, the treaty will cease to have effect except that it will continue to apply for another 10 years to covered investments existing at the time of termination (June 10, 2012).

Bolivia: Evo Morales nationalises a Spanish electric company

May 5, http://www.economist.com/node/21554216

WHEN Labour Day came and went in Bolivia on May 1st 2011, investors breathed a sigh of relief. Evo Morales, the president, had announced a nationalisation on the holiday every year since he took office in 2006. But last year he chose instead to repeal and symbolically bury a copy of the 1985 decree that began a series of pro-market reforms. Most observers assumed he was done with expropriations.

Bolivia: Jindal Steel and Power Limited loosing hope on Bolivia plans - Mr Maroo

May 28, http://www.steelguru.com/indian_news/JSPL_loosing_hope_on_Bolivia_plans_Mr_Maroo/265745.html

Mr Maroo said Jindal Steel and Power Limited's (JSPL) Bolivian subsidiary has invested USD 100 million over the last few years for production of iron ore, development of infrastructure and CSR however, without any firm commitment on gas availability the investments are not of much use.

Bolivia: Red Eléctrica defends its management in Bolivia and trusts it will receive adequate compensation for TDE

May 2, http://www.ree.es/ingles/sala_prensa/web/notas_detalle.aspx?id_nota=234

In lieu of the announcement of the Government of Bolivia to nationalize the company TDE, Red Eléctrica, which owns 99.94% of the capital, respects their sovereign decision regarding the structure of the country's power sector, provided that this process meets international principles of law.

Red Eléctrica, which makes itself available to the Government of Bolivia to start the pertinent negotiations, trusts that it will reach an agreement to achieve adequate compensation and thus defend the interests of its shareholders, both national and international. It will be a negotiation marked by transparency regarding the management and the financial statements of Red Eléctrica in Bolivia, backed by both the corresponding Bolivian authority and multinational auditing companies of international recognition, who have audited the company annually.

Since the acquisition of TDE, Red Eléctrica has made a major investment effort in Bolivia. To the figure of more than 74 million dollars invested from 2002 to 2011, of which 69 correspond to transmission grid projects, another 14 million dollars needs to be added and which have been allocated to projects already commenced, totalling an amount in excess of 88 million dollars.

This amount is close to the price paid by Red Eléctrica for TDE when it acquired it in 2002 for a total of 91 million dollars, thereby reflecting the company's commitment towards the development of Bolivia.

However, the decrease in the rate of investment in recent years is due to the fact that since 2008 new grid developments are awarded by law to the national public company ENDE, whereby the investment by Red Eléctrica is limited to the maintenance and modernization of existing facilities. That is to say, they respond to a decision of the Government of Bolivia and not a unilateral decision by the Company.

These investments have placed the Bolivian high voltage grid within standards of quality recognized internationally, as evidenced by the minimum incidence of supply interruptions in the grid managed by Red Eléctrica.

Bolivia: The Chairman of Red Eléctrica travels to La Paz to meet with the Government of Bolivia

May 3, http://www.ree.es/ingles/sala_prensa/web/notas_detalle.aspx?id_nota=236

The Chairman of Red Eléctrica, José Folgado, will travel next Monday to Bolivia to meet in La Paz with the Minister of Hydrocarbons and Energy, Juan José Sosa.

This will be the first contact of the executive directors of the company with representatives of the Bolivian government to discuss the situation created after the nationalization of Red Eléctrica's subsidiary TDE (Transportadora de Electricidad), and to begin the pertinent negotiations to achieve adequate compensation and thus defend the interests of its national and international shareholders.

Mr. Folgado will defend the investments made and the improvements carried out by Red Eléctrica to the Bolivian transmission grid since it acquired TDE in 2002.

Since the acquisition of TDE, Red Eléctrica has made a major investment effort in Bolivia. To the figure of more than 74 million dollars invested from 2002 to 2011, of which 69 correspond to transmission grid projects, another 14 million dollars needs to be added and which have been allocated to projects already commenced, totalling an amount in excess of 88 million dollars.

This amount is close to the price paid by Red Eléctrica for TDE when it acquired it in 2002 for a total of 91 million dollars, thereby reflecting the company's commitment towards the development of Bolivia.

According to the 2011 TDE accounts approved at the General Meeting, the net equity of the company totals 1.151 million Bolivian bolivianos (around 164 million dollars), whilst in 2010 it was 150 million dollars. Moreover, the accounts reflect a high level of soundness of the Bolivian company with leverage of 25%, low figure for an electric infrastructure company.

Brazil: Expropriation Approved for Slave Labor Properties

June 1, http://globalvoicesonline.org/2012/06/01/brazil-expropriation-approved-for-slave-labor-properties/

In order to combat exploitative slave labor, the Brazilian Congress approved the Proposal of Constitutional Amendment Number 438 (PEC 438) last May 22, 2012. The approved proposal, ensures the immediate expropriation of properties without right to compensation where "the government's inspectors prove the existence of slave labor or similar forms of exploitation of manpower in certain properties, whether rural or urban".

Brazil: Lakeland Industries Announces Decision in Brazilian Arbitration

May 15, http://www.sec.gov/Archives/edgar/data/798081/000114420412028726/v313191_8k.htm

Lakeland Industries, Inc. and its wholly-owned subsidiary, Lakeland Brasil S.A. ("Lakeland Brasil" and together with Lakeland Industries, Inc., the "Company") are parties to an arbitration proceeding in Brazil involving the Company and two former officers (the "former officers") of Lakeland Brasil. On May 8, 2012, the Company received notice of an arbitral award in favor of the former officers as described below. The Company plans to file on the date hereof a request for clarification of the award that may result in a modification of the award. The award will not be final until the motion for clarification is decided, after which the Company may still file a lawsuit to set aside the award in a State Civil Court in Brazil. The filing of the motion for clarification will stay enforcement of the award. Given the difficulty in modifying or setting aside arbitration awards, there can be no assurance that the Company will be successful in achieving any significant modifications to the arbitration award or to have it set aside.

The arbitration proceeding arose out of the acquisition by the Company in 2008 of Qualytextil, S.A., a company of which the former officers were owners. In connection with the acquisition, the Company entered into management agreements with the former officers and agreed to pay the former officers a supplemental purchase price payment ("SPP"), calculated based upon the 2010 EBITDA of the acquired company, subject to a cap (the "Maximum SPP"). Based upon actual results for 2010 as contractually specified, the Company determined that no SPP would be payable. Contractual provisions further provided for the former officers to be paid the Maximum SPP in the event that either of them were terminated by the Company without cause even if a SPP would not otherwise be payable. In May 2010, the Company terminated the former officers for cause.

In the arbitration proceeding, the former officers sought a determination that they were terminated by the Company without cause and, therefore, entitled to be paid their portion of the Maximum SPP and the monthly remuneration that they would have been paid from the date of termination through the end of their contractual employment period on December 31, 2011. On May 8, 2012, the Company received the arbitration decision which accepted the former officers' requests to declare that their employments were terminated without cause and determined that, among other things, the non-compete clauses of each of the stock purchase agreement and management agreements were null and non-applicable. The Company was ordered to pay to the former officers damages representing their portion of the Maximum SPP in the aggregate amount of R$18,037,500 (approximately US$9 million at current exchange rates) and monthly remuneration from the date of termination through December 31, 2011, which the Company estimates at an aggregate amount of R$1,150,000 (US$580,000). The arbitration panel further ordered that the Company pay the former officers approximately R$450,000 (US$226,000) from an escrow account established in connection with the acquisition and the Company is responsible for payment of 85% of the costs and arbitrators' fees associated with the arbitration.

If the Company is unable to have the arbitral award set aside or if TD Bank were to determine that the initial arbitration decision is reasonably likely to have a Material Adverse Effect on the Company, as such term is defined under the Company's loan and security agreement with TD Bank (the "Loan Agreement"), it would cause an event of default under the Loan Agreement which would allow TD Bank, at its option, to accelerate the loan. Furthermore, any write-downs resulting from the decision, whether or not final, would result in a failure to comply with the financial covenants under the Loan Agreement and thus be an event of default thereunder, which would allow TD Bank, at its option, to accelerate the loan. There is currently approximately $14,789,000 outstanding under the Loan Agreement. In addition, depending upon future events, the Company may be required to write-off goodwill associated with its Brazilian operations.

The Company strongly believes that the arbitration decision is inconsistent with the underlying facts. The Company has worked with, and relied upon the advice of, leading law firms in Brazil since the acquisition in 2008, including with respect to the preparation and negotiation of the management agreements and the non-compete clauses contained therein, the determination that certain actions of the former officers constituted cause allowing for their termination of employment, and its determination to institute an arbitration proceeding against the former officers. The Company is continuing to work with counsel to determine and evaluate its options, in addition to those as described above.

The Company further believes that its available resources, together with additional outside funding through debt or equity financings or asset sales, will enable it to satisfy any potential award adverse to the Company and continue its operations on a viable basis.

Bulgaria Defeated in Court by Viva Ventures over Telco Deal

May 16, http://www.novinite.com/view_news.php?id=139418

Bulgaria has lost a lawsuit against Viva Ventures, a subsidiary of London-based equity fund Advent International, which acquired a 65% stake in the state Bulgarian Telecommunications Company (BTC), in a widely criticized deal in 2004.

The International Arbitration Court in Paris ruled that Viva Ventures has abided by its commitments to the telco workforce, as envisaged in the contract for its sale.

Bulgaria: Proodeftiki Technical Co SA Awarded Compensation By ICC Arbitration Court

May 18, http://www.reuters.com/finance/stocks/PROr.AT/key-developments/article/2543815

Proodeftiki Technical Co SA announced that the ICC (International Chamber of Commerce) Arbitration Court, awarded a compensation of EUR 746,620.04 to the Company, to be paid by the Ministry of Regional Development and Public Works and the Organisation of Road Infrastructure of Bulgaria.

Burma Govt Wants Investment Focus Away from Natural Resources

June 2, http://www.irrawaddy.org/archives/5642

Burma's Energy Minister Than Htay on Friday told a Bangkok audience of international business leaders and government officials that the government wants to change the country's foreign investment focus away from oil and gas toward more job-intensive sectors.

"Huge amounts of foreign investment are likely to come," said the minister, but nonetheless "the government wants to replace resource-based foreign investment with production-based investment."

Canada - Papua New Guinea: Nautilus dispute with the State of PNG

June 1, http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=528424&_Type=News-Releases&_Title=Nautilus-dispute-with-the-State-of-PNG

Nautilus Minerals advises that it is in dispute with the Independent State of Papua New Guinea (the State) as to the parties' obligations to complete the Agreement entered into on 29 March 2011. Nautilus has initiated the dispute resolution process provided for in the Agreement, which may lead to a referral of the dispute to arbitration if it can not be resolved through further discussions amongst senior representatives of the parties over an initial 10 day period.

The State exercised its option under the Agreement to acquire a 30% interest in the Solwara 1 Project through its nominee, a subsidiary of Petromin PNG Holdings Limited. However, the State asserts that Nautilus has not met certain obligations on which completion is dependent, and that Nautilus has breached the Agreement. Nautilus refutes these assertions.

As previously disclosed, under the Agreement the State's nominee (Petromin subsidiary) must pay (among other amounts) its share of costs incurred in the development of the Project up to completion to acquire its Project interest (see links section for full press release). Unless and until the dispute is resolved, completion will be delayed or may not occur and Nautilus must continue to carry these costs. This may lead to Nautilus needing to slow or defer the build program for Project equipment, which would have consequential impacts on the scheduled commencement of operations and overall Project costs.

Nautilus will provide a further update, including as to any slowing or deferral of the build program, in due course following any further developments.

Canada to Improve Transparency in Foreign Takeover Reviews

Apr 27, http://www.bloomberg.com/news/2012-04-27/canada-will-allow-public-comments-on-investment-review-process.html

Canada plans to change its foreign takeover legislation to make reviews more transparent as it seeks to assure business the country remains open to investment.

Canada: Boss Power to Finalize Settlement with BC Government

May 18, http://www.bosspower.ca/s/NewsReleases.asp?ReportID=525817&_Type=News-Releases&_Title=Boss-Power-to-Finalize-Settlement-with-BC-Government

Boss Power Corp. is pleased to announce that it is working collaboratively with the Province of British Columbia to finalize the closing of the settlement announced October 20th, 2011 in the matter of the expropriation of the Blizzard Uranium Properties east of Kelowna. The material terms of the settlement include a payment to Boss Power Corp. of $30,000,000 plus taxable costs and disbursements in return for the surrender or transfer of the Blizzard Uranium Properties.

The company has clear title to the Blizzard Mineral Claim which hosts a well-known uranium resource subject of a detailed positive engineering evaluation by Kilborn Engineering in the late 1970's. On May 30, 2007, the Company filed an NI 43-101 compliant Technical Report on the Blizzard deposit prepared by Dr. Peter A. Christopher, Ph.D., P.Eng. in which the Kilborn historical reserve calculation of 2.2 million tonnes grading 0.214 percent U3O8, using a cut-off grade of 0.025% U3O8 and 15% mining dilution (for an estimated 10.4 million pounds of U3O8) was re-classified into an indicated and inferred resource to reflect current usage. The negotiated settlement of the lawsuit was predicated on detailed technical valuations of this resource.

As the parties worked towards finalizing the settlement it became apparent that a third party interest existed in properties peripheral to the Blizzard Mineral Claim and which the Province required surrendered in addition to the tenures owned outright by the Company. These properties are held in trust by the Company's subsidiary Blizzard Uranium Corp. as part of the original acquisition of the surrounding tenures. The Company has now made reasonable commercial efforts to compensate the tenure holder for his interest in these claims which are not known to host any proven mineral resource. No compensation has been agreed upon.

The company has now gained the support of the Province to refer the matter of these peripheral mineral claims and all other potential claims that may exist against the collective Blizzard Uranium Properties to mediation.

The Company has advised potential claimants that royalties have been frustrated by the government expropriation.

Boss Power Corp. has taken tax advice as to the application of the proceeds of the settlement and is actively seeking resource project acquisitions to build shareholder value.

Canada: Cline Mining Corporation files suit against the Province of British Columbia for expropriation of coal properties

May 29, http://www.newswire.ca/en/story/982647/cline-mining-corporation-files-suit-against-the-province-of-british-columbia-for-expropriation-of-coal-properties

CNW - Cline Mining Corporation has filed a notice of civil claim (the "Claim") dated May 28, 2012 in the Supreme Court of British Columbia against the Province of British Columbia (the "Province") with respect to Cline Mining's Lodgepole, Sage Creek and Cabin Creek coal properties located in the Flathead Valley in Southeastern B.C. and the Province's passing of the Flathead Watershed Area Conservation Act (the "Act").

Canada: First Point Minerals Corp. announces that it has served notice of arbitration on Cliffs Natural Resources Exploration Canada Inc.

May 5, http://www.firstpointminerals.com/s/NewsReleases.asp?ReportID=523283&_Type=News-Releases&_Title=Cliffs-Refuses-to-Provide-First-Point-with-Key-Data

First Point Minerals Corp. announces that it has served notice of arbitration on Cliffs Natural Resources Exploration Canada Inc. and Cliffs Natural Resources Exploration Inc. (collectively "Cliffs") over Cliffs' refusal to provide First Point with information prepared by their consultants with respect to the Decar Nickel-Iron Alloy Project in British Columbia.

...

Canada: Mercer International Inc. Files Arbitration Request Under Nafta Seeking $250 Million in Damages From the Government of Canada

May 1, http://www.mercerint.com/i/pdf/news/2012-05-01_NR.pdf

Actions by BC Hydro and the BC Government disadvantage Mercer's Celgar Pulp Mill

Mercer International Inc. today announced it has served a Request for Arbitration (the "Arbitration Request") on the Government of Canada for breaches by it of its obligations under the North American Free Trade Agreement ("NAFTA").

Canada: Nautilus identifies potential delay to Vessel Build

June 1, http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=528418&_Type=News-Releases&_Title=Nautilus-identifies-potential-delay-to-Vessel-Build

Nautilus Minerals announces that there may be a delay in the finalisation of funding for the vessel to be used in connection with its Solwara 1 Project and a potential consequential delay to the program for the vessel build. In turn, this may result in a delay to the commencement of operations at Solwara 1.

Nautilus and its strategic partner, Harren & Partner, have been negotiating the terms of third party financing related to the production support vessel for its first development project, Solwara 1, in Papua New Guinea. The vessel is planned to be owned and operated by the joint venture company (Vessel JV) to be formed by the parties (see links section for full press release).

Harren & Partner has advised that it will no longer be able to contribute the full amount of the equity to the Vessel JV contemplated by the Agreement signed by the parties in April 2011. The change to Harren & Partner's position, linked to a tightening of banking rules in the current European crisis and the depressed shipping market, may delay the finalisation of the terms of the third party funding and result in a consequential delay to the program for the vessel build.

Harren & Partner and Nautilus continue to work together to resolve the change in funding requirements, which includes evaluating alternative vessel and associated funding solutions.

Canada: Nautilus shares plunge as it warns of likely delay to Solwara 1 project

June 1, http://shares.telegraph.co.uk/news/article.php?id=4382068&epic=NUS

Nautilus has initiated the dispute resolution process, which may lead to a referral of the dispute to arbitration if it can not be resolved through further discussions amongst senior representatives of the parties over an initial 10 day period.

Canada: New Centre Aims to Help Make Canada a Seat for International Arbitration

Apr 16, http://arbitrationplace.com/

Arbitration Place, a fully integrated state-of-the-art arbitration hearing centre in the heart of Toronto's financial district, will formally open its doors April 18, 2012, with some of Canada's most distinguished arbitrators.

Arbitration Place, which will host both domestic and international arbitrations, will serve as the Canadian home for major international institutions such as the London Court of International Arbitration, and ICC Canada, the Canadian National Committee of the International Court of Arbitration of the International Chamber of Commerce.

Resident Arbitrators who will be on the premises include Yves Fortier, past President of the London Court of International Arbitration and ranked as one of the leading arbitrators in the world; the Honourable Ian Binnie, former Justice of the Supreme Court of Canada; the Honourable Coulter A. Osborne, former Associate Chief Justice of Ontario; Stanley G. Fisher, a member of ICC Canada, and Thomas G. Heintzman, former president of the Canadian Bar Association.

More info http://arbitrationplace.com/

CEZ Ready For Arbitration, Legal Battles In Albania

May 10, http://www.foxbusiness.com/news/2012/05/10/cez-ready-for-arbitration-legal-battles-in-albania/

PRAGUE - Czech power company CEZ AS is working to resolve pricing issues in Albania but while it may be able to reduce the size of its loss later this year it doesn't expect to post a profit there in 2012, the company's finance chief said Thursday.

Chili: Permit decision suspends Goldcorp Inc's El Morro construction

Apr 30, http://www.goldcorp.com/Investor-Resources/News/News-Details/2012/Permit-decision-suspends-El-Morro-construction1129187/default.aspx

GOLDCORP INC. today announced that the Supreme Court of Chile issued a decision on April 27, 2012 suspending the approval of the environmental permit for the El Morro copper-gold project. The approval was issued on March 14, 2011. The ruling states that the permit is suspended until such time as certain deficiencies specifically identified in a paragraph of the Antofogasta Court of Appeals decision are corrected by the Chilean environmental permitting authority (the Servicio de Evaluación Ambiental or SEA).

Sociedad Contractual Minera El Morro ("El Morro"), which is owned 70% by Goldcorp and 30% by New Gold Inc., immediately suspended all project field work being executed under the terms of the permit. Safety and security staff will continue to work to protect the public, project equipment and facilities under construction. Activities not related to site construction, such as detailed engineering, design work and architectural planning, will remain underway.

El Morro will meet with SEA officials to confirm the scope of permitted activities pending SEA's compliance with the court's decision. Until the SEA advises El Morro how it intends to proceed, the specific actions to be taken and time required to complete those actions cannot be determined. However, El Morro expects the process will include additional meetings with the Comunidad Agricola Los Huasco Altinos, who requested the permit review, to consult on the potential impacts of the project on the Comunidad Agricola Los Huasco Altinos and to identify mitigation measures for those impacts. El Morro will co-operate with the SEA to ensure that deficiencies are fully and appropriately addressed.

China: Anhui Maritime Mediation Center of CMAC established in Wuhu

Mar 22, http://www.cmac-sh.org/en/shownews.asp?newsID=30

On 22 March 2012, the opening ceremony of the Anhui Maritime Mediation Center of CMAC was held in Wuhu. It is the first maritime mediation organization in Anhui province, as well as the third professional maritime mediation organization established by CCPIT. The new Center was inaugurated by Mrs. Chen Bo, the Deputy Secretary-General of CMAC, Mr. Zhu Cheng, the Vice Mayor of Wuhu city, and Mr. Jiang Tongfu, the Director of Anhui Local Maritime Safety Administration (MSA). More than 50 delegates from MSA of PRC, CMAC Shanghai, Transport Ministry of Anhui province, Anhui Local MSA, Anhui Bar Association, shipping companies and other related organizations attended the ceremony.

China: ZTE Mzanzi wins interdict to protect agreements with ZTE

May 18, http://www.businessday.co.za/articles/Content.aspx?id=172151

ZTE Mzanzi on Friday won an urgent interdict in the North Gauteng High Court to stop ZTE, the Chinese telecommunications equipment and network solutions provider, from cancelling all supplier and licence agreements between the two companies.

...

In March this year, ZTE Mzanzi won an urgent interdict against Telkom , stopping the telecommunications provider it from implementing a R13bn overhaul of its network with preferred bidders Huawei and Alcatel Lucent until the dispute was resolved through arbitration.

Colombian President Assures Investors: 'We Don't Expropriate' Foreign Companies

Apr 18, http://www.foxbusiness.com/news/2012/04/18/colombian-president-assures-investors-dont-expropriate-foreign-companies/

"Here [in Colombia] we're not going to expropriate," Santos said at a seminar in Bogota called "Invest in Colombia," sponsored by Spanish newspaper El Pais. "We don't do that."

Congo government enforces law to curb conflict mineral trade

May 21, http://www.globalwitness.org/library/congo-government-enforces-law-curb-conflict-mineral-trade

Global Witness welcomes a move by the Democratic Republic of Congo (DRC) last week to enforce a national law that requires companies to ensure they are not buying conflict minerals. The government suspended two mineral traders, TTT Mining (exporting as CMM) and Huaying Trading Company, based in eastern DRC's North Kivu province, for violating the Congolese law.

Crystallex International Corporation

Apr 23, http://www.crystallex.com/News/PressReleases/PressReleaseDetails/2012/Crystallex-Announces-Court-Approval-of-DIP-Financing1129104/default.aspx

Crystallex International Corporation announced today that the Ontario Superior Court of Justice (Commercial List) issued an order (the "CCAA Order") approving the Company's debtor-in-possession (DIP) financing of US$36,000,000 provided by an entity managed by Tenor Capital Management Company LLC (together with any successors, assigns or transferees as permitted, the "Lender").

In accordance with the terms of the senior secured credit agreement pursuant to which the DIP financing is expected to be provided (the "Credit Agreement"), an initial tranche of US$9 million would be available on the execution of such agreement and the satisfaction of certain conditions precedent, which funds would allow the Company (i) to repay its previously announced US$3.125 million bridge loan provided by Tenor Special Situations Fund, L.P., which has become due and payable, and (ii) to fund its operations, including the prosecution of its arbitration claim against the government of Venezuela. The Company is diligently working towards the satisfaction of such conditions precedent and as a result expects that the initial advance will be made shortly and in any event by the end of April. Three subsequent tranches of US$12 million, US$10 million and US$5 million each would also be made available upon the Company meeting certain conditions in accordance with the terms of the Credit Agreement and the CCAA Order, as applicable. The holders of the US$100,000,000 unsecured notes issued by the Company have served the Company with a motion for leave to appeal the CCAA Order. The appeal process has been expedited.

If any appeal of the CCAA Order has been dismissed or the period for an appeal of such order has expired, the Credit Agreement would also provide for additional compensation to the Lender which would be dependent on the amount of the net proceeds realized from an award or settlement in respect of the Company's arbitration with the government of Venezuela and which, at the option of the Lender, could be converted into up to 35% of the equity of the Company. In addition, the Credit Agreement would in such circumstances require certain changes to be made to the governance of Crystallex, including changes to the composition of the board of directors of the Company such that the Lender would have the right to appoint 2 of the 5 directors of the Company.

The Court has also approved a discretionary management retention plan of the Company, pursuant to which, upon a successful conclusion of the arbitration with the government of Venezuela, retention amounts may be paid at the discretion of an independent committee. The independent committee can award amounts, depending on certain factors, ranging from zero to a variable cap that cannot exceed ten percent of the amount of any award or settlement after the payment of liabilities of the Company.

Additional information relating to the Credit Agreement and other matters pertaining to the Company's proceeding under the Companies' Creditors Arrangement Act (Canada) is and will be available at www.sedar.com under the Company's profile and on the monitor's website at www.ey.com/ca/crystallex.

Czech Republic: Martin Hermann - "all facts in the arbitration proceedings with Gazprom in favour of RWE"

Apr 20, http://www.reuters.com/article/2012/04/20/czech-factors-idUSL6E8F5ADS20120420

Reuters - Martin Hermann, the head of RWE Transgas, a Czech unit of RWE, said all facts in the arbitration proceedings with gas monopoly Gazprom launched due to overly high gas prices were in favour of RWE.

Czech Republic: Power giant CEZ faces major losses in Albania

May 9, http://www.ceskapozice.cz/en/business/companies/power-giant-cez-faces-major-losses-albania

Prague-listed power major CEZ is set to lose up to Kc 10 billion over the next three years from its investment into the Albanian power distribution company as a result of a 91 percent hike in tariffs imposed by the government in Tirana, non-payment of bills, and loses from the network, the Czech daily Lidové noviny (LN) reported Wednesday.

Czechs mull moratorium on shale gas exploration

May 8, http://www.google.com/hostednews/afp/article/ALeqM5i5vltMQRhC7tzrG01HUh_qo3U8RA?docId=CNG.3b6426af1a176d2c5108891890072a79.391

AFP - ... "I wouldn't want to find myself in a situation wherein a private company will sue the Czech Republic in arbitration over lost profits only because Czech laws were not good enough," he added.

East Timor's Council of Ministers to discuss Australian, Chinese investment

May 29, http://www.radioaustralia.net.au/international/2012-05-29/east-timors-council-of-ministers-to-discuss-australian-chinese-investment/951984

The first concerns the setting up of the national investment agency, while the second relates to the regulations surrounding investment procedures.

Ecuador May Appeal Court Decision In Chevron Case

May 7, http://www.pge.gob.ec/es/rotativo/1861-ecuador-podria-apelar-sentencia-que-niega-el-recurso-de-nulidad-de-los-laudos-del-caso-chevron-ii.html

English: http://www.4-traders.com/CHEVRON-CORPORATION-12064/news/Chevron-Corporation-Ecuador-May-Appeal-Court-Decision-In-Chevron-Case-14315666/

Ecuador podría apelar sentencia que niega el recurso de nulidad de los laudos del caso Chevron II

CS/78 - El día miércoles 2 de mayo, la Corte Distrital de La Haya (jurisdicción interna de los Países Bajos) negó la demanda de nulidad interpuesta por la República del Ecuador a los laudos dictados por un Tribunal Arbitral, dentro del proceso arbitral (bajo reglas UNICTRAL) iniciado en diciembre de 2006 por la compañía Chevron-Texaco por una supuesta denegación de justicia, debido a que siete juicios planteados por las compañías entre 1991 y 1993, hasta la fecha de inicio del arbitraje, no habían sido resueltos por la cortes ecuatorianas.

El Estado ecuatoriano presentó, entre los años 2010 y 2011, dos recursos de anulación, primero por los laudos de jurisdicción y parcial de responsabilidad; y después por el laudo final, los mismos que fueron luego consolidados en un solo proceso en el que se ha emitido la sentencia el pasado 2 de mayo. Los recursos de anulación se fundamentaron, entre otros argumentos, en la ausencia de un convenio arbitral válido que le diera competencia al Tribunal Arbitral.

En el arbitraje, cuyos laudos Ecuador pretende anular, la defensa del Estado ecuatoriano ha sostenido que las seis demandas de Chevron, planteadas entre 1991 y 1993 -y que fueron la base de los laudos a favor de la compañía- no estaban amparadas por el Tratado Bilateral de Protección de Inversiones (TBI) firmado con Estados Unidos, porque éste entró en vigencia recién en 1997, cuando Texaco ya no tenía inversiones en Ecuador y, como su aplicación no puede ser retroactiva, el Tribunal no tenía competencia para decidir sobre tales reclamaciones.

Lo más grave de dichos laudos es que el Tribunal decidió que, como consecuencia de los retrasos judiciales, podía por sí mismo decidir sobre las seis demandas y tomar el lugar de los jueces ecuatorianos, ignorando por completo sus decisiones y sobrepasando su autoridad.

Al resolver las demandas de anulación, la Corte Distrital de La Haya reiteró los argumentos del Tribunal Arbitral y admitió la existencia de un supuesto acuerdo arbitral válido, en virtud del acuerdo de concesión de 1973 suscrito entre Ecuador y Texaco, por considerar que los efectos de dicho acuerdo de inversión persistieron hasta que se celebraron los acuerdos liberatorios firmados entre el Estado ecuatoriano y Texaco a mediados de los años noventa.

El doctor Diego García Carrión, Procurador General del Estado, al comentar la decisión dijo que "la defensa del Estado ecuatoriano está en desacuerdo con la Corte Distrital de La Haya y lamenta que ésta haya adoptado el razonamiento de Chevron al establecer que el Art. VI del TBI, concerniente al requerimiento de un convenio arbitral válido, debe interpretarse de manera aislada al resto del Tratado y de manera retroactiva". Además, considera que "la Corte erróneamente no tomó en cuenta el argumento de la República del Ecuador que estableció claramente que al no existir una inversión en el Ecuador, menos podría existir una disputa sobre inversión bajo el Tratado Bilateral de Protección de Inversiones con los Estados Unidos. Por estos motivos, estamos analizando la posibilidad de apelar esta sentencia, para lo cual tenemos un plazo de 90 días previsto por la normativa de los Países Bajos".

Vale recordar que en el laudo final dictado el 31 de agosto de 2011, el Tribunal Arbitral estableció que el Estado ecuatoriano debía pagar a la petrolera Chevron-Texaco un valor aproximado de 96 millones de dólares, luego de que desechara su reclamo inicial por 1.605 millones de dólares.

Ecuador, Occidental Prepare For Final Hearing At ICSID

Apr 11, http://www.pge.gob.ec/es/rotativo/1841-procurador-asistira-a-la-ultima-audiencia-en-el-caso-iniciado-por-oxy-en-contra-del-estado-ecuatoriano.html

The final hearing in the $3.2 billion arbitration case filed against Ecuador by U.S. oil company Occidental Petroleum Corp. (OXY) will be held Thursday, in London.

El día jueves 12 de abril, en Londres, se llevará a cabo la última audiencia procesal en el arbitraje planteado por la compañía Occidental Exploration Company (OXY) en contra del Estado ecuatoriano, por la declaratoria de caducidad del contrato de participación para la exploración y explotación del Bloque 15, dictada el 15 de mayo de 2006.

El Procurador General del Estado, doctor Diego García Carrión, al referirse al caso dijo que "el Estado ecuatoriano ratificará en esta audiencia, lo que ha sostenido a lo largo de todo el proceso, esto es que no tiene ningún tipo de responsabilidad internacional por la declaratoria de caducidad del contrato petrolero del Bloque 15 y espera en justicia que el Tribunal rechace la demanda presentada por la compañía.¨

La audiencia, que fue fijada por el Tribunal el 23 de febrero pasado, se desarrolla dentro de un procedimiento arbitral bajo las reglas del convenio CIADI (Centro Internacional de Arreglo de Diferencias Relativas a Inversiones) con el objetivo de que tanto el Estado ecuatoriano como la petrolera presenten sus argumentos respecto de los efectos producidos por la falta de autorización para la cesión de derechos sobre el contrato, en la que incurrió la compañía y que fue causal para que el entonces Ministerio de Energía y Minas, en aplicación de la Ley, declarara la caducidad del contrato con OXY.

Esta será la última audiencia a celebrarse en este proceso, luego de lo cual el Tribunal ha anunciado el cierre del procedimiento, como paso previo para la emisión del laudo respectivo.

Ecuador: Chevron Loses Some RICO Claims Against Ecuadoreans

May 21, http://www.courthousenews.com/2012/05/21/46668.htm

Courthouse News Service - Chevron met with unusual resistance as a federal judge narrowed its lawsuit against a group of Ecuadoreans fighting to collect $18 billion for an oil contamination.

Ecuador: Chevron Statement on Ecuador Judgment Enforcement Action

May 30, http://www.chevron.com/chevron/pressreleases/article/05302012_chevronstatementonecuadorjudgmentenforcementaction38s0_25g.news

In response to media reports that the Lago Agrio plaintiffs' lawyers have initiated recognition and enforcement actions of their fraudulent judgment in Canada, Chevron Corporation [NYSE: CVX] issued the following statement:

Ecuador: El Tribunal no ha establecido aún responsabilidades y no ha determinado montos a pagar

Apr 20, http://www.pge.gob.ec/es/rotativo/1854-el-tribunal-no-ha-establecido-aun-responsabilidades-y-no-ha-determinado-montos-a-pagar.html

El pasado jueves 12 de abril, se celebró en Londres la última audiencia en el arbitraje iniciado por Occidental Exploration Company en contra del Estado ecuatoriano por la declaratoria de caducidad del contrato para la exploración y explotación del Bloque 15, ocurrida en el año 2006.

Con la celebración de esa audiencia, el tribunal cerró el procedimiento previo a la emisión del laudo que deberá decidir si, pese a haber actuado conforme a la ley y el contrato, Ecuador es responsable internacionalmente por dicha declaratoria de caducidad y, en consecuencia, si a la transnacional le corresponde una indemnización.

A su regreso de esta última audiencia, el doctor Diego García Carrión, Procurador General del Estado, señaló que "tal y como hemos sostenido durante todo el proceso arbitral, el Ecuador no acepta la jurisdicción del tribunal para decidir sobre la demanda de Oxy, por lo que ha reservado todos sus derechos en relación a este punto; tampoco puede aceptar ningún tipo de responsabilidad por la declaratoria de caducidad de ese contrato, en tanto fue dictada de conformidad con el derecho ecuatoriano; tampoco podemos aceptar que se nos imponga una indemnización a favor de la petrolera cuando se ha probado inequívocamente que la compañía violó la ley al ceder parte de sus derechos sin autorización del Ministerio de Energía y Minas".

Cabe destacar que hasta esta fecha el tribunal arbitral, constituido bajo reglas CIADI, no ha emitido un laudo en que se declare responsable al Estado, ni ha determinado ningún valor a favor de la compañía, por lo que cualquier decisión del tribunal o cualquier cifra que se pretenda consignar a la opinión pública, por más que parta de los cálculos sobre la valoración del Bloque hechos por los peritos a lo largo del proceso, es una especulación. "El tribunal hará su determinación de si existe o no responsabilidad sobre este caso en su laudo final, cuya fecha de emisión es difícil de anticipar, aunque podría conocerse en los siguientes meses", concluyó el Procurador.

Algunos datos sobre el proceso

En el proceso de este arbitraje, el tribunal a cargo del caso estableció tres etapas procesales: i) jurisdicción, que culminó con una decisión emitida el 9 de septiembre de 2008, mediante la cual se declaró competente para conocer la demanda; ii) responsabilidad, que culminó con la celebración de una audiencia entre el 20 y 21 de marzo de 2009, y que, de acuerdo a lo previsto en el calendario procesal, debía concluir con una decisión del tribunal, hecho que no sucedió; y iii) daños, que culminó el 4 de febrero de 2010 con una audiencia a la que el Ecuador compareció bajo protesto, pues al no haberse dictado una decisión de responsabilidad, era improcedente discutir posibles daños a favor de la compañía.

Ecuador: NY State Pension Fund Renews Call for Chevron to Resolve Ecuador Lawsuit

May 25, http://www.osc.state.ny.us/press/releases/may12/investor_letter.pdf

NY State Comptroller - New York State Comptroller Thomas P. DiNapoli joined with 39 other investors from the United States, Canada and Europe, with a combined total of $580 billion in assets under management, to call on Chevron to settle its two-decade-long legal battle with indigenous populations in the Amazon rainforest. Citing an $18 billion Ecuadorian Court judgment and "significant reputational damage" Chevron has suffered due to the long-running lawsuit, DiNapoli asked the company to seek a settlement to prevent further shareholder damage.

Ecuadorians file suit against Chevron in Canada

May 31, http://www.google.com/hostednews/afp/article/ALeqM5j4bfhsZ-TzzeabWi9cDYhMdPDChA?docId=CNG.89222c66f2e6d95c27e5fbc1a49e565b.331

AFP - An Ecuadorian community has filed a lawsuit against Chevron in Canada, vowing to go after the US oil firm's assets in third countries in order to seek redress for alleged environmental contamination.

Egpyt: International arbitration orders sale of businessman's property to banks

Apr 10, http://www.medianet2.com/international-arbitration-orders-sale-of-businessmans-property-to-banks/

Cairo's international arbitration center ruled in favor of two banks against well-known businessman Ahmed Bahgat over the sale of a number of real estate and investment assets.

Egypt gas co. hires int'l law firm for for Israel suit

Apr 24, http://www.jpost.com/MiddleEast/Article.aspx?id=267436

The Egyptian gas company that canceled gas exports to Israel last week has hired an international law firm, Egyptian media reported Tuesday, after the Israel Electric Corporation threatened to take the case to international arbitration.

Egypt: Cancellation of the Gas Sale and Purchase Agreement Between EMG and EGPC and EGAS

Apr 23, http://www.iec.co.il/EN/IR/Immediate%20Report/Cancellation_of_the_Gas_Sale_and_Purchase_Agreement_Between_EMG_and_EGPC_and_EGAS_23.04.2012.pdf

A notification is hereby given by the Israel Electric Corporation Ltd. (the Company) that yesterday evening, 22 April, 2012, it received a notification from East Mediterranean Gas SAE (EMG), which supply natural gas to the Company, according to which the Egyptian gas government companies Egyptian Natural Gas Holding Company (EGAS) and Egyptian Petroleum Corporation (EGPC), which supply natural gas to EMG, notified EMG that they cancel the gas sale and purchase agreement with it.

The cancellation is not expected to have a negative material impact on the Company's financial condition and/or its cash flow beyond what has previously been reported by the Company, since for over more than a year the supply of natural gas from Egypt was extremely partial and irregular, inter alia due to a series of sabotaging explosions in the natural gas pipeline from Egypt to Israel.

The Company is currently in a process of international arbitration against EMG, EGPC and EGAS, which include a claim to be compensated for the heavy damages the Company suffered as a result of the continuing breaches of the sale and purchase gas agreements with those companies.

The Company, in cooperation with its international legal advisors is studying the effect of the unilateral cancellation of the agreement between EMG and EGPC and EGAS on the international arbitration it conducts against those companies.

Egypt: Country Resorts to International Arbitration Over Israel-Bound Gas Exports

May 6, http://allafrica.com/stories/201205070404.html

Chairman of the Egyptian Natural Gas Holding Company (EGAS) Mohamed Shoaib announced launching measures by the company in cooperation with the Egyptian General Petroleum Corporation (EGPC) to put the issue of Israel-bound gas exports before international arbitration.

Egypt: Talks on to release frozen Saudi investment in Egypt

Apr 23, http://www.zawya.com/story/Talks_on_to_release_frozen_Saudi_investment_in_Egypt-ZAWYA20120423043454/

RIYADH - The Egyptian government is currently meeting behind closed doors with a number of Saudi investors whose investments are in Egypt. Their discussions are centered on the assets which were confiscated or frozen during the revolution which toppled President Hosni Mubarak's regime.

El Salvador: Pacific Rim's complaint can proceed under El Salvador law

June 4, http://www.miningweekly.com/article/canadian-miners-complaint-can-proceed-under-el-salvador-law-2012-06-04

TORONTO - Canadian company Pacific Rim can move forward under El Salvador law with a case against that country's government for blocking a gold mining project, but cannot file suit under a regional trade agreement, a World Bank arbitration panel ruled.

Entry-Into-Force of U.S.-Colombia Trade Agreement

May 15, http://www.ustr.gov/about-us/press-office/press-releases/2012/may/us-trade-representative-ron-kirk-mark-entry-force-us-c

Washington, D.C. - Tomorrow, United States Trade Representative Ron Kirk will give remarks at an event celebrating the entry-into-force of the U.S. Colombia trade agreement and World Trade Month. The U.S.-Colombia trade agreement will help to support more jobs here at home by providing additional opportunities for U.S. exporters to sell more goods and services to Colombia, the third-largest Latin American economy. World Trade Month events this year will mark the bi-partisan passage and implementation of trade agreements with Korea, Colombia and Panama as well as the 50th anniversary of the creation of the Office of the United States Trade Representative.

Equatorial Guinea: Hess vs Malabo - 1st round [subscription]

May 30, http://www.africaintelligence.com/AEM/financial-operations/2012/05/30/hess-vs-malabo-1st-round,102484360-BRE

The atmosphere was subdued and discreet when Hess and Tullow Oil, represented by lawyer Oscar Garibaldi from the firm Covington & Burling, began arbitration proceedings against Equatorial Guinea before the International Center for the Settlement of Investment Disputes (ICSID)

USA Rejects the Stand of Venezuela and Ecuador

May 9, http://www.ecuadortimes.net/2012/05/09/usa-rejects-the-stand-of-venezuela-and-ecuador/

Yesterday Roberta Jacobson, the secretary of State of USA for Latin America, said the Inter-American Commission on Human Rights (IACHR) is not a political tool of Washington as Venezuela says, she also opposed to moving its office outside the United States as Ecuador is requesting.

Finland Becomes a Party to Part II (Formation of the Contract) of the United Nations Convention on Contracts for the International Sale of Goods (CISG)

May 22, http://www.unis.unvienna.org/unis/pressrels/2012/unisl162.html

UN Information Service - On 1 June 2012, Finland will become a party to Part II of the United Nations Convention on Contracts for the International Sale of Goods (CISG). It means Finland will now apply both CISG Part II, which covers the formation of contracts, and CISG Part III, which covers the obligations of buyers and sellers. Contracts concluded by parties having their place of business in any of the five Nordic States (Denmark, Iceland, Finland, Norway and Sweden) will continue to be excluded from the scope of application of the CISG.

Finland: Comptel and Cisco have settled their dispute under arbitration

Apr 19, http://www.comptel.com/default.asp?docId=19885

Comptel Corporation and Cisco Systems Inc. have settled the dispute concerning Comptel's use of a certain sub-set of Axioss software that was sold to Cisco and simultaneously licensed back to Comptel for use in the current release of Comptel Fulfillment. Cisco brought the matter to the London Court of International Arbitration in December 2011.

In accordance with the settlement, the parties have agreed to withdraw all their claims against each other and the arbitration process has thereby been terminated. It has been agreed that no financial compensation will be made between the parties. Comptel will continue in the fulfillment business and will, consistent with the terms of Cisco's license back to Comptel, support its existing Axioss and Comptel Fulfillment customers.

Finland: Young Arbitration Club Finland (YAC) Founded

May 7, http://www.arbitration.fi/en/news.html

A group of Finnish lawyers have come together to form Young Arbitration Club Finland (YAC), an association for young lawyers interested in arbitration and alternative dispute resolution.

YAC seeks to promote arbitration in Finland and to increase awareness of Finnish arbitration abroad by providing lawyers under the age of 40 an easy-going forum for exchanging views and networking. The association hopes to attract the interest of in-house counsel, academics and attorneys alike, all of whom are represented in the YAC Board. Where possible, YAC intends to further its objectives by interacting with existing structures in Finland, such as the Arbitration Institute of the Finland Chamber of Commerce and the Finnish Arbitration Association. YAC also welcomes cooperation with its sister organizations in other countries.

YAC's opening seminar, focusing on the future of arbitration in Finland, is scheduled to take place in Helsinki on 6 June 2012. The seminar will be held in Finnish, but YAC's future plans also include English language events.

France: Globalstar Announces Update Regarding Commercial Arbitration With Thales Alenia Space

May 16, http://www.globalstar.com/en/index.php?cid=7010&pressId=727

Globalstar, Inc. today announced the decision of the arbitrators in the commercial arbitration concerning its 2009 satellite manufacturing contract with Thales Alenia Space France ("Thales"). The arbitrators ruled that Thales has no further obligation to manufacture or deliver satellites under Phase 3 of the contract. Phase 3 provided for Globalstar's option to purchase up to 23 second-generation satellites in addition to the 25 satellites purchased in the first two phases under the contract. Although the Company and Thales may agree to other terms, the arbitrator's ruling also requires Globalstar to pay Thales approximately EUR 53 million in termination charges by June 9, 2012. Globalstar and Thales have already initiated post-ruling discussions to seek mutually agreeable solutions without which there are likely to be materially negative consequences to Globalstar, including with respect to its debt agreements, ongoing work with Thales and business operations.

"Although we had hoped for a different outcome, we have been in constant contact with Thales over the last several months as completion of Phase 2 satellites continues, and over the past days to negotiate acceptable terms for ordering additional satellites. Having already paid over EUR 450 million to Thales and having experienced satellite delivery delays approaching two years, we remain hopeful that a mutually acceptable agreement can be reached," said Jay Monroe, Chairman and CEO of Globalstar. Mr. Monroe added, "Globalstar has been operating under extremely challenging circumstances for the past few years as a result of delayed satellite deliveries and remains amenable to negotiating a positive resolution with Thales."

Gazprom files suit against Lithuania on Kaunas CHPP in intl cour

May 15, http://www.steelguru.com/russian_news/Gazprom_files_suit_against_Lithuania_on_Kaunas_CHPP_in_intl_court/264014.html

Interfax reported that Gazprom filed a request with the Arbitration Tribunal of the International Chamber of Commerce on March 19 to initiate arbitration proceedings against Lithuania in connection with an investment dispute on tariffs at the Kaunas Combined Heat and Power Plant.

Germany: Arbitration filed against Gigaset AG based on 2006 transaction

May 3, http://gigaset.com/ag/hq/en/cms/GigasetAG_adhoc_03052012.html

Evonik Degussa GmbH ("Evonik") has filed arbitration proceedings against Gigaset AG ("Gigaset") at the Deutsche Institution für Schiedsgerichtsbarkeit e.V. (German Institution of Arbitration) and demands payment of a penalty of 12 million by Gigaset on the basis of a contract entered into in 2006.

Germany: Baden-Wuertemberg wants 2 bln euros from EDF

May 25, http://www.reuters.com/article/2012/05/25/enbw-edf-idUSL5E8GP9XB20120525

Reuters - The German state of Baden-Wuerttemberg wants French utility EDF to pay back 2 billion euros ($2.5 billion) that it feels it overpaid for a 45 percent stake in Germany's third-biggest utility ENBW , EDF said on Friday. Baden-Wuerttemberg initiated an arbitration procedure with the International Chamber of Commerce in Paris in February but had so far not disclosed the amount of money it wants to be restituted.

Germany: Sintez sues RWE for 675 mln euros in German court

May 18, http://www.reuters.com/article/2012/05/18/sintez-rwe-idUSL5E8GIG2M20120518?feedType=RSS&feedName=rbssFinancialServicesAndRealEstateNews

Reuters - Russian energy firm Sintez Group has filed a fresh lawsuit against German utility RWE and its outgoing Chief Executive Juergen Grossmann, seeking 675 million euros ($857.8 million) in damages, a German court said.

Germany: Vattenfall Requests Arbitration In Nuclear Dispute With Germany

June 5, http://www.4-traders.com/E-ON-AG-3818998/news/Vattenfall-Requests-Arbitration-In-Nuclear-Dispute-With-Germany-14357710/?countview=0

German utility Vattenfall Europe AG said Tuesday it has formally requested the initiation of arbitration proceedings between it and Germany, over damages it says it incurred through the government's decision last year to accelerate the planned nuclear exit.

Ghana: Agreement Between Gog and Balkan Energy is an International Transaction - SC Declares

May 18, http://allafrica.com/stories/201205180152.html

The Supreme Court (SC), by a unanimous decision, ruled that the Power Purchase Agreement (PPA) dated July 27, 2007 between the Government of Ghana and Balkan Energy Ghana Limited that gave the former a lease agreement on the Osagyefo Power Barge, is an international business transaction.

Guinea: SIBG hauls Conakry before the ICSID [subscription]

May 17, http://www.africaintelligence.com/LCE/business/2012/05/17/sibg-hauls-conakry-before-the-icsid,101986612-BRE

In addition to GETMA, the World Bank's International Centre for the Settlement of Investment Disputes (ICSID) has another Guinean case to deal with, concerning the Societe Industrielle des Brasseries de Guinee (SIBG) brewery.

Hong Kong Progresses Arbitration Centre Credentials

May 15, http://www.tax-news.com/news/Hong_Kong_Progresses_Arbitration_Centre_Credentials____55428.html

As part of the government's determination to develop Hong Kong into a regional dispute resolution centre, in particular as an international arbitration hub in the Asia Pacific, the Secretary for Justice, Wong Yan Lung, has announced a broad consensus in Hong Kong on the setting up of an industry-led single accreditation body for mediators. Addressing an audience of overseas and local mediation experts at the "Mediate First" conference, Wong said the Mediation Task Force was now working hard on the detailed constitution of this body - the Hong Kong Mediation Accreditation Association.

Hundreds of millions of pounds pour into third-party litigation funding

May 9, http://www.legalfutures.co.uk/latest-news/hundreds-of-millions-of-pounds-pour-into-third-party-litigation-funding

"As well as high volumes of quality litigation in the UK and US, we are also seeing a good number of international arbitration cases," said solicitor Nick Rowles-Davies of Vannin Capital. "Our initial remit and capacity targets have expanded many fold since inception, with our original UK focus now being completely global."

Businesses seek Pakistan-India investment treaty

May 9, http://www.thenews.com.pk/Todays-News-3-107185-Businesses-seek-Pakistan-India-investment-treaty

LAHORE: A bilateral investment treaty between India and Pakistan should be finalized to fully facilitate two-way flow of foreign direct investment, said Rahul Bajaj, former president of the Confederation of Indian Industry and Chairman Bajaj Auto Ltd on Tuesday.

India Company Law Board OKs intl arbitration in Telenor-Unitech case

Apr 12, http://www.reuters.com/article/2012/04/12/telenor-unitech-idUSD8E7N600V20120412?feedType=RSS&feedName=telcommunicationsServicesSector

Reuters - India's Company Law Board has allowed Unitech Ltd's plea to move a case on a dispute over its telecoms joint venture with Norway's Telenor for international arbitration in Singapore, the Norwegian company said on Thursday.

India may not opt for arbitration to settle Oman gas price dispute

Apr 16, http://www.livemint.com/2012/04/16233850/India-may-not-opt-for-arbitrat.html

India is unlikely to seek arbitration to resolve a dispute over Oman's demand to increase the price of gas it supplies to Oman India Fertiliser Co. SAOC (Omifco) by fourfold, according to two people familiar with the development. Instead, it may negotiate with Oman for a staggered price hike over the next four years.

A ministerial panel had recommended in January that India should not accept Oman's demand and should go in for arbitration in London.

India plans to exclude arbitration clauses from BITs

May 31, http://news.in.msn.com/exclusives/it/article.aspx?cp-documentid=250098884

Customarily, BITs provide for an alternative dispute resolution mechanism, through which an aggrieved investor may seek damages from the host state in an arbitral tribunal sitting in a neutral venue.

India Yet To Get Supreme Court Notice On Reliance Arbitration Plea - Minister

May 10, http://www.foxbusiness.com/news/2012/05/10/india-yet-to-get-supreme-court-notice-on-reliance-arbitration-plea-minister/

NEW DELHI - The Indian government hasn't so far received any notice from the Supreme Court on Reliance Industries Ltd.'s (500325.BY) plea for appointing an arbitrator in a dispute over recovering costs in developing an east coast gas block, junior Oil Minister R.P.N. Singh said Thursday.

India Yet To Get Supreme Court Notice On Reliance Arbitration Plea - Minister

May 10, http://www.foxbusiness.com/news/2012/05/10/india-yet-to-get-supreme-court-notice-on-reliance-arbitration-plea-minister/

NEW DELHI: The Indian government hasn't so far received any notice from the Supreme Court on Reliance Industries Ltd.'s (500325.BY) plea for appointing an arbitrator in a dispute over recovering costs in developing an east coast gas block, junior Oil Minister R.P.N. Singh said Thursday.

India's big Bolivian iron ore project reaches flashpoint

May 8, http://www.mineweb.com/mineweb/view/mineweb/en/page39?oid=150980&sn=Detail&pid=102055

Jindal Steel's ambitious $2.1 billion investment plans for iron ore mining in Bolivia faces an uncertain future, with the Bolivian government encashing the Indian company's $18 million bank guarantee citing breach of contract.

India's policy decisions dampen investment climate: US envoy

May 21, http://profit.ndtv.com/News/Article/india-s-policy-decisions-dampen-investment-climate-us-envoy-304725

"The adoption of manufacturing policies discriminatory to foreign companies and the inclusion of retroactive tax provisions in the Finance Bill are two examples," Powell said, addressing members of the Indo American Chamber of Commerce (IACC) and American Chamber of Commerce (AMCHAM).

India-Pakistan: International panel inspects Kishanganga project

May 8, http://www.greaterkashmir.com/news/2012/May/9/international-panel-inspects-kishanganga-project-86.asp

A high-level team of water commissioners from India and Pakistan and members from the International Court of Arbitration Tuesday inspected the 330 MW Kishanganga Hydro Power Project in north Kashmir's Bandipora district. The seven-member team including a Hydrologist reached Gurez Tuesday morning where they inspected the proposed dam site near Malik Kadal, a top official told Greater Kashmir. The team has come to inspect the project before the next hearing of International Court of Arbitration being held at The Hague later this month.

India: A Conversation With: USIBC Chairman Ajay Banga

Apr 25, http://india.blogs.nytimes.com/2012/04/25/a-conversation-with-usibc-chairman-ajay-banga/

It is very important that the U.S. corporations and the U.S. government work as hard as they can with India, on the bilateral investment treaty, or the U.S. India economic cooperation agreement.

India: Arbitration after RIL reply on notice, says Oil Ministry

June 4, http://news.in.msn.com/business/article.aspx?cp-documentid=250113079

A month after slapping a hefty penalty of over USD 1 billion, the Oil Ministry wants Reliance Industries to reply to its notice before arbitration can be initiated on the issue of gas output lagging targets.

The Oil Ministry had on May 2 written to RIL disallowing USD 1.005 billion out of the USD 5.756 billion investment it had made on developing Dhirubhai-1 and 3 (D1&D3) gas fields in the Bay of Bengal deepsea block KG-DWN-98/3 (KG-D6) as current output of 26 million standard cubic meters per day (mmscmd) was way short of the target of 80 mmscmd for this time of the year.

India: Arbitration cases may turn tables on govt

May 10, http://timesofindia.indiatimes.com/business/india-business/Arbitration-cases-may-turn-tables-on-govt/articleshow/13072071.cms

NEW DELHI: The finance ministry may be putting up a brave face on retrospective amendments and policy flip-flops, but officials are already fretting at the potential damages from arbitration proceedings initiated by companies on grounds of alleged violation of bilateral investment promotion agreements (BIPAs).

India: Arbitration denting India Inc image

Apr 20, http://www.moneycontrol.com/news/cnbc-tv18-comments/arbitration-denting-india-inc-image_694669.html

Biswajit Dhar, DG, Research & Information System, said, "If you read the investor protection that has been defined in BIPAS, you will see that the government has given a cartblanche to foreign investors. The BIPAS gave a guarantee that under no circumstances their activities will be restricted."

India: Billionaire's India Strategy Dims as Oil Deal Deadlocked

Apr 11, http://www.bloomberg.com/news/2012-04-11/billionaire-s-india-strategy-dims-as-oil-deal-deadlocked.html

Billionaire Vladimir Evtushenkov, who controls Russia's biggest mobile phone operator, is struggling to strike deals with India and link his telecoms and energy empire with Asia's third-biggest economy.

India: Cal HC restrains CPMCL from seeking arbitration at ICC court

May 18, http://www.business-standard.com/generalnews/news/cal-hc-restrains-cpmclseeking-arbitration-at-icc-court/10736/

The Calcutta High Court today restrained Chatterjee Petrochem (Mauritus) Company Ltd (CPMCL) by an order of injunction from acting upon its request of adjudication at the International Chamber of Commerce's Court of Arbitration in Paris.

India: CIL issue: Coal min to meet TCI on alleged treaty violation

May 28, http://www.firstpost.com/fwire/cil-issue-coal-min-to-meet-tci-on-alleged-treaty-violation-323737.html

With UK-based The Children's Investment Fund (TCI) threatening legal action against CIL on various counts, the Coal Ministry is likely to meet the hedge fund this week.

India: Coal India Investor Threatens Arbitration Against Government

June 1, http://www.euroinvestor.com/news/2012/06/01/coal-india-investor-threatens-arbitration-against-government/12009634

Dow Jones - The Children's Investment Fund Management LLP, a shareholder in Coal India Ltd. (533278.BY), Friday reiterated its threat to initiate arbitration against India if its concerns regarding government interference in the functioning of the state-run miner aren't resolved.

India: Coal India issue: Investment fund TCI firm on action; Ministry sees no need for arbitration

May 29, http://www.thehindubusinessline.com/industry-and-economy/article3470145.ece

The Children's Investment Fund Management (TCI) and the Government of India failed to reach a consensus on the question of violation of Bilateral Investment Promotion and Protection Agreements (BIPA) in Coal India.

India: Coal Min meets its detractor TCI: but who said what?

May 29, http://www.firstpost.com/business/coal-min-meets-its-detractor-tci-but-who-said-what-325091.html

Confusing signals emerged after a one-and-a-half hour meeting between senior ministry officials and the lone representative of TCI on Tuesday. While the ministry alleged that TCI's Partner Mark Derbyshire could not pinpoint the exact clause that the Indian government had violated in the Indo-Cyprus bilateral treaty and, therefore, there was virtually no reason for any international arbitration, TCI begged to differ.

India: CoalMin says issues with TCI could be solved amicably

May 29, http://news.in.msn.com/business/article.aspx?cp-documentid=250090225

PTI - The Coal Ministry today said there was no need for arbitration with The Children''s Investment Fund and the issues could be solved amicably, amid the London-based hedge fund alleging violation of international treaties related to its investments in Coal India.

India: Delhi High Court rejects IFSL plea against NY tribunal ruling

May 21, http://economictimes.indiatimes.com/markets/stocks/market-news/delhi-high-court-rejects-ifsl-plea-against-ny-tribunal-ruling/articleshow/13328334.cms

MUMBAI: The Delhi High Court has dismissed an Indiabulls Financial Services' (IFSL) petition that a New York arbitration award shall not be enforced in its dispute with a hedge fund on share purchase agreement due to jurisdiction issues.

India: Finance Ministry claims inconsistency between Vodafone's argument before SC and its notice to the government - The Economic Times

May 11, http://economictimes.indiatimes.com/news/economy/finance/finance-ministry-claims-inconsistency-between-vodafones-argument-before-sc-and-its-notice-to-the-government/articleshow/13088481.cms

The ministry claims there is inconsistency between what Vodafone has argued before the Supreme Court and what it has said in its notice to the government about its investments. "Where is a company based? Netherlands, Britain or Cayman... How does the India-Netherlands treaty apply in its case," a finance ministry official questioned.

India: Govt likely to soften stance as TCI nears CIL lawsuit

May 23, http://www.financialexpress.com/news/govt-likely-to-soften-stance-as-tci-nears-cil-lawsuit/952805/

The coal ministry may soften its stance towards London-based The Children's Investment Fund (TCI), the second largest stakeholder in Coal India, to prevent the latter resorting to arbitration under the relevant bilateral treaty to resolve the dispute over the alleged mismanagement of the PSU.

India: Govt looks set to enter arbitration with RIL

May 4, http://www.livemint.com/2012/05/04232351/Govt-looks-set-to-enter-arbitr.html?h=A1

A senior government official with direct knowledge of the matter confirmed that the notice had been sent, but said that technically arbitration can only begin once RIL objects to the notice.

India: Govt sticks to stand on Vodafone tax issue

May 7, http://businesstoday.intoday.in/story/pranab-mukherjee-vodafone-tax-issue/1/24654.html

Ruling out any negotiations with Vodafone in the Rs 11,000-crore tax dispute case, the Finance Ministry on Monday said it would reply to the notice given by the British telecom majo r after passage of the Finance Bill by Parliament.

India: Hectic talks on over Kishenganga project

May 17, http://www.hindustantimes.com/News-Feed/Business/Hectic-talks-on-over-Kishenganga-project/Article1-857390.aspx

The Indian government is making all efforts to save the strategic Rs. 4,000-crore Kishenganga hydro-electric project on the Kishenganga River (known as the Neelum River in Pakistan), as it readies to file a rejoinder on Pakistan's reply before the International Court of Arbitration (COA) at The Hague by May 21, 2012. Hectic talks are on between the the ministry of external affairs (MEA) and power to salvage the project that is in very advance stage of construction and on which Rs. 2,500 crore has already been expended.

India: I-T sharpens tax sword for Vodafone as Finance Minister talks tough

May 9, http://timesofindia.indiatimes.com/business/india-business/I-T-sharpens-tax-sword-for-Vodafone-as-Finance-Minister-talks-tough/articleshow/13061346.cms

Finance Minister Pranab Mukherjee has spelt out that India will not give in to pressure from high-pitched lobbying by the West while tax officials are preparing the grounds to recover tax from Vodafone, leaving the MNC to explore legal options to challenge an imminent tax notice.

India: International tribunal has criticised Supreme Court: CPI-M MP

May 22, http://www.business-standard.com/generalnews/news/international-tribunal-has-criticised-supreme-court-cpi-m-mp/12057/

Strongly objecting to a recent ruling from an international arbitration panel against the Indian government in a coal mining issue, CPI-M today said in Rajya Sabha that it was an "attack on country's sovereignty" and demanded a revisit on all such bilateral treaties.

Raising the issue during Zero Hour, P Rajeeve (CPI-M) said the tribunal has criticised the Supreme Court of the country and the Indian judiciary in general.

"It is very shocking that investors can sue the Government of India under a bilateral treaty," he said referring to the ruling of the panel which held that the government of India breached its obligations towards an Australian mining company, White Industries, under the India-Australia Bilateral Investment Treaty (BIT).

India: John McCain wants bilateral investment treaty with India

May 15, http://economictimes.indiatimes.com/news/economy/foreign-trade/us-senator-wants-bilateral-investment-treaty-with-india/articleshow/13146615.cms

"India is now negotiating an FTA (Free Trade Agreement) with the European Union," he said speaking on "US interests in Asia," at the Centre for Strategic and International Studies (CSIS), a Washington think-tank, Monday. "And yet, we will not even conclude a narrower Bilateral Investment Treaty with India, let alone a full FTA, as we should"

India: London tribunal slams SC delay

May 23, http://www.hindustantimes.com/India-news/NewDelhi/London-tribunal-slams-SC-delay/Article1-859884.aspx

India's slow-moving judicial system has come in for some more stick. The International Arbitration Tribunal, London, has slammed the Supreme Court for a five-year delay in deciding a dispute between an Australian company and the government-owned Coal India Limited. It has also directed the government to pay around Rs. 50 crore to the firm.

India: Loop invokes India-Mauritius investment treaty

May 7, http://www.telecompaper.com/news/loop-invokes-india-mauritius-investment-treaty

Mauritius-based Capital Global and Kaif Investment, investors in Indian mobile operator Loop Telecom, have invoked the India-Mauritius bilateral investment treaty to defend Loop's spectrum rights in India, writes The Economic Times.

India: Loop Mauritius-based investors invoke BIPA under India-Mauritius bilateral investment treaty

May 29, http://economictimes.indiatimes.com/news/news-by-industry/telecom/loop-mauritius-based-investors-invoke-bipa-under-india-mauritius-bilateral-investment-treaty/articleshow/13646342.cms

Loop Telecom has moved the telecoms tribunal seeking a refund of entry fee paid for acquiring telecoms licences, release of performance bank guarantees and damages to reputation, totaling to over Rs 4,700 crore from the government. Accepting the mobile phone company's petition, the Telecom Disputes Settlement and Appellate Tribunal issued notices to the communications ministry and sector regulator Trai on Monday and set July 17 as the next date of hearing.

India: Move to rework bilateral treaties

May 16, http://www.thehindu.com/business/article3422322.ece

With six firms, including Devas Employees, Telenor, Vodafone, Loop Telecom and Sistema, having served notices on India for breach of Bilateral Investment Protection Agreement (BIPA), the Industry Ministry has set in motion the process for review of BIPA, paving the way for re-negotiation under changed circumstances.

India: Notice by Sistema not relevant as SC cancelled licences, not govt, says AG

May 23, http://www.financialexpress.com/news/notice-by-sistema-not-relevant-as-sc-cancelled-licences-not-govt-says-ag/952533/

New Delhi: Almost three months after Russian telecom operator Sistema served a notice on the Indian government threatening to invoke the bilateral investment treaty between India and Russia if the issue of cancellation of its licence is not resolved amicably within six months, the attorney general has opined that the company's claims wouldn't hold water since its licences weren't cancelled by the government but by the Supreme Court.

India: Rangarajan team to review oil firm-govt contracts

May 30, http://www.hindustantimes.com/business-news/WorldEconomy/Rangarajan-team-to-review-oil-firm-govt-contracts/Article1-863627.aspx

The government on Wednesday announced constitution of a committee under C Rangarajan, chairman, PM's Economic Advisory Council, to review the existing production sharing contracts signed between the oil and gas companies and the government for developing exploration blocks. "The committee will review the existing PSCs, including in respect of the current profit-sharing mechanism... and recommend necessary modification for the future PSCs," said an official statement.

India: Reliance Industries accuses Oil ministry of violating production sharing contract

May 9, http://economictimes.indiatimes.com/news/news-by-industry/energy/oil-gas/reliance-industries-accuses-oil-ministry-of-violating-production-sharing-contract/articleshow/13059261.cms

NEW DELHI: Reliance Industries has replied to the oil ministry that its notice, which imposed about $1 billion penalty for steep fall in gas output from D6 block, is "illegal" and asked it to appoint an arbitrator to resolve the vexed issue.

India: Reliance Industries proposes new plan to develop D-6 block

May 28, http://economictimes.indiatimes.com/news/news-by-industry/energy/oil-gas/reliance-industries-proposes-new-plan-to-develop-d-6-block/articleshow/13582302.cms

Mumbai - Having slapped an arbitration notice on the government for not allowing it to recover $1.5 billion of investments in the Krishna-Godavrai (KG) basin, Reliance Industries (RIL) has proposed to submit a new plan that envisages an integrated development approach for the entire D-6 block.

India: Reliance Wants Court to Appoint Arbitrator

Apr 18, http://blogs.wsj.com/dealjournalindia/2012/04/18/reliance-wants-court-to-appoint-arbitrator/

Reliance Industries Ltd. has requested India's apex court to appoint an arbitrator to resolve a dispute with the oil ministry on recovering the costs of developing an East Coast gas field, a company spokesman said Wednesday.

India: Retrospective tax amendment issue: ICC, BIAC write to Pranab

Apr 9, http://www.indianexpress.com/news/Retrospective-tax-amendment-issue--ICC--BIAC-write-to-Pranab/934497/

Concerned over the impact of the government's decision to amend the Income Tax Act with retrospective affect, International Chamber of Commerce (ICC) and another industry body BIAC want to engage with the Finance Ministry to workout a solution to the issue.

India: Retrospective Tax Law On Foreign M&A: US Seeks Reassurance From India

Apr 20, http://www.ibtimes.com/articles/330891/20120420/timothy-geithner-united-states-secretary-treasury-pranab.htm

"The Secretary noted that certain tax provisions in India's fiscal year 2013 budget have raised significant concern amongst US industry and dampened enthusiasm about India's investment climate," Treasury spokeswoman Kara Alaimo said.

India: RIL hits back at Oil Ministry on cost recovery issue

May 4, http://articles.economictimes.indiatimes.com/2012-05-04/news/31572924_1_arbitration-notice-dhirubhai-1-ril-hits

NEW DELHI: Smacked by a hefty penalty of over $1 billion for its failure to meet gas output targets, Reliance Industries on Friday hit back at the Oil Ministry saying there was no provision in the contract to disallow any part of its investment in KG-D6 fields in Bay of Bengal.

India: RIL may ignore OilMin advice on arbitration

Apr 11, http://www.sify.com/finance/ril-may-ignore-oilmin-advice-on-arbitration-news-equity-melj7kddiff.html?scategory=Equity&sscategory=News

Reliance Industries Ltd (RIL) is evaluating provisions of the Arbitration Act to take forward its claim, though the government has declined to join the arbitration proposed by it to resolve the cost-recovery issue in the Krishna-Godavari (KG)-D6 block.

India: RIL moves SC on KG-D6 arbitration with oil ministry

Apr 19, http://economictimes.indiatimes.com/news/news-by-industry/energy/oil-gas/ril-moves-sc-on-kg-d6-arbitration-with-oil-ministry/articleshow/12723328.cms

NEW DELHI: Reliance Industries has sought the Supreme Court's intervention to help start arbitration with the oil ministry over recovering its investment in the D6 block from gas sales, ruling out amicable resolution of its dispute with the government after months of discussions.

Russian Federal Antimonopoly Service Files Claim against Telenor in Russia

India: RIL wants govt to expedite arbitration proceedings: Sources

May 8, http://www.moneycontrol.com/news/business/ril-wants-govt-to-expedite-arbitration-proceedings-sources_701624.html

Reliance Industries (RIL) has said it doesn't need any stay order against the government for serving $1.2 billion penalty notice to it for lower gas production from the KG-D6 oil wells.

India: Sistema sends another missive to Govt on 2G

May 2, http://www.thehindubusinessline.com/industry-and-economy/info-tech/article3377373.ece?homepage=true&ref=wl_home

Russian conglomerate Sistema JSFC has sent another missive to the Government seeking prompt resolution to the 2G imbroglio. The Russian giant, which owns 56 per cent in Sistema Shyam, said that the Indian Government is bound under a bilateral treaty to protect its investments.

India: Sistema threatens to exit India if Trai's proposal to auction is accepted

May 18, http://economictimes.indiatimes.com/news/news-by-industry/telecom/sistema-threatens-to-exit-india-if-trais-proposal-to-auction-is-accepted/articleshow/13235603.cms

NEW DELHI: Russia's Sistema has warned it will pull out of India if the government accepts the telecom regulator's latest proposals to auction CDMA airwaves at more than 4,708 crore per unit spectrum, a 14-fold increase over what it paid in 2008.

India: Sistema to take $1-bn write-down on India

Apr 21, http://www.business-standard.com/india/news/sistema-to-take-1-bn-write-downindia/472144/

Sistema will take a write-down of nearly $1 billion related to the suspension of its Indian licences, as the Supreme Court has ordered the cancellation of the Russian firm's telecom licences in this country.

India: SSTL to finalise legal action against licence cancellation

Apr 12, http://www.dailypioneer.com/business/56969-sstl-to-finalise-legal-action-against-licence-cancellation-.html

"We are thinking about legal strategy at this stage. We are in the last days of finalising the options," SSTL, President and CEO Vsevolod Rozanov told reporters here. SSTL operates its telecom services under the MTS brand in India.

India: Tax row - FinMin questions Vodafone's move to invoke BIPA

Apr 17, http://www.moneycontrol.com/news/cnbc-tv18-comments/tax-row-finmin-questions-vodafones-move-to-invoke-bipa_693664.html

Finance ministry sources have questioned Vodafone's move to invoke the bilateral investment & protection agreement (BIPA), reports CNBC-TV18's Aakanksha Sethi quoting sources.

India: TCG arbitration row reaches Calcutta high court

May 4, http://www.livemint.com/articles/2012/05/03222336/TCG-arbitration-row-reaches-Ca.html?atype=tp

Haldia Petrochemicals Ltd (HPL) and West Bengal Industrial Development Corp. Ltd (WBIDC) have moved the Calcutta high court, seeking to stall the arbitration proceedings launched by The Chatterjee Group (TCG)-co-promoter of the beleaguered petrochemical firm.

India: Telenor, Vodafone among six cos that sent notices to India - Minister

http://www.hindustantimes.com/News-Feed/SectorsInfotech/Telenor-Vodafone-among-six-cos-that-sent-notices-to-India/Article1-855701.aspx

"The government has received notices under the provisions of the applicable Bilateral Investment Promotion and Protection Agreements (BIPA/Comprehensive Economic Cooperation Agreement (CECA) to resolve alleged investor disputes," minister of state for commerce and industry Jyotiraditya Scindia said in a written reply in the Lok Sabha.

India: Telenor-Unitech dispute referred for international arbitration

Apr 12, http://timesofindia.indiatimes.com/business/india-business/Telenor-Unitech-dispute-referred-for-international-arbitration/articleshow/12638709.cms

NEW DELHI: The company law board has allowed Unitech Ltd's plea to refer a dispute over its telecoms joint venture with Norway's Telenor for arbitration in Singapore, potentially delaying a resolution.

India: Unitech files caveat against Telenor in Delhi High Court

Apr 18, http://www.moneycontrol.com/news/business/unitech-files-caveat-against-telenordelhi-high-court_693854.html

Unitech has filed a caveat before the Delhi High Court, a move to pre-empt a possible appeal by its JV partner Telenor against last week's CLB order that asked the realty major to resolve dispute in Uninor by foreign arbitration.

By filing the caveat, Unitech wants to be heard before an order is passed on Telenor's plea.

India: Unitech moves Company Law Board against Telenor plan

May 11, http://economictimes.indiatimes.com/news/news-by-industry/telecom/unitech-moves-company-law-board-against-telenor-plan/articleshow/13087560.cms

KOLKATA: Realty firm Unitech on Thursday moved the Company Law Board (CLB) to thwart Norwegian partner Telenor's plan to secure board approval on May 23 to transfer the assets of their joint venture, Uninor, to a new company.

India: Vodafone case: Foreign bodies seek tax review

Apr 11, http://economictimes.indiatimes.com/news/news-by-industry/telecom/vodafone-case-foreign-bodies-seek-tax-review/articleshow/12604797.cms

NEW DELHI: Two international trade bodies have joined the global chorus seeking a review of the government's move to retrospectively tax overseas transactions involving Indian assets, a proposal widely seen to be targeted at British telecom company Vodafone.

India: Vodafone not protected in tax tussle by Indo-Dutch accord

May 14, http://www.totaltele.com/view.aspx?ID=473503

An Indian inter-ministerial group has held that Vodafone Group PLC can't seek protection from tax proceedings by local authorities under a Dutch-Indian investment treaty, the Economic Times reported Saturday quoting an unnamed official.

India: Vodafone plans no further legal action against the Indian government; to rely on international arbitration

May 28, http://economictimes.indiatimes.com/news/news-by-industry/telecom/vodafone-plans-no-further-legal-action-against-the-indian-government-to-rely-on-international-arbitration/articleshow/13610673.cms

NEW DELHI: British Telecom giant Vodafone does not plan to take further legal action against the government here and will be relying solely on international arbitration under the India-Netherlands investment protection agreement in its tax dispute, an executive aware of the company's plans said.

India: Vodafone to opt for international arbitration against Indian tax authorities

May 29, http://economictimes.indiatimes.com/news/news-by-industry/telecom/vodafone-to-opt-for-international-arbitration-against-indian-tax-authorities/articleshow/13617342.cms

NEW DELHI: British telecom giant Vodafone is likely to rely on international arbitration under the India-Netherlands investment protection agreement rather than approach Indian courts as its epic dispute with the Indian tax authorities looks set to resume soon with the passage of the Union Budget. An executive aware of the company's plans said the international arbitration route would be preferable as domestic options may be limited.

India: Vodafone ups stakes in Indian battle

May 22, http://uk.finance.yahoo.com/news/2-vodafone-ups-stakes-indian-170110787.html

Reuters - Vodafone Chief Executive Vittorio Colao ramped up the rhetoric in his fight with the Indian government on Tuesday, accusing the country of deterring foreign investment but warning that he would not walk away.

Indonesia: (Press release) Salans succeeds in Rule 41(5) Application rejection at ICSID arbitration tribunal

Apr 19, http://salans.com/en-GB/sitecore/Content/Salans/Global/Items/News/2012/20120419%20-%20Success%20in%20Rule%2041%205%20Application%20rejection%20at%20ICSID.aspx

Press release - International law firm Salans has succeeded in overcoming an attempt by the Republic of Indonesia to terminate a compensation claim brought by a British investor at the International Centre for Settlement of Investment Disputes (ICSID) arbitration tribunal. Indonesia's Application was made under Rule 41(5) of the ICSID Arbitration Rules, which allows arbitrators to terminate an arbitration where the claim is plainly unmeritorious.

Salans is representing UK businessman, Rafat Rizvi. He claims that Indonesia failed to ensure fair and equitable treatment of his investment when the country nationalised one of its largest banks, Bank Century (now called Bank Mutiara), in 2008, and that it brought unjustified and ungrounded criminal proceedings against him.

Rizvi's claims raise questions about the application of the UK-Indonesia investment treaty for foreign investors, as Indonesia's interpretation of the treaty would exclude foreign investments in large sectors of the economy from protection. It would also affect investors from the numerous other countries with which Indonesia has treaties that are similarly worded.

George Burn, International Arbitration Partner in Salans' London office, said: "I am delighted that the ICSID tribunal has decided to reject the Republic of Indonesia's Rule 41(5) Application, mainly because it means Mr Rizvi will be able to present his full arguments over the way in which he was treated before and after the collapse and nationalisation of Bank Century. The decision also confirms that the standard set by Article 41(5) is high, the onus being on the State to prove its argument that the claims made against it are so clearly lacking in merit that there is no need for the arbitration to proceed. States considering using this Rule will see that the bar is high and should proceed with care in deciding whether or not to make such an application".

Indonesia: Churchill Mining files international arbitration against Indonesia (ICSID)

May 22, http://www.churchillmining.com/library/file/CHL%20RNS%2023%20May%202012%20-%20Int%20Arb%20(Legal%20reviewed%20Final).pdf

Churchill Mining plc (AIM: CHL) ("Churchill" or the "Company") advises that it has filed a claim in an international arbitration against the Republic of Indonesia for breaches of Indonesia's obligations under the Bilateral Investment Treaty between the United Kingdom and the Republic of Indonesia (the "UK-Indonesia BIT").

The claim was filed on 22 May 2012 at the International Centre for Settlement of Investment Disputes ("ICSID") in Washington D.C. and relates to the Company's dispute with Indonesia over the East Kutai Coal Project ("EKCP"), of which Churchill holds a 75% interest.

In the international arbitration at ICSID Churchill is seeking the full relief owed to it under the provisions of the UK-Indonesia BIT and under International law.

Churchill's Chairman, David Quinlivan commented, "The Board of Churchill is concerned that it has had to resort to international arbitration with an emerging economy such as the Republic of Indonesia. At all levels there seems to be a lack of support from Indonesia with regard to our contentions on the EKCP. We look forward to now addressing and rectifying these issues on the balanced platform that international arbitration at ICSID provides foreign investors."

When further information is available, the Company will provide an update to the market.

Background to International Arbitration under the Bilateral Investment Treaty between the United Kingdom and the Republic of Indonesia

Churchill filing for international arbitration at ICSID follows Indonesia's failure to rectify the issues described in two previous letters to the President of Indonesia. Both letters to the President emphasized that following a significant investment in the EKCP Churchill identified a world class thermal coal deposit in East Kalimantan. Shortly thereafter, Churchill became the subject of a sustained campaign designed to divest Churchill's legitimate rights to develop this deposit and the EKCP.

The international arbitration will run in parallel with the current proceedings at the Supreme Court of Indonesia that seek to overturn lower administrative tribunal and court decisions in relation to the revocation of four mining licenses that cover the EKCP (in which Churchill has a 75% interest).

Further information on both the Appeal and processes can be found in the RNS announcements made from March 2011 onwards, most recently those of 3 April 2012 and 4 May 2012. Additionally, the AGM presentation made in December 2011 by the Company outlines the facts of the EKCP case and can be found at www.churchillmining.com.

Indonesia: Churchill Mining files new formal letter to Indonesia president in East Kutai coal project dispute

May 4, http://www.proactiveinvestors.co.uk/companies/news/42365/churchill-mining-files-new-formal-letter-to-indonesia-president-in-east-kutai-coal-project-dispute-42365.html

Churchill Mining has filed a further formal letter to the President of Indonesia, seeking support and legal protection in order to achieve an amicable and commercial resolution to the dispute regarding the East Kutai coal project (EKCP), 75 per cent owned by Churchill.

Indonesia: Churchill Mining: Preparing next steps in Indonesian legal battle

Apr 11, http://www.proactiveinvestors.com/companies/news/27617/churchill-mining-preparing-next-steps-in-indonesian-legal-battle-27617.html

The news that Indonesia's Supreme Court intends to reject Churchill Mining's appeal is clearly a blow, however the firm's fate does not rely solely on this one ruling alone. One way or another, the Supreme Court's final decision will provide investors with clarity on what Churchill's next move will be. Last week, Churchill reported that notations on the register of the Supreme Court show it intends to reject the appeal.

Indonesia: International Shipping Magnates Sue Tommy Suharto for $145 Million

Apr 24, http://www.thejakartaglobe.com/business/international-shipping-magnates-sue-tommy-suharto-for-145-million/513631

... The Norwegian syndicate also did not receive hire fees and was awarded $27 million in compensation by a London arbitration panel in December 2010. The legal bill remains unpaid. Hanjin Shipping, a South Korean company, also says it is owed $58 million for vessel hiring, according to documents reviewed by this newspaper.

InkSure Technologies reports update on Optaglio arbitration case at LCIA

May 21, http://www.sec.gov/Archives/edgar/data/1062128/000117891312001552/R8.htm

On March 30, 2012, the Company received a request for arbitration filed with the London Court of International Arbitration, or the LCIA, by Optaglio s.r.o., a Czech Republic limited liability company, or Optaglio. In its request for arbitration, Optaglio claims an alleged breach of the Commercial Cooperation Agreement, or the Agreement, entered between the Company and Optaglio on June 26, 2009.

Iraq Pressures Western Oil Companies In Dispute With Kurdistan

May 30, http://www.ibtimes.com/articles/346821/20120530/exxon-mobil-iraq-kurdistan-lease-auction-exploration.htm

Iraqi officials on Tuesday said their country's next oil lease auction will restrict companies' ability to sign contracts with Iraq's semi-autonomous northern region of Kurdistan.

Israel: Intel in talks over NIS 2.3b tax bill

May 25, http://www.haaretz.com/business/intel-in-talks-over-nis-2-3b-tax-bill-1.432571

Intel Corporation, the American semiconductor giant, is in negotiations with the Israeli government over the tax bill for a planned NIS 12 billion dividend it wants to pay out from funds it has accumulated in the country.

Israeli leader plays down gas dispute with Egypt

Apr 24, http://www.keyc.tv/story/17660210/israeli-leader-plays-down-gas-dispute-with-egypt

AP - Israel's prime minister on Monday scrambled to contain the damage from Egypt's decision to cut off natural gas exports, dismissing the matter as a mere "business dispute" as he tried to prevent a full-fledged diplomatic crisis.

Japan Seeks to Get in on Act Investing in Burma

May 23, http://www.thejakartaglobe.com/business/japan-seeks-to-get-in-on-act-investing-in-burma/519705

Tokyo. Japan will start negotiations on an investment treaty with Burma on Wednesday, the trade ministry said, as corporations around the world scramble to do business in one of the last frontier markets in response to encouraging political reforms.

Kenya: Mumias seeks ouster of arbitrator in Sh8b case

Apr 8, http://www.businessdailyafrica.com/Corporate+News/Mumias+seeks+ouster+of+arbitrator+in+Sh8b+case+/-/539550/1383176/-/rgyrlrz/-/index.html

Sugar miller Mumias returns to the courts on Wednesday where it will be seeking the removal of an arbitrator in a multi-billion- shilling dispute with its principal cane supplier, the Mumias Outgrowers Company (MOC).

Key UAE laws by year-end

May 15, http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2012/May/uaebusiness_May240.xml§ion=uaebusiness&col=

The UAE is expected to finalise an insolvency and bankruptcy law by the end of 2012, Minister of Justice Dr Hadif bin Jowan Al Dhahiri said at the Global Policy Conference in Dubai on Monday.

Khan Launches Appeal in ARMZ Litigation

Apr 20, http://www.khanresources.com/investors/news/120420.pdf

Khan Resources Inc. announced today that it has filed an appeal with the Court of Appeal for Ontario in relation to the March 9, 2012 decision of the Ontario Superior Court of Justice that allowed an appeal by Atomredmetzoloto JSC ("ARMZ") and dismissed Khan's motion to validate, substitute or dispense with service of the Statement of Claim in Khan's $300 million lawsuit for damages against ARMZ. As set out in the Notice of Appeal filed with the Court of Appeal, Khan seeks to, among other things, restore a prior order of the Superior Court of Justice that validated service of the Statement of Claim on ARMZ.

Khan has been attempting to effect service on ARMZ since late 2010 in connection with its $300 million lawsuit against ARMZ. After following the necessary procedures in Russia to serve ARMZ, Khan's attempts at service were stymied when the Russian Ministry of Justice refused to effect service on ARMZ. The Russian Ministry of Justice cited Article 13 of the Hague Convention that provides that the State addressed may refuse to effect service "only if it deems that compliance would infringe its sovereignty or security". The Ministry of Justice provided no reason or explanation for why service would infringe Russian sovereignty or security. On October 31, 2011, Khan announced that it had obtained an order of the Ontario Superior Court of Justice validating service on ARMZ which was appealed by ARMZ. On March 9, 2012, the appeal was allowed.

Mr. Grant Edey, President and Chief Executive Officer of Khan, commented "It is grossly unfair that the Russian Government has been able to shield ARMZ from having to answer to a Canadian court for harm done to Khan and its shareholders based on alleged concerns about Russian sovereignty or security. This unfairness demands an appeal, and we intend to continue to vigorously defend our shareholders' rights and interests."

Khan Resources vs Mongolia $200m Arbitration Hearing Soon

May 4, http://www.marketwire.com/press-release/khan-files-second-quarter-2012-financial-results-tsx-kri-1652863.htm

In respect of the $200 million International Arbitration action against the Government of Mongolia, a hearing on jurisdictional matters will be held May 14 to May 16, 2012. As a result, activity levels were high in the second quarter preparing and submitting briefs in advance of the actual hearing. Submissions were made to the Tribunal on February 3, 2012 and on April 23, 2012. The Company remains confident of a favourable outcome to the arbitration action.

Korean firm wants out of wafer slicing venture with Lopez group

May 27, http://business.inquirer.net/61853/korean-firm-wants-out-of-wafer-slicing-venture-with-lopez-group

The Lopezes, who own 70-percent of this disputed venture, have already disputed this notice of breach before the International Chamber of Commerce. Both FPV and Nexolon have alleged contract violations in this water slicing venture and thus filed the case for ICC resolution.

Kuwait forms panel to probe Dow ruling - cabinet

May 29, http://www.arabianbusiness.com/kuwait-forms-panel-probe-dow-ruling-cabinet-459683.html

Kuwait formed a ministerial committee to handle an international court ruling that ordered the Gulf state to pay US$2.16bn in damages to Dow Chemical, according to a cabinet statement.

Kuwait: Dow Announces $2.16 Billion Award in K-Dow Arbitration

May 24, http://www.dow.com/news/all-news/article/?id=/company-news/dow-announces-216-billion-award-k-dow-arbitration

The International Court of Arbitration of the International Chamber of Commerce (the "ICC") this morning released its findings in the arbitration case between The Dow Chemical Company (NYSE: DOW) and Petrochemical Industries Company of Kuwait (PIC) relating to the K-Dow transaction.

The ICC award holds that PIC was liable, and awards damages to Dow of $2.16 billion, not including interest and costs. Dow and PIC mutually agreed to resolve their contractual disputes through arbitration before the ICC, which is comprised of preeminent legal experts with experience in high-value commercial litigation. The award is final and binding.

"This outcome brings resolution and closure to the issue," said Andrew N. Liveris, Dow's chairman and chief executive officer. "We remain focused on continuing to move forward with our transformation and profitable business partnerships - both in Kuwait and around the world."

Dow has been doing business with Kuwait for nearly 40 years. The Company's partnership with Kuwait, which includes several industry-leading joint ventures, remains strong and will continue to benefit both parties. Counsel for Dow was Shearman and Sterling.

Kuwait: Majority Bloc forms K-Dow probe panel

June 4, http://www.arabtimesonline.com/NewsDetails/tabid/96/smid/414/ArticleID/184087/reftab/36/t/Majority-Bloc-forms-K-Dow-probe-panel/Default.aspx

The parliament's Majority Bloc has agreed to form a probing committee to investigate the K-Dow case, stated MP Jamaan Al-Harbash Monday.

Al-Harbash, who heads the bloc's coordination committee, added the majority will nominate MPs Abdulrahman Al-Anjari and Faisal Al-Yahya to the committee and allow minority MPs to nominate who they see fit.

London court dismisses Ingosstrakh's appeal in dispute with BNP Paribas

May 25, http://rapsinews.com/judicial_news/20120525/263260108.html

Appeal in lawsuit against BNP Paribas and Russian Machines turned down; Insurer appeals dismissal of suit against BNP Paribas and Russian Machines; London court dismisses Deripaska company's appeal in dispute with BNP Paribas

http://www.bailii.org/ew/cases/EWCA/Civ/2012/644.html

Madagascar: Madamobil SA liscence revoked - will start ICSID arbitration

May 16, http://www.madaplus.fr/attachment/345657/

Madamobil Holdings Mauritius Limited ("MHML") ann once ce jour que l'OMERT, l'agence de régulation des télécommunications de Madagascar a notifié ce vendredi 9 mai 2012 à Madamobil SA (sa filiale à Madagascar) une décision de révocation de sa licence de téléphonie mobile.

Madamobil, qui détient une licence 3G depuis 2008, est le 4ème opérateur mobile sur le marché malgache et fournit un service de téléphonie mobile à plusieurs dizai nes de milliers d'abonnés.

Pendant les trois dernières années, les autorités malgaches ont opposés à Madamobil des obstacles illégaux à son exploitation dans le but de l'obliger à payer des sommes qu'elle ne doit pas. Ces mesures (dont cette récente décision de révocation de la licence, décidée par l'OMERT à la demande des operateurs existants) sont sans aucune base légale et ont finalement abouti à la perte totale des investissements de MHML dans le pays.

En conséquence, MHML et ses actionnaires vont prochainement d époser une requête d'arbitrage auprès du Centre International de Règlement des Différends en matière d'Investissement (CIRDI) à Washington DC aux fins de demander plus de 200 Million US$ de dommages et intérêts en réparation des préjudices subis.

MHML et ses actionnaires ont investi plus de 40Million US$ à Madagascar depuis l'acquisition de la licence en 2008. La Phase I de construction du réseau a été terminée en 2009 dans des délais record de 6 mois, en dépit des turbulences politiques et logistique s qui ont marqué cette époque. Après 2009, le nouveau Gouvernement de Madagascar (par l'intermédiaire du premier Mi nistre de l'époque et du Min istre des Télécommun ications de l'époque, qui est aujourd'hui à la tête de l'OMERT) a décidé de bloquer l'interconnexion de Madamobil avec les autres opérateurs au motif que Madamobil refusait de payer des som mes qui ne sont pré vues nulle part dans la licence de Madamobil, ou dans la règlementation en vigueur.

L'impossibilité pour les abon nés de Madamobil de passer des appels vers les autres réseaux a entièrement détruit l'attractivité de son réseau pour ses clients et limité drastiquement son exploitation et son développement.

Bien que le plan d'affaires 2008 de Madamobil prévoyait 1.200.000 abonnés en 2012, l'absence d'interconnexion a très fortement limité le parc d'abonnés. De plus, d'autres menaces ou blocages, direc ts ou indirects (refus de licences d'importation de mat ériel, refus d'octroi de fr équences techniques de transmission, refus de visas po ur les employés expatriés, interdiction de participer aux foires et évènements sectoriels etc.) ont rendu l'exploitation normale de l'activité de Madamobil impossible.

D'après les communiqués officiels de l'OMERT, cette dernière décision de révocation de licence serait justifiée par des manquements de Madamobil à ses obligations fiscales et tarifaires, qui constitueraient une « concurrence déloyale ». Madamobil s'est toujours conformée aux termes de sa licen ce et à la règlementation en vigueur et n'a jamais reçu, avant le retrait de la licence, la moindre communication officielle de l'OMERT faisant état de manquements à ses obligations tarifaires ou fiscales.

MHML considère par conséquent que la décision de révocation est motiv ée uniquement par le refus de Madamobil de payer des som mes qui ne sont prévues nulle part dans la licence de Madamobil, ou dans la règlementation en vigueur.

Le directeur général de MHML a déclaré que : "MHML et ses actionnaires estiment que le s autorités malgaches ont gravement enfreint les droits de Madamobil en tant qu'opérateur légitime et les droits de MHML en tant qu'investisseur protégé par les conventions internationales de protection des investissements étrangers. Notre préférence serait bien entendu de poursuivre l'exploitation et de ne pas engager de poursuites mais les autorités malgaches ne nous laisse nt aucune alternative. Nous serions dispos és à revoir notre décision seulement si les autorités malgaches acceptent de reveni r sur la décision de révocation de la licence, ordonnent l'interconnexion immédiate et acceptent de réparer les pertes subies par Madamobil pendant 3 ans de blocage "

Les principaux actionnaires de MHML sont Life Telecom, une société d'investissement basée aux pays bas et Tecom Investments, uen filiale de Dubai Holdings basée à Dubai.

Malaysia: Astro denies allegations by Lippo Group against it, Ralph Marshall

May 2, http://www.thesundaily.my/news/367095

Astro All Asia Networks Ltd has refuted allegations against it and its executive deputy chairman Ralph Marshall of any wrong-doing following a commercial dispute with Indonesia's Lippo Group. ... "Astro and Lippo had a commercial dispute and decided to resolve it through international arbitration. Lippo lost the case and was ordered to pay up to US$300 million in damages to Astro, and it is trying to avoid doing so by filing criminal charges against Marshall.

See also http://www.themalaysianinsider.com/malaysia/article/indonesian-cops-have-not-sought-marshalls-help-in-fraud-probe-says-astro

Malaysia: Celcom withdraws appeal against DeTeAsia award

Apr 26, http://www.axiata.com/sites/default/files/ir/stock_exchange_filings.html

Axiata refers to its announcement dated 30 April 2010 regarding the appeal to the Court of Appeal against the decision of the High Court allowing the application by DeTeAsia to set aside the Originating Summons filed by Celcom Axiata Berhad [formerly known as Celcom (Malaysia) Berhad] ("Celcom") against DeTeAsia ("Appeal"). Axiata wishes to announce that Celcom has today withdrawn the Appeal with no order as to costs.

Mongolia passes watered-down foreign investment law

May 18, http://www.miningweekly.com/article/mongolia-passes-watered-down-foreign-investment-law-2012-05-18

ULAN BATOR - Mongolia's Parliament passed a controversial law aimed at capping foreign ownership in "strategic" industries like mining on Thursday, but investors expressed relief that the legislation was weaker than first anticipated.

Mongolia's new foreign investment law explained

May 15, http://www.iflr.com/Article/3028715/Regulatory/OPEN-ACCESS-Mongolias-new-foreign-investment-law-explained.html

Mongolian parliament members, anxious to retain their seats ahead of the highly-anticipated 2013 opening of the Oyu Togloi mine, are introducing extensive legislative reforms, including the proposed foreign investment law.

The law was proposed in a bid to curb China's increasing investment and influence in the country. ... Mongolia has long promised an open foreign investment regulatory scheme.

Note: an unofficial English translation of the draft can be found here Law on Regulation of Foreign Investment in Business Entities of Strategic Importance - Draft (English) - April 2012 https://www.transnational-dispute-management.com/legal-and-regulatory-detail.asp?key=7879

Mongolia's new investment law: deterrent or clarification?

May 18, http://blogs.ft.com/beyond-brics/2012/05/18/mongolias-new-investment-law-deterrent-or-clarification/

Mongolia has been something of a frontier Mecca for mining investors over the last several years. Drawn by the country's vast untapped resources and proximity to China, the world's biggest consumer of commodities, investors have poured billions of dollars into Mongolia's tiny economy. In 2011, foreign investment constituted a whopping 62 per cent of Mongolia's $8.6bn GDP.

Mongolia: Aspire Mining Limited Update on New Foreign Investment Law May 18, http://www.aspiremininglimited.com/userfiles/file/320_20120518%20update%20on%20mongolian%20foreign%20investment%20law.pdf

The Parliament of Mongolia last night approved a law that regulates foreign direct investment into a number of key sectors of strategic importance which includes mineral resources. Unless vetoed by the President (which is unlikely), the Law will have immediate effect.

This law does not limit foreign direct investment. It does set up a process of review and approvals for significant investments into those industries of strategic importance to the country. The approvals regime is based on the following levels of investment:

- All foreign direct investments in excess of 5% in an entity operating in a sector of strategic importance must register with the Foreign Investment Agency of Mongolia ("FIA").

- Foreign direct investments in excess of 33% in an entity operating in a sector of strategic importance must receive Government of Mongolia approval.

- Foreign direct investments in excess of 49% in an entity operating in a sector of strategic importance and in excess of 100bn MNT (approximately AUD$75m), requires approval from the Mongolian Parliament.

- Foreign direct investments made by a company with state ownership will require Government of Mongolia approval.

This law does not apply retrospectively.

The enacting of this foreign investment law now provides legislative certainty surrounding future foreign direct investments into Mongolia and in particular into its rapidly growing resources industry. The regime is not dissimilar to regimes enacted in other resource rich jurisdictions such as Australia and Canada.

Mongolia: Chalco targeted as Mongolia moves to limit state deals

May 17, http://www.mineweb.com/mineweb/view/mineweb/en/page504?oid=151601&sn=Detail&pid=102055

The draft law, submitted to parliament two years ago, was accelerated after a public outcry following Chalco's move last month to take control of SouthGobi Resources

Myanmar finalises new investment law

May 8, http://www.ft.com/intl/cms/s/0/c9c9b2f0-98b1-11e1-ad3e-00144feabdc0.html

The law, which also sets out land-use terms, legal structures and incentives for foreign companies, has been eagerly awaited by western investors since the US, the EU and others, eased sanctions amid international praise for the conduct of April 1 by-elections.

Although the president has now signed the code, it is unlikely to be published in full for some weeks, government officials told the Financial Times.

Namibia: Hage Geingob soothes investors on BEE policy

Apr 24, http://www.namibian.com.na/news/marketplace/full-story/archive/2012/april/article/hage-geingob-soothes-investors-on-bee-policy/

THE New Equitable Economic Empowerment Framework (Neeef) is not about "expropriation or indiscriminate repossession", Trade and Industry Minister Hage Geingob has said.

Nigeria has opened an International Centre for Arbitration and Mediation (ICAMA) in Abuja

May 8, http://www.voiceofnigeria.org/Nigeria/Nigeria-commissions-international-arbitration-centre.html

Nigeria has opened an International Centre for Arbitration and Mediation, (ICAMA), in the nation's capital, Abuja.

At the event, the Chief Judge of the Federal Capital Territory High Court, Justice Lawal Gummi says Nigeria ranks poorly in the area of efficient formal justice systems.

He noted that the lack of timely, predictable and affordable access to justice is having a negative effect on investment drive.

Nigeria: Federal High Court voids two arbitration awards worth N840bn against NNPC

Apr 23, http://www.vanguardngr.com/2012/04/court-voids-two-arbitration-awards-worth-n840bn-against-nnpc/

A Federal High Court sitting in Abuja has voided two separate arbitration awards worth $5.25 billion (about N840 billion) against the Nigerian National Petroleum Corporation, NNPC, in favour of some oil exploration companies in the country. In the first case, the court voided the arbitration award of $3.45 billion and $1.8 billion award in the second suit.

Not just payments behind Egypt gas halt to Israel: consortium

http://www.reuters.com/article/2012/04/25/us-israel-gas-egypt-idUSBRE83O0CX20120425

Reuters - The decision to halt Egyptian natural gas exports to Israel was not due simply to commercial differences, international shareholders in the consortium involved said on Wednesday, dismissing claims they were behind in payments.

NZ eyes plain packaging laws

Apr 20, http://www.frasercoastchronicle.com.au/story/2012/04/20/nz-eyes-plain-packaging-laws/

ATTORNEY-General Nicola Roxon is confident Australia's tobacco plain packaging laws will "spread to other countries" after the New Zealand Government agreed in-principle to introduce similar legislation.

Pacific Rim Provides a Progress Report on Activities in El Salvador and Nevada

Apr 30, http://www.pacrim-mining.com/s/News.asp?ReportID=522141

Pacific Rim Mining Corp. provides the following update to shareholders on its efforts to resolve the El Dorado project permitting impasse, including the CAFTA/ILES arbitration case initiated by its US subsidiary Pac Rim Cayman, LLC ("PacRim"), and its Hog Ranch exploration activities in Nevada. The Company has been informed that a ruling on the CAFTA/ILES Jurisdiction Objection is expected by May 31, 2012 and an application is currently being made for a permit to drill at the Hog Ranch property...

Pak-Germany bilateral investment treaty to be revised soon: Envoy

May 1, http://www.onlinenews.com.pk/details.php?id=192197

... Pakistan and Germany have upgraded their 50 year old trade and investment treaty for providing better opportunities and protection to each others investors. The agreement on Encouragement and Reciprocal Protection of Investments will cover all modern and legal requirements that the investor needs to invest in other countries with complete protection. Germany is an important country in European Union (EU) which can help Pakistan for getting concessional regimes in EU, GSP plus and further entering to Preferential and Free Trade Agreement with the EU with preferred market access, he maintained.

Draft Pak-US BIT - BoI gained much, lost nothing in dialogue: chairman - Pak-Canada BIT will also conclude in 2012

Apr 19, http://www.dailytimes.com.pk/default.asp?page=2012\04\19\story_19-4-2012_pg5_7

Minister of State and Board of Investment (BoI) Chairman Saleem H Mandviwala has said that while finalising draft of Pak-US Bilateral Investment Treaty (BIT), BoI has gained much and lost nothing in dialogue and the agreement would be a success for both the countries.

Pakistan court shuts plants, angers US investor

May 29, http://www.seattlepi.com/business/article/Pakistan-court-shuts-plants-angers-US-investor-3591316.php

AP ... It's a similar story with the other foreign investor to take up the offer. Turkish company Karkey Karadeniz Elektrik Uretim invested $350 million in hulking floating power barges that were moored off the port city of Karachi. They started operations in April last year, but they were supplied little or no gas. The Supreme Court ruling ordered the company to repay a $180 million advance it was paid by the government. In a statement, Karky said it had started arbitration proceedings against the government and that the court ruling contained several material and factual errors.

Pakistan heading towards severe water shortage: Mumtaz

May 23, http://www.brecorder.com/agriculture-a-allied/183/1192499/

Business Recorder - Engr Mumtaz Ahmed Khan, Chairman of Kalabagh dam movement has said that Pakistan has right to oppose Indian dam projects besides opposing Kishanganga project because its diversion will reduce more than 20 percent of the power generation capacity of the 975 megawatts (MW) Neelum-Jhelum power project on the same river downstream Muzaffarabad in Azad Kashmir.

Pakistan, Turkey to sign BIT

May 22, http://www.brecorder.com/top-news/1-front-top-news/58438-pakistan-turkey-to-sign-bit-.html

Chairman Board of Investment, Saleem H. Mandviwalla confirmed about the signing of agreement to Business Recorder and said a meeting with Zafer Calayan, Minister of Economy Turkey was also held on Monday in this regard.

Both sides discussed BIT along with other issues. The other important agreement to be signed between Turkish Company Albrayak and Sindh Government was on solid waste management, Saleem said. He said Pakistan and Turkey would like to sign nine agreements all together.

Pakistan-Saudi Arabia: Investment treaty with KSA proposed

Apr 11, http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/national/11-Apr-2012/investment-treaty-with-ksa-proposed

President Asif Ali Zardari has said that there exists huge potential of trade and economic activities between Pakistan and Saudi Arabia. He said that for tapping this enormous potential it was important that the existing mechanisms such as Joint Ministerial Commission and the Joint Business Council are fully utilised. Finalisation of Bilateral Investment treaty would also go a long way to boost the bilateral economic relations, the President said.

Pakistan: BIT with Canada nears conclusion: Mandviwalla

June 5, http://www.brecorder.com/business-a-economy/189/1196798/

"BIT is nearly concluded and the last round of talks will take place in Pakistan soon," he said, adding that they also had useful negotiations in Ottawa on the issue of foreign investment protection. Talking about his visit to Canada, Saleem said that Hi-Fi Solar Energy is interested in investment in solar energy equipment. The company supplies solar energy systems for commercial and residential use. The company representative said that they are planning to start a company in Lahore with satellites offices in all big cities of Pakistan.

Pakistan: Board of Investment (BoI) signs accord with Turkey

May 23, http://www.dailytimes.com.pk/default.asp?page=2012%5C05%5C23%5Cstory_23-5-2012_pg5_2

Board of Investment (BoI) has signed a Bilateral Investment Treaty (BIT) with Turkey on Tuesday.

Pakistan: BoI, Canadian HC to hold Investment Conference in Canada

May 29, http://pakobserver.net/detailnews.asp?id=157721

Islamabad-Minister of State/Chairman Board of Investment Saleem H. Mandviwalla is leading a business delegation to Canada on May 29 to June 2 to attend an investment conference aims at promote bilateral investment and joint ventures leading to enhanced trade between Pakistan and Canada.

Pakistan: China bank approves $450 million loan

May 23, http://www.nation.com.pk/pakistan-news-newspaper-daily-english-online/business/23-May-2012/china-bank-approves-450-million-loan

Chinese EXIM Bank, after a long delay, has now approved $450 million loan to finance 969MW Neelum Jhelum hydropower project, which would add about 5.15 billion units of cheap electricity to the national grid every year by 2016.

Pakistan: Commerce ministry opposes investment treaty with Canada

May 25, http://pakobserver.net/detailnews.asp?id=157046

"We have suggested to the Board of Investment that it would be too early to conclude the treaty as the ministry did not get enough time to thoroughly examine the proposed BIT and forwarded it to WTO section of the ministry for detailed comments," an official confirmed asking not to be named.

Pakistan: Fomento wins compensation from Pakistan Steel Mills

May 25, http://www.steelguru.com/middle_east_news/Fomento_wins_compensation_from_Pakistan_Steel_Mills/265360.html

Goan mining firm Fomento says its won an arbitration claim of CAD 8.99 million (INR 48 crore) against state own Pakistan Steel Mills after a five year long battle.

Pakistan: Lawyer appointed arbitrator in Reko Diq case at ICC

Apr 11, http://www.dailytimes.com.pk/default.asp?page=2012%5C04%5C11%5Cstory_11-4-2012_pg7_18

A three-member bench led by Chief Justice of Pakistan Iftikhar Muhammad Chaudhry, comprising Justice Khilji Arif Hussain and Justice Tariq Parvez, is hearing identical petitions filed by Jamiat Ulema-e-Islam-Fazl leader Abdul Haq Baloch and others. The petitioners have made the Balochistan government respondent. Ahmer Bilal Sufi, counsel for the Balochistan government, told the bench that Hamid had been appointed as arbitrator to represent their case at the ICC in Paris.

Pakistan: Pakistan government distances itself from Reko Diq dispute

Apr 9, http://www.steelguru.com/metals_news/Pakistan_government_distances_itself_from_Reko_Diq_dispute/258274.html

The Express Tribune reported that the central government has distanced itself from the multi billion dollar Reko Diq gold and copper mining project and wants Balochistan to pay damages relating to the project if the international court of arbitration decides case in favor of Canadian and Chilean JV Tethyan Copper Company.

Pakistan: Reko Diq saga: As time elapses, govt fails to nominate arbitrator

May 25, http://tribune.com.pk/story/383824/reko-diq-saga-as-time-elapses-govt-fails-to-nominate-arbitrator/

In first signs of a setback, the government has failed to nominate an arbitrator in a case on multi-billion-dollar Reko Diq gold and copper mining project filed by Tethyan Copper Company - a Canadian and Chilean joint venture - in the International Centre for Settlement of Disputes in Washington DC, sources say.

Pakistan: Ruling on rental power plants: Turkish firm takes dispute to international court

May 27, http://tribune.com.pk/story/384768/ruling-on-rental-power-plants-turkish-firm-takes-dispute-to-international-court/

Rejecting the Supreme Court's ruling on rental power plants (RPPs), Turkey-based power firm Karkey Karadeniz Elektrik Uretim (KKEU) has instead moved the International Court of Arbitration - seeking compensation from the Government of Pakistan for losses that it says have arisen out of the latter's alleged breach of contract. The company has sent a legal notice to the Government of Pakistan seeking remuneration for losses arising out of - what it says - is a violation of the Rental Service Contract (RSC).

Pakistan: TCCA application rejected, Supreme Court told

May 9, http://www.brecorder.com/top-stories/0/1187128/

The top legal officer of Balochistan informed the Supreme Court on Tuesday that provincial secretary for mineral resources had rejected Tethyan Copper Company Australia (TCCA) application for the renewal of leasing licence.

Pakistan: The three-day International Judicial Conference approves eight recommendations

Apr 15, http://www.ppinewsagency.com/?p=27862

...

4A. Alternate Dispute Resolution: it is hereby declared that the Bar should encourage advocates to participate in the mediation process and should recognize that ADR is not a threat to lawyers' incomes but in fact an opportunity to expand their businesses. It was further recommended that ADR provisions of Section 89A of Code of Civil Procedure 1908, which are only optional at present, may be made mandatory in all civil proceedings. It was also proposed that to encourage parties to opt for mediation, effective cost sanctions be imposed at all stages in litigation proceedings and the cost ceilings presently in force by the High Court rules be removed.

With respect to establishment of ADR centres, it was suggested that as a first step an MOU may be entered into between the Federal Judicial Academy and Karachi Centre for Dispute Resolution so that the FJA may avail of the services of KCDR's faculty to train judicial officers in Mediation. To study the progress of ADR and to further devise policies for its promotion as a viable alternative to litigation, it is proposed that data regarding ADR cases may be tracked and analyzed pertinently cases decided by court mediation. It is finally recommended that ADR be introduced as an academic subject not only in law schools but also in institutions imparting business studies.

4B. International Arbitration: The recent enactment of New York Convention 1958 and the ICSID Convention 1966 in Pakistan is a welcome step, which would help attract more foreign investment in to the country. It is highly recommended that these international treaty obligations be fully respected and implemented by the courts, both as a matter of rule of law b

...

Pakistan: Zardari to sign BIT during US visit

Apr 23, http://pakobserver.net/detailnews.asp?id=152219

Karachi-Saleem H. Mandviwala Minister of State & Chairman Board of Investment has said while some 47-48 treaties had already been signed with different countries, Bilateral Investment Treaty (BIT) between Pakistan & the United States had dragged for eight years. He informed that negotiations for the Treaty aimed at facilitating Pak-US investors had been completed & the bill was in the Parliament for approval (even as Cabinet had approved the initiation of negotiations with US back in 2004). He was talking to Karachi Chamber of Commerce & Industry (KCCI) members here at Aiwan-e-Tijarat.

Panama: Undeveloped Casco Viejo properties facing expropriation

Apr 9, http://www.newsroompanama.com/panama/4154-undeveloped-casco-viejo-properties-facing-expropriation.html

The Government has begun the process of expropriation of at least 20 buildings in Panama's World Heritage site, Casco Viejo.

PCA in Mauritius

May 24, http://www.pca-cpa.org/shownews.asp?ac=view&nws_id=333&pag_id=1261

On May 7, 2012, Fedelma Claire Smith, Legal Counsel at the Permanent Court of Arbitration, assumed her role as the PCA Representative and Legal Officer in the Republic of Mauritius and Head of the PCA Mauritius Office, taking over from Ms. Judith Levine. Ms. Smith will be responsible for the further implementation of the PCA's Host Country Agreement with the Republic of Mauritius.

PCA New York Convention Road Show launched in Mauritius

May 24, http://www.pca-cpa.org/shownews.asp?ac=view&nws_id=334&pag_id=1261

The inaugural session of the New York Convention Roadshow, an intensive new judicial training workshop on the interpretation of the Convention, was held in Mauritius on 3 and 4 May 2012 by ICCA and the PCA. Chief Justices and Judges from Botswana, Lesotho, Malawi, Mozambique, Namibia, Rwanda, Seychelles, South Africa, Swaziland, Tanzania and Zambia attended along with judges of the Supreme Court of Mauritius and delegates from the International Commission of Jurists.

The launch of the Roadshow was organized by Young ICCA Co-Chairs Marike Paulsson and Lise Bosman together with the outgoing PCA representative in Mauritius, Judith Levine, and was presented by Ms. Paulsson together with Professors Albert Jan van den Berg and Jan Paulsson (President of ICCA). The workshop opened with a welcome address by the Chief Justice of Mauritius, the Hon. Y. K. J. Yeung Sik Yuen, followed by an introduction by Professor van den Berg to the basics of international commercial arbitration. The working sessions took the form of an interactive, article-by-article analysis of the New York Convention, delivered with the aid of a website designed by the speakers and punctuated by "war stories" from practice. The workshop closed with a discussion and Q&A session. The event was sponsored by the International Commission of Jurists, enabling the attendance of 25 delegates from neighbouring African states, and by the Supreme Court of Mauritius, which fielded a delegation of 17 Supreme Court Judges.

The Roadshow was preceded by a successful joint Young ICCA-PCA Practitioners' Training Day in the Mauritian capital Port Louis on 2 May, at which the presenters of the Roadshow gave an introductory workshop on the New York Convention alongside lectures aimed at providing an overview of international arbitral practice delivered by Bosman, Levine, local practitioners Anne-Sophie Jullienne and Jamsheed Peroo, and the incoming PCA representative in Mauritius, Fedelma Claire Smith. The Practitioners' Training Day was attended by over 75 local lawyers and international visitors.

PCA: Arbitration Between the Republic of Croatia and the Republic of Slovenia

Apr 13, http://www.pca-cpa.org/shownews.asp?ac=view&nws_id=331&pag_id=1261

The Arbitral Tribunal constituted pursuant to the Arbitration Agreement of 4 November 2009 has held its First Procedural Meeting with the Parties.

On 13 April 2012, representatives of the Government of the Republic of Croatia and the Government of the Republic of Slovenia convened for a first procedural meeting at the Peace Palace in The Hague in an arbitration concerning a territorial and maritime dispute between the two States.

The dispute was submitted to arbitration in accordance with an arbitration agreement between the Republic of Croatia and the Republic of Slovenia dated 4 November 2009. Article 3 (1) of the Arbitration Agreement provides:

"The Arbitral Tribunal shall determine (a) the course of the maritime and land boundary between the Republic of Slovenia and the Republic of Croatia; (b) Slovenia's junction to the High Sea; (c) the regime for the use of the relevant maritime areas."

Article 4 provides:

"The Arbitral Tribunal shall apply (a) the rules and principles of international law for the determinations referred to in Article 3 (1) (a); (b) international law, equity and the principle of good neighbourly relations in order to achieve a fair and just result by taking into account all relevant circumstances for the determinations referred to in Article 3 (1) (b) and (c)."

The Arbitral Tribunal, which was constituted earlier this year, is chaired by Judge Gilbert Guillaume (France), former President of the International Court of Justice. The other members of the Arbitral Tribunal are Professor Vaughan Lowe (United Kingdom), Judge Bruno Simma (Germany), Dr. Jernej Sekolec (Slovenia), and Professor Budislav Vukas (Croatia). The Permanent Court of Arbitration ("PCA") acts as Registry in the arbitration by agreement of the Parties.

At the first procedural meeting, the Arbitral Tribunal and the Parties discussed the procedural framework for the arbitration. On the proposal of the Parties, the Arbitral Tribunal accepted a calendar for pleadings pursuant to which the Parties' first memorials would be simultaneously submitted on 11 February 2013, the Parties' counter-memorials would be simultaneously submitted on 11 November 2013, and a hearing would be held in the spring of 2014.

PCA: Arrival of Secretary-General H.E. Hugo Hans Siblesz

May 31, http://www.pca-cpa.org/shownews.asp?ac=view&nws_id=335&pag_id=1261

H.E. Hugo Hans Siblesz, the former Ambassador of the Kingdom of the Netherlands to France, commenced his term as the PCA's thirteenth Secretary-General on June 1, 2012. The Administrative Council of the PCA appointed Mr. Siblesz to a five-year term at its 184th Meeting on December 6, 2011.

Peru: Toxic Doe Run lead smelter could reopen in La Oroya, Peru - Oxfam America

Apr 11, http://www.oxfamamerica.org/press/pressreleases/toxic-doe-run-lead-smelter-could-reopen-in-la-oroya-peru

US Congress and NGOs urge Peruvian Government to keep smelter closed until company remediates site

Philippine National Bank (PNB) - Receipt of Partial Award from Singapore International Arbitration Centre

May 18, http://www2.pse.com.ph/html/disclosure/pdf/2012/pdf/dc2012-3874_PNB.pdf

We wish to advise the Exchange that we received from the Singapore International Arbitration Centre (SIAC) a Partial Award regarding the arbitration proceedings between Global Steel Philippines (SPV-AMC), Inc. and Global Inspat Holdings (SPV-AMC), Inc. [Claimants], and Danilo L. Concepcion and Ors [Respondents]. Such award was rendered in favor of Claimants, including such reliefs as payment by Respondents of a certain sum of money that may be subject to set-off against receivables frorn Claimants. The Philippine National Bank, one of the Respondents, holds a forty-one percent (41%) interest in the claim, and has already set aside the appropriate reserve provision for the same.

Protect Telenor's India investment: Norway tells Pranab

Apr 10, http://profit.ndtv.com/News/Article/protect-telenor-s-india-investment-norway-tells-pranab-301590

Telenor, Norway's telecom giant, made a renewed pitch to the Indian government on Tuesday to expedite the auction of 2G or second generation spectrum. Jon Fredrik Baksaas, CEO, Telenor and Trond Giske, Norway's industry minister, met with finance minister Pranab Mukherjee in New Delhi.

Published: Commentary of the Rules of the International Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation

June 1, http://www.tpprf-mkac.ru/en/component/content/article/506

On the 21 May 2012 the Commentary of the RULES of the International Commercial Arbitration Court at the Chamber of Commerce and Industry of the Russian Federation was published.

The Commentary prepared by the leading specialists and arbitrators of the ICAC and edited by the member of the Presidium prof. Alexander Komarov was published. The Commentary was prepared by the specialists that have a vast experience in the resolution of the international commercial disputes not only at the ICAC, but also at other arbitration centers both in Russia and abroad. Some of the authors of the commentary took part in the development of Russian legislation on international commercial arbitration and of the ICAC Rules. This adds a considerable practical value and authority to the information in this commentary. The Commentary is addressed for arbitrators, lawyers, corporate lawyers, and other specialists interested in international commercial arbitration and can also be used for training purpose.

Qatar International Court and Dispute Resolution Centre swears in new Judges

May 8, http://www.zawya.com/story/ZAWYA20120508115353/Qatar-International-Court-and-Dispute-Resolution-Centre-swears-in-new-Judges/

6 eminent Judges were sworn in today at the Qatar International Court and Dispute Resolution Centre (QICDRC). Chelva Rajah of Singapore was appointed Judge of the Court with The Rt. Hon. Sir Thomas Scott Baker, Sir Peter Cresswell and Sir David Edward (all from the UK), Nisuke Ando of Japan and Sir Bruce Robertson of New Zealand appointed as supplemental Judges. The Judges will serve the Qatar International Court, incorporating the QFC Civil and Commercial Court.

Qatar's Arbitration centre gets IFCAI membership

May 15, http://www.gulf-times.com/site/topics/article.asp?cu_no=2&item_no=505822&version=1&template_id=36

The Qatar International Centre for Conciliation and Arbitration has become a member of the International Federation of Commercial Arbitration Institutions (IFCAI), the Qatar Chamber of Commerce and Industry (QCCI) said in a statement yesterday.

Qatar: Top UK judges support Qatari legal push

May 6, http://www.ft.com/intl/cms/s/0/ea2fb12e-960f-11e1-9d9d-00144feab49a.html

Qatar is hosting England and Wales' most prominent judges as part of the emirate's bid to become a leading arbitration centre, which would be in direct competition with London.

R-Tech Ueno: Announcement on the Anticipated Date of the Arbitration Decision against Takeda Pharmaceuticals Company Limited

May 1, http://www.marketwatch.com/story/r-tech-ueno-announcement-on-the-anticipated-date-of-the-arbitration-decision-against-takeda-pharmaceuticals-company-limited-2012-05-01

BUSINESS WIRE -- R-Tech Ueno has announced today that it has been notified by the International Court of Arbitration, International Chamber of Commerce (ICC), that the anticipated date of the arbitration decision in its demand for arbitration together with Sucampo Pharmaceuticals, Inc. ("Sucampo") and Sucampo AG against Takeda Pharmaceuticals Company Limited has been extended to May 31, 2012.

Romania: OMV Claims $27.5 Million Refunds From Romanian State, ZF Reports

Apr 19, http://www.bloomberg.com/news/2012-04-19/omv-claims-27-5-million-refunds-from-romanian-state-zf-reports.html

Austria's OMV AG (OMV) is claiming 91.6 million lei ($27.5 million) from the Romanian state for unpaid decontamination work carried out between 2009 and 2010 at its local unit, Ziarul Financiar reported today, citing a document on the Environment Ministry's website.

Romania: OMV filed a complaint against the Romanian state

Apr 19, http://www.balkans.com/open-news.php?uniquenumber=142546

OMV, the majority shareholder in Romanian oil company Petrom, filed a complaint against the Romanian state at the International Court of Arbitration in Paris, after the government turned down two requests to repay expenses made by Petrom to correct environment problems existing before the privatisation of the company, local media reported April 18.

Russia returns Iran's advancement payment for S-300

May 8, http://www.panarmenian.net/eng/news/106669/

A senior Iranian official announced on Tuesday, May 8, that Moscow has returned Iran's advancement payment along with its interest fees after it refused to deliver S-300 air-defense systems to Iran in compliance with the two countries' contract, Fars News Agency reported.

Russia watchdog says government backs its Telenor claim

May 2, http://www.baltimoresun.com/business/sns-rt-us-telenor-vimpelcom-lawsuitbre8410w7-20120502,0,2060220.story

Reuters - Russia's competition watchdog said on Wednesday its bid to overturn Telenor's recent increase of its stake in mobile operator Vimpelcom was supported by the government's powerful commission on foreign investment.

Russia's AAR seeks disengagement from BP over TNK-BP

May 31, http://www.argusmediagroup.com/News/Article?id=800154®ion=22002

The Russian shareholders of TNK-BP have offered to buy out their joint venture partner BP or convert the stake into BP shares. Leading AAR shareholder Mikhail Fridman, who resigned as TNK-BP chief executive earlier this week, said disengagement is needed because the partnership, set up in 2003, has exhausted itself and no longer serves the interests of either party.

Russia-UK: Deripaska upbeat on London arbitration case

Apr 21, http://www.independent.co.uk/news/business/news/deripaska-upbeat-on-london-arbitration-case-7665837.html

Oleg Deripaska, the billionaire chief executive of the Russian aluminium giant Rusal, appeared to dismiss the prospect of arch-rival Viktor Vekselberg besting him in an arbitration case heading for London yesterday.

Russia-UK: Glencore: UC RUSAL - Response to press speculation

Apr 10, http://otp.investis.com/clients/uk/glencore/rns/regulatory-story.aspx?cid=275&newsid=244135

Glencore notes the recent announcement made by United Company RUSAL plc ("UC RUSAL") in response to certain press articles stating that it has received a request for arbitration following Mr Vekselberg's resignation from the Board of UC Rusal. Glencore owns 8.75 per cent. of UC RUSAL.

Glencore confirms that on 4 April 2012 Glencore International AG also received the request for arbitration. Due to the confidentiality obligations in the UC RUSAL shareholder arrangements, Glencore does not intend to comment further in relation to the arbitration proceedings

Russia-UK: Rusal announcement regarding arbitration

Apr 10, http://www.rusal.ru/upload/uf/228/E%20RUSAL%20_arbitration_.pdf

This announcement is made in response to certain press articles published recently in relation to the Arbitration (as defined below).

United Company RUSAL Plc (the "Company") confirms that on 4 April 2012, it received a request for arbitration (the "Request") made to the London Court of International Arbitration (the "LCIA") pursuant to the LCIA arbitration rules for the commencement of arbitration by SUAL Partners Ltd ("SUAL") against Glencore International AG ("Glencore"), EN+ Group Limited ("EN+"), the Company, and Oleg Deripaska (together the "Parties").

The dispute relates to certain shareholder arrangements between the Parties in respect of the Company. The shareholder arrangements provide for resolution of disputes by way of LCIA arbitration in London, United Kingdom (the "Arbitration"). SUAL alleges, inter alia, that certain contracts between the Company and Glencore were entered into (or are to be entered into) in breach of the shareholder arrangements between the Parties. SUAL seeks, inter alia, injunctive relief against, inter alios, the Company preventing it from performing the contracts, rescission of the contracts, and damages against, inter alios, the Company.

The Company has engaged counsel to advise the Company in the arbitration and will vigorously defend its position against such allegations. The Company does not expect its involvement in the arbitration would have any material adverse impact on its operations.

The Company will make further announcement(s) to inform the public of the development of matters as and when appropriate or as required under the applicable rules and regulations.

Shareholders and investors are advised to exercise caution when dealing in the securities of the Company.

Russia: BP Notifies Partners of its Intention to Pursue a Potential Sale of its Interest in TNK-BP

June 1, http://www.bp.com/genericarticle.do?categoryId=2012968&contentId=7075084

BP announced today that it has received unsolicited indications of interest regarding the potential acquisition of its shareholding in TNK-BP.

In light of these unsolicited approaches and consistent with its commitment to maximising shareholder value, and its obligations under the Shareholder Agreement, BP has notified Alfa Access Renova of its intention to pursue a potential sale.

There can be no guarantee that any transaction will take place.

A further announcement will be made when and if appropriate.

Russia: Deripaska's Lawyers Triggering Contempt Of Court Investigation In New York And Prepare Themselves To Fight Back Veksleberg Over Rusal Metal Sales

Apr 10, http://www.business2community.com/government-politics/deripaskas-lawyers-triggering-contempt-of-court-investigation-in-new-york-and-prepare-themselves-to-fight-back-veksleberg-over-rusal-metal-sales-0161045

Business newswires had reported today that the conflict between main UC Rusal shareholders - Oleg Deripaska and Viktor Vekselberg had finally turned into another legal litigation. SUAL Partners, a company which represents Vekselberg and his partner Leonard Blavatnik in Rusal had launched legal action over a $47 billion supply deal struck between UC Rusal and commodities trader Glencore, which also owns Rusal shares.

Russia: Investbank's 5.3 mln claim against airBaltic shelved

June 5, http://rapsinews.com/judicial_news/20120605/263339493.html

RAPSI - At the hearing on Tuesday, the defendants asked to terminate proceedings because "according to the agreement allegedly signed by both parties, the dispute should be reviewed by the International Commercial Arbitration Court". The plaintiff objected as it believes that the defendants merely intend to drag out the trial. The court has refused to drop the proceedings and has shelved the banks claim.

Russia: Khodorkovsky's Partner Charged With Tax Evasion

Apr 10, http://www.themoscowtimes.com/news/article/khodorkovskys-partner-charged-with-tax-evasion/456481.html#ixzz1reyAS8EL

Alexei Spirichev headed two companies affiliated with Khodorkovsky's Yukos conglomerate. He fled Russia after Khodorkovsky's 2003 arrest and now lives in London. The General Prosecutor's office said Tuesday that Spirichev's companies were "fictitious" and earned more than $300 million by abusing tax privileges and receiving illegal tax returns between 1998 and 2001.

Russia: Medvedev welcomes tougher controls over court transparency

Apr 10, http://rapsinews.com/judicial_news/20120410/262760150.html

RAPSI - President Dmitry Medvedev has welcomed the proposal committing judges to report on all attempts to exert pressure on them. The initiative was brought by Managing Director of PricewaterhouseCoopers Yekaterina Shapochka during an Open Government Partnership meeting with Medvedev on Tuesday.

Russia: Oligarchs threaten BP's Russia sale plans

June 3, http://www.ft.com/intl/cms/s/0/f631ab24-ad8b-11e1-bb8e-00144feabdc0.html

The group of billionaire oligarchs who are BP's partners in TNK-BP have threatened to thwart any attempt by the UK oil group to sell its stake in the joint venture, creating fresh risks for chief executive Bob Dudley as he moves to execute one of the biggest divestments in the UK energy group's history.

Russia: TNK-BP Billionaire Fridman Quits as CEO, Deepening Dispute

May 28, http://www.sfgate.com/cgi-bin/article.cgi?f=/g/a/2012/05/28/bloomberg_articlesM4Q8B11A74E901-M4QQ1.DTL

Bloomberg - TNK-BP said billionaire investor Mikhail Fridman resigned as chief executive officer, deepening a dispute between BP Plc and Russian shareholders at Russia's third-largest oil producer.

Russian Court Issues Injunction Order with Only Limited Restrictions on VimpelCom

Apr 25, http://www.vimpelcom.com/pr/pr.wbp?id=2f1dfd6c-d53a-4493-813e-e40fea8469eb

VimpelCom Ltd. announces that the Moscow Arbitration Court has issued a limited injunction order in connection with the previously announced claims by the Russian Federal Anti-monopoly service ("FAS").

Russian Court Issues New Injunction Order with Expanded Restrictions on VimpelCom

May 25, http://www.prnewswire.com/news-releases/russian-court-issues-new-injunction-order-with-expanded-restrictions-on-vimpelcom-154060995.html

VimpelCom Ltd., a leading global provider of telecommunications services, announces that the Moscow Arbitration Court has issued a new, expanded injunction order in connection with the previously announced claim by the Russian Federal Anti-monopoly Service ("FAS"). The injunction order is related to the previously disclosed claims brought by the FAS against two of the largest shareholders of VimpelCom, Telenor East Holding II AS and Weather Investments II S.a r.l., in the Moscow Arbitration Court. The FAS claim allege that Telenor acquired preferred shares of VimpelCom from Weather and that the two shareholders entered into other agreements in violation of the Russian Law on Strategic Investments. VimpelCom has been named as a third party to the claim, which means that its rights and obligations may be affected by the claim.

Russian court to hear $13 billion lawsuit against BP

June 4, http://www.chicagotribune.com/business/sns-rt-us-russia-tnkbp-lawsuitbre8530aa-20120604,0,3872292.story

Reuters - A Russian court has ordered a new hearing into a $13 billion lawsuit brought against BP by minority shareholders in its Russia's venture, TNK-BP, over a failed deal between BP and Rosneft, a BP lawyer said on Monday.

Russian Federal Antimonopoly Service Files Claim against Telenor in Russia Telenor Group

Apr 18, http://telenor.com/news-and-media/press-releases/2012/russian-federal-antimonopoly-service-files-claim-against-telenor-in-russia-seeking-to-invalidate-telenors-purchase-of-vimpelcom-shares-from-weather-investments/

Telenor has learned the Federal Antimonopoly Service of the Russian Federation (FAS) filed a claim in the Moscow Arbitrazh Court, the principal commercial court in Moscow, against Telenor East Holding II AS and Weather Investments II S.à.r.l. The companies OJSC VimpelCom, OOO Altimo, VimpelCom Ltd., VimpelCom Holdings B.V. and Altimo Cooperatief U.A. are named in the claim as interested third parties. Telenor has not yet been formally notified of the Claim by the FAS or the Court.

Russian Industrial Leaders Index: Western Companies Appeal to Russian President To Curb Corruption

May 26, http://www.ruxxindex.com/home/2012/5/26/ruxx-western-companies-appeal-to-russian-president-to-curb-c.html

Western companies doing business in Russia often find themselves in courts against their former Russian partners. According to statistics compiled by RUXX, index that tracks Russian companies traded overseas, more than 75 percent of court rulings in Russia are against Western companies. The percentage in even higher in courts outside of Moscow.

Several large corporations have appealed to Russia's leaders trying to bring their attention to possible "managed" court rulings. Italcementi, one of the world's largest makers of cement, expects to see its dispute with Russian cement maker Siberian Cement over EUR 50mn forfeited commitment fee to go before Russia's Supreme Arbitration Court. Even though the Italian company was in the right to withhold the deposit, it may see its appeal denied one more time by the Russian court.

Rwanda: Rwf 6 Billion BCR Case Settled Out of Court

Apr 22, http://allafrica.com/stories/201204220111.html

Karugarama said such cases are a disincentive to foreign investments and called upon other companies with similar cases to consider an out of court option. "No one can invest in a country with such delays and this case clearly indicates the gaps that existed within the old legal system," Karugarama said.

"We have put in place legal systems and arbitration courts to create a legal climate where commercial settlements can be reached through proper negotiations and where court case decisions can be reached without wasting a lot of time."

Saint Lucia: US$500 Million to settle Grynberg case?

May 10, http://stluciastar.com/content/news/us500-million-to-settle-grynberg-case/

On Sunday TALK with Rick Wayne lawyer Martinus Francois suggested that the contract between the government of Saint Lucia and oil man Jack Grynberg warrants Judicial Review. Francois, like the host of the show, questioned several aspects of the agreement signed by then Prime Minister Kenny Anthony. The issue came to the fore last week when a statement from the Prime Minister's Office announced that Grynberg would be seeking legal action against the St Lucia government.

Saudi Arabia: New arbitration system clarified

May 31, http://en-maktoob.news.yahoo.com/arbitration-system-clarified-000000802.html

Head of the Saudi arbitration team Prince Bandar bin Salman said issuance of the new arbitration system is the fruit of efforts exerted by the parties concerned on the creation of a system that accommodates developments witnessed by the Kingdom in different areas.

Saudi Arabia: RCCI panel to cooperate with ICC

Apr 9, http://arabnews.com/economy/article608119.ece

RIYADH: The arbitration committee at Riyadh chamber of commerce and Industry (RCCI) has explored a number of topics related to the role of the committee in spreading arbitration culture in business sector and protection of the interests of business community in the Kingdom in addition to cooperation with Paris-based International Chamber of Commerce (ICC).

Sharing Fruits of the KORUS FTA

May 30, http://www.koreafocus.or.kr/design3/economy/view.asp?volume_id=123&content_id=104063&category=B

But a dispute still remains unresolved, as Korea and the United States agreed to address the clause regarding investor-state dispute (ISD) settlement through the KORUS FTA Committee on Services and Investment within 90 days of the effective date of the free trade deal. The ISD clause is taken for granted as a global standard, as it is included in the world`s 1,800-odd treaties to protect investors. The clause should be maintained as a means to protect Korean enterprises. I hope the ISD dispute would be settled after the two sides partially revise the scope of ISD application and arbitration procedures in accordance with the request from Korean opposition parties.

Singapore: OpenNet, SingTel headed for arbitration

May 9, http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_796848.html

OpenNet appears headed for arbitration with SingTel to settle disputes with the telco over the rollout and activation of Singapore's ultra-fast fibre broadband network.

South Africa court grants govt, Imperial Crown Trading (ICT) leave to appeal

May 11, http://www.engineeringnews.co.za/article/sa-court-grants-govt-ict-leave-to-appeal-2012-05-11

Reuters - A South African court on Friday granted the mining ministry and politically connected Imperial Crown Trading (ICT) the leave to appeal in a mineral rights case against Kumba Iron Ore and ArcelorMittal South Africa.

South Africa: ANCYL - appoint expropriation minister

June 5, http://www.iol.co.za/business/business-news/ancyl-appoint-expropriation-minister-1.1312295

The Constitution must be changed to allow the expropriation of land without compensation, the ANC Youth League said on Tuesday.

"All our issues are locked there in section 25 of the Constitution," ANCYL deputy president Ronald Lamola told reporters in Centurion, Pretoria.

South Korea: Lone Star Funds Notifies South Korean Government of Intent to File Arbitration Claim Regarding Korea Exchange Bank and Other Investments - Yahoo! Finance

May 29, http://finance.yahoo.com/news/lone-star-funds-notifies-south-023600803.html

Lone Star Funds ("Lone Star") confirmed today that it has notified the South Korean government of its intention to initiate arbitration of its claim for damages suffered as a result of the Korean government's unlawful interference with Lone Star's rights as the major shareholder of Korea Exchange Bank ("KEB") and other Korean companies Lone Star acquired in the early 2000s. The claims arise out of the government's failure to comply with its obligations under the investment treaty between Belgium and South Korea.

John Grayken, Chairman of Lone Star Funds, explained, "When Lone Star made these investments, we were optimistic about Korea's ability to recover from the shock of the 1997-98 Asian financial crisis and believed we could rely on the Korean regulatory and tax laws to protect our interests in these investments. However, as the economy strengthened and Korean banks and businesses, including many foreign-owned banks like KEB, returned to profitability, public sentiment towards foreign investment in Korea soured. Korean financial and tax regulators responded with a series of illegal actions that resulted in billions of Euros of damages to Lone Star's investors.

"These investors include mainly pension funds for thousands of government and corporate employees and retirees, as well as endowments that support medical research, higher education and other philanthropic causes. As the manager of the funds that they have entrusted with Lone Star, it is our duty to protect their interests wherever necessary.

"We have reviewed this matter carefully with Korean and international legal experts and have been advised that we have compelling legal claims. Therefore, while we sincerely hope that the South Korean government will engage in good faith discussions to resolve these claims, if the dispute cannot be resolved amicably, Lone Star will file for arbitration. The claims will be heard in an international forum based in Washington, D.C., by an impartial panel of arbitrators whom we are confident will order Korea to compensate Lone Star for the damages its investors have suffered."

Background

The Agreement between the Government of the Republic of Korea and the Belgium-Luxembourg Economic Union for the Reciprocal Promotion and Protection of Investments protects investors against unlawful government interference with their property rights. The shareholders of these Korean investments reside in Belgium and are therefore protected by the Treaty. The Treaty provides for arbitration under the auspices of the International Centre for Settlement of Investment Disputes, or "ICSID", which is affiliated with the World Bank in Washington, D.C.

The investments underlying this dispute include, most notably, Lone Star's Euro 1 billion majority stake in KEB, made in 2003, and other investments in Korean corporations made between 2001 and 2004. The claims relate to (i) the Korean regulators' unwillingness to approve a string of prospective buyers of Lone Star's majority stake in KEB, thereby forcing Lone Star to hold the stake many years longer than necessary and to dramatically reduce the price; and (ii) arbitrary, unlawful and confiscatory taxation on the sales of all these investments.

The notice Lone Star has submitted complies with the Treaty's requirement to notify the Korean government at least six months before actual initiation of the arbitration. If the matter cannot be resolved amicably, Lone Star anticipates that the arbitration will be filed in November 2012.

About Lone Star Funds

Lone Star invests capital committed to it by institutional investors worldwide in corporate, commercial real estate, single-family residential, and consumer debt products, as well as equity investments in residential and commercial real estate, banks and other operating companies. Since 1995, the principals of Lone Star have managed private equity funds totaling approximately $33 billion of committed capital.

South Korea: Supreme Court recommends renegotiation of ISD clause - Controversial KORUS FTA clause could lead to 'legal chaos', says top legal body

Apr 26, http://english.hani.co.kr/arti/english_edition/e_international/530076.html

The Supreme Court submitted an opinion to the government in 2006 stating that the investor-state dispute system (ISD) in the South Korea-United States Free Trade Agreement (KORUS FTA) "could give rise to extreme legal chaos."

South Sudan Signs and Ratifies the ICSID Convention

Apr 18, http://icsid.worldbank.org/ICSID/FrontServlet?requestType=CasesRH&actionVal=OpenPage&PageType=AnnouncementsFrame&FromPage=Announcements&pageName=Announcement105

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 Republic of South Sudan by H.E. Kosti Manibe Ngai, Minister of Finance and Economic Planning. The Minister was accompanied at the signing ceremony by other representatives of the Government of South Sudan and Embassy officials. The signing ceremony was also attended by World Bank and ICSID officials and staff. Following its signature, South Sudan deposited with the World Bank an Instrument of Ratification of the Convention.

Spain May Allow Firms to Block Hostile Bids

June 5, http://www.foxbusiness.com/news/2012/06/05/spain-may-allow-firms-to-block-hostile-bids/

The Spanish government may allow companies to change their bylaws to reinstate protection mechanisms against potential hostile bids, reports Expansion in its Wednesday Internet edition

Spain: Companies 'need to think twice before investing in Argentina'

May 20, http://www.buenosairesherald.com/article/101346/spain-companies-need-to-think-twice-before-investing-in-argentina

Spanish Minister of Foreign Affairs and Cooperation José Manuel García Margallo, along with Spanish ambassador in Montevideo Roberto Varela, questioned the recent YPF expropriation and assured that there's not enough legal security in Argentina to attract foreign investors.

They also said that Uruguay could be an interesting alternative for Spanish companies and that Repsol is already considering the possibility of investing in the neighbouring country.

Sucampo Pharmaceuticals Provides Update On Anticipated Arbitration Decision Date

Apr 27, http://www.thestreet.com/story/11511480/1/sucampo-pharmaceuticals-provides-update-on-anticipated-arbitration-decision-date.html

Sucampo Pharmaceuticals, Inc. announced today that it has been notified by the International Court of Arbitration, International Chamber of Commerce (ICC), that the anticipated date of the arbitration decision in its demand for arbitration under the applicable provisions of the Collaboration and License Agreement with Takeda Pharmaceuticals Company Limited, or Takeda, has been extended from April 30, 2012 to May 31, 2012. Sucampo does not know how long thereafter the proceedings will conclude.

Sucampo Pharmaceuticals: Change in Date of Anticipated Arbitration Decision in Dispute

May 30, http://investor.sucampo.com/phoenix.zhtml?c=201197&p=irol-newsArticle&ID=1700969&highlight=

Sucampo Pharmaceuticals, Inc. announced today that the International Court of Arbitration, International Chamber of Commerce (ICC), has notified the Company of a change in the anticipated date of the arbitration decision related to its demand for arbitration under the applicable provisions of the Collaboration and License Agreement with Takeda Pharmaceuticals Company Limited, or Takeda. The ICC extended the date from May 31, 2012, to June 29, 2012. Sucampo does not know how long thereafter the proceedings will conclude.

Sweden Becomes a Party to Part II (Formation of the Contract) of the United Nations Convention on Contracts for the International Sale of Goods (CISG)

June 1, http://www.unis.unvienna.org/unis/pressrels/2012/unisl164.html

UN Information Service - On 25 May, Sweden took action needed to become a party to Part II of the United Nations Convention on Contracts for the International Sale of Goods (CISG). Therefore, Sweden will now apply both CISG Part II, which covers the formation of contracts, and CISG Part III, which covers the obligations of buyers and sellers. Contracts concluded by parties having their place of business in any of the five Nordic States (Denmark, Iceland, Finland, Norway and Sweden) will continue to be excluded from the scope of application of the CISG.

Taiwan: Investors call for fair arbitration mechanism in China pact

May 31, http://www.taiwannews.com.tw/etn/news_content.php?id=1934841

CNA - Taiwan is working to introduce a fair third-party arbitration option to an investment protection pact with China to address local investors' concerns, the Mainland Affairs Council said Thursday. According to the nation's top China policy planner, Taiwanese businesspeople are most concerned about whether a fair dispute resolution protocol will be included in the proposed agreement. Both Taiwan and China have agreed to include an arbitration mechanism concerning person-to-person, person-to-government and government-to-government disputes, the council said.

Tanzania: Tanesco suffers fresh setback in Dowans case

June 2, http://thecitizen.co.tz/news/-/22822-tanesco-suffers-fresh-setback-in-dowans-case

Dar es Salaam. Seven months after the rejection by the High Court of state-owned Tanesco's petition to block an order requiring it to pay Dowans Tanzania Ltd $65 million (about Sh111 billion), the company may finally be forced release the money due to its failure to appeal within the time set by the law.

Teliasonara Now Wary of Emerging Markets

Apr 15, http://online.wsj.com/article/SB10001424052702304444604577341284211341616.html?mod=googlenews_wsj

STOCKHOLM - Having ended up in drawn-out ownership conflicts in both Turkey and Russia, Swedish telecom operator TeliaSonera AB won't be expanding into any new regions, at least not as long as Chief Executive Lars Nyberg is at the helm, he says.

The Slovak Republic Wins Fourth Successive Investment Dispute against Foreign Investors (Oostergetel and Laurentius v Slovak Republic)

May 3, http://www.finance.gov.sk/en/Default.aspx?CatID=10&id=72

On 23 April 2012 an arbitral tribunal rendered a final arbitration award on the merits of the case concerning an international investment dispute between Dutch nationals A. J. Oostergetel and T. Laurentius (claimants) and the Slovak Republic, by which it dismissed all claims against the Slovak Republic. This award put an end to the fourth international dispute led against the Slovak Republic under a bilateral investment agreement; however, it is the first decision on the merits in disputes initiated under agreements on the promotion and protection of investments.

The investment dispute, which commenced in 2006, involved an alleged violation of the Agreement between the Czech and Slovak Federal Republic and the Kingdom of Netherlands on the Promotion and Reciprocal Protection of Investments. The dispute concerned the claimants' activities in a privatised joint-stock company, BCT - Bratislavská cvernová továren. The claimants contested that actions and omissions by the Slovak authorities resulted in BCT's bankruptcy. The claimants contended that the Slovak Republic, through the actions taken by a competent Bratislava court, had deprived them of their right to fair judicial proceedings, and considered the actions taken by the Bratislava II Tax Office in the bankruptcy proceedings non-standard. They valued the damage they had allegedly incurred at EUR 298 million.

The claimants failed to prove the violation of the Agreement between the Czech and Slovak Federal Republic and the Kingdom of Netherlands on the Promotion and Reciprocal Protection of Investments within the arbitration proceedings. The tribunal rejected all claims made by the claimants and ordered them to compensate the Slovak Republic for its costs of proceedings in an amount of nearly EUR 420 thousand and a portion of Slovakia's costs of legal representation in an amount of EUR 2 million. A more probable cause of bankruptcy of the BCT company given by the tribunal were the actual activities of the claimants alone, and their unsuccessful management of the company.

The Slovak Republic believes that this arbitration award has proved that foreign investors that intend to initiate international disputes against the Slovak Republic, perhaps for speculative purposes, must be prepared to face a consistent defence of Slovakia's national interests and high costs they will incur in connection with such arbitration proceedings.

Disputes under bilateral investment agreements won by the Slovak Republic to date:

Austrian Airlines AG vs. the Slovak Republic (2009), Alps Finance and Trade AG vs. the Slovak Republic (2011), a HICEE, B.V. vs. the Slovak Republic (2011).

TPP: Eminent Jurists Say 'No' to Investor Right to Sue in TPP

May 8, http://tpplegal.wordpress.com/open-letter/?pagename=open-letter&like=1&_wpnonce=eae4429cd0&wpl_rand=5697917af3

An Open Letter From Lawyers to the Negotiators of the Trans-Pacific Partnership Urging the Rejection of Investor-State Dispute Settlement

Download: http://tpplegal.files.wordpress.com/2012/05/juristsletter8may2012.pdf

As lawyers from the academy, bench and bar, legislature, public service, business and other legal communities in Asia and the Pacific Rim, we are writing to raise concerns about the Investment and Investor-State dispute arbitration provisions being considered in the on-going negotiations for a Trans-Pacific Partnership (TPP) agreement.

We have diverse views about the TPP generally. However, we are united in our view that the foreign investor protections included in some recent Free Trade Agreements (FTA) and Bilateral Investment Treaties (BIT) and their enforcement through Investor-State arbitration should not be replicated in the TPP. We base this conclusion on concerns about how the expansion of this regime threatens to undermine the justice systems in our various countries and fundamentally shift the balance of power between investors, states and other affected parties in a manner that undermines fair resolution of legal disputes.

We are encouraged to note that the Government of Australia has said it is unwilling to submit to Investor-State dispute settlement powers under a TPP and other future trade agreements, and urge the TPP negotiators to exclude the Investor-State system for all countries, not just Australia.

As lawyers, we believe that all investors, regardless of nationality, should have access to an open and independent judicial system for the resolution of disputes, including disputes with government. We are strong supporters of the rule of law. It is in this context that we raise our concerns.

The ostensible purpose for investor protections in international agreements and their Investor-State enforcement was to ensure that foreign investors in countries without well-functioning domestic court systems would have a means to obtain compensation if their real property, plant or equipment was expropriated by a government. However, the definition of "covered investments" extends well beyond real property to include speculative financial instruments, government permits, government procurement, intangible contract rights, intellectual property and market share, whether or not investments have been shown to contribute to the host economy.

Simultaneously, the substantive rights granted by FTA investment chapters and BITs have also expanded significantly and awards issued by international arbitrators against states have often incorporated overly expansive interpretations of the new language in investment treaties. Some of these interpretations have prioritized the protection of the property and economic interests of transnational corporations over the right of states to regulate and the sovereign right of nations to govern their own affairs.

Increasingly decisions issued under this system see foreign investors being granted greater rights than are provided to domestic firms and investors under the Constitutions, laws and court systems of host countries. In several instances, arbitral tribunals have gone beyond awards of cash damages and issued injunctive relief that creates severe conflicts of law. For instance, a recent order by a tribunal in the case brought by Chevron against Ecuador under a U.S.-Ecuador BIT ordered the executive branch of that country to violate its constitutional separation of powers and somehow halt the enforcement of an appellate court ruling.

This is not a unique case. The scope of government actions that arbitral tribunals have previously considered they may subject to review for possible violations of investor rights includes a ruling on jurisdiction in the Loewen v. United States case under the North American Free Trade Agreement (NAFTA) in January 5, 2001 that 'measures' include the function of a domestic court and the standing rules of civil procedure. The arbitral tribunal concluded that a jury decision in private contract litigation constituted a government measure that was subject to NAFTA's investor rules.

Investors are also seeking to avoid the deliberate decision of governments to require investors to pursue remedies in the domestic courts of the host nation, at least initially, by invoking the most-favoured-nation rule. Subsidiaries of Philip Morris International are seeking to circumvent a requirement in the Uruguay-Switzerland BIT that they must attempt to litigate their objections to Uruguay's new tobacco labelling laws through the domestic courts for eighteen months before pursuing international arbitration by invoking a provision from a BIT between Uruguay and a third country that does not have that requirement.

Moreover, the design of the Investor-State system tribunals allows lawyers to rotate between roles as arbitrators and advocates for investors in a manner that would be unethical for judges. The system also excludes the right for non-investor litigants and other affected parties to participate and fails to meet the basic principles of transparency, consistency and due process common to our legal systems. Investment arbitration as currently constituted is not a fair, independent, and balanced method for the resolution of disputes between sovereign nations and private investors.

It is of particular concern that, rather than being an option of last resort, the use of this regime is increasing exponentially. BITs with Investor-State enforcement have existed since the 1950s, but between 1972 and 2000 only about 50 disputes were resolved. Since 2000, under the World Bank's international arbitration arm, the International Convention on the Settlement of Investment Disputes (ICSID), alone 173 cases have been resolved and an additional 128 filed.

To put this in perspective, as recently as 1999 only 69 ICSID cases had been launched. Today, there are 370-plus such cases underway, an increase of 436% and that is only the number of Investor-State cases at ICSID. Over $675 million has been paid out under U.S. FTAs and BITs alone, 70% percent of which pertained to challenges to governments' natural resource and environmental policies, not to traditional expropriations. Tobacco companies have also used Investor-State dispute settlement to challenge government tobacco control policies enacted to implement obligations under the World Health Organization Framework Convention on Tobacco Control.

The current regime's expansive definition of covered investments and government actions, the grant of expansive substantive investor rights that extend beyond domestic law, the increasing use of this mechanism to skirt domestic court systems and the structural problems inherent in the arbitral regime is corrosive of the rule of law and fairness.

WE THEREFORE CALL UPON

all governments engaged in the TPP negotiations to follow Australia's example by rejecting the Investor-State dispute mechanism and reasserting the integrity of our domestic legal processes.

...

Should Lawyers Fear TPP? Probably not, says Gary Judd QC

May 24, http://www.lawfuel.co.nz/news/298/should-lawyers-fear-tpp-probably-not-says-gary-judd-qc

Gary Judd QC responded to a commentary made in the NBR "Briefcase" column regarding the protest letter signed by 60+ lawyers and relating to the current Trans-Pacific Partnership negotiations.

...

I read the open letter to find out exactly what was being said and whether there was a proper basis for the fears. There isn't.

Trinidad seeking TT$20b from CLICO

May 20, http://www.stabroeknews.com/2012/news/regional/05/21/trinidad-seeking-tt20b-from-clico-2/

He told the Sunday Express the Government has put in a claim to CL Financial before the expiration of the Shareholders Agreement in three weeks' time. While the claim is an estimated TT$20 billion, the net amount would be around TT$10 billion, he explained in a telephone interview on Saturday.

Tunesia: Investors, tourists eye wary return to Tunisia

Apr 9, http://www.timesofmalta.com/articles/view/20120409/business-news/Investors-tourists-eye-wary-return-to-Tunisia.414650

The government is also working on a new investment law, though not fast enough for some businessmen. "They should simplify the investment law and make it more transparent. It should not take too long," said Mr Mouelhi. "If we reform the investment and exchange laws and transparently sell off assets confiscated (from the old regime), we can bring back investor confidence, even in 2012."

Turkey's Ties with Iran Not Affected by Dispute over Gas Price - Minister

May 12, http://english.farsnews.com/newstext.php?nn=9102111649

Speaking at a press conference in Ankara on Tuesday, [Turkey's Energy Minister Taner] Yildiz pointed to Turkey's decision to file a complaint against Iran at an international court of arbitration, and said, "Turkey had earlier asked Iran to lower the price of its natural gas exported to Turkey, but the Iranian side announced there is nothing it can do in that respect."

"Following receiving that negative reply from Iran, Turkey took the case to the international court of justice and so long as no positive response would be heard from Iran, this process would continue," he stated.

Turkey: Istanbul Arbitration Center soon to be established

Apr 30, http://www.todayszaman.com/news-279045-istanbul-arbitration-center-soon-to-be-established.html

Speaking at the 10th International Arbitration Seminar of the International Chamber of Commerce (ICC) at the TOBB University of Economics and Technology in Ankara, the minister announced that "the draft bill for an Istanbul Arbitration Center is ready, and was discussed by the Cabinet in March."

The bill, the draft of which was referred to the Office of the Prime Ministry on March 1 of last year, prescribes the foundation of an autonomous, independent arbitration center in Istanbul, with the capacity to compete in the international arena. Ergin said the bill would be referred to Parliament shortly.

Uganda: Govt to Spend an Extra Sh9 Billion On Heritage Case

May 22, http://allafrica.com/stories/201205221360.html

Government requires an extra sh9.3b in the next financial year to sustain its ongoing court battle with Heritage Oil and Gas Ltd before an arbitration court in London. According to Bafaki, the Undersecretary in charge of Finance and Administration in the Justice Ministry, the money will be expended on arbitration costs for foreign lawyers, allowances for the Uganda team led by the Attorney General's chambers, research, consultancies and travel expenses. In June last year, parliament appropriated sh11.9b to buttress government in its $404m tax dispute with Heritage Oil.

Uganda: Mbabazi, Rugunda bank case pushed to London

Apr 16, http://www.monitor.co.ug/News/National/-/688334/1387204/-/aw2hw4z/-/index.html

Court has stayed proceedings of the case in which ICT Minister Ruhakana Rugunda, his business partners Prime Minister Amama Mbabazi and Mr Amos Nzeyi were sued over breach of contract in connection with shareholding of the National Bank of Commerce.

Kampala High Court Judge Christopher Madrama referred the matter for arbitration in London last week as per agreement between the accused and complainants. "It is hereby ordered that civil suit No. 73 of 2012 be stayed and the dispute be and is hereby referred for arbitration in London to be conducted in accordance with the rules of the International Chamber of Commerce," Justice Madrama ruled.

UK Extends Alternative Dispute Resolution Scheme

May 31, http://www.tax-news.com/news/UK_Extends_Alternative_Dispute_Resolution_Scheme____55687.html

HM Revenue and Customs (HMRC) has extended the geographical reach of its Alternative Dispute Resolution Service (ADR) pilot, rolling it out to small- and medium-sized enterprises (SMEs) and individuals across the UK.

The ADR scheme offers a new way of resolving disputes with HMRC. It uses independent HMRC facilitators to resolve disputes between the tax authority and taxpayers during a compliance check. The aim is to do so before a decision or assessment has been made. The facilitators are HMRC members of staff who have been trained in ADR techniques and have not been involved in the dispute. In this way, the ADR seeks to find a fair and quick outcome for both parties, helping to reduce their costs and avoid a tribunal.

UK hedge fund's India tussle puts unfair bilateral trade in spotlight

May 16, http://www.guardian.co.uk/global-development/poverty-matters/2012/may/16/uk-hedge-fund-india-bilateral-trade?newsfeed=true

Activists say global trade rules increase corporate power at the expense of developing countries, a claim highlighted by TCI's plan to sue the Indian government

UK: Churchill Mining appoints John Nagulendran as non-exec director

May 11, http://www.proactiveinvestors.com/companies/news/28985/churchill-mining-appoints-john-nagulendran-as-non-exec-director-28985.html

Chairman David Quinlivan said: "We are delighted to gain the commercial and legal experience of Mr Nagulendran as we enter the phase of international arbitration against the Republic of Indonesia."

United Nations Secretary-General Ban Ki-moon: "Let us Resist the Industry's Attacks and Pursue our Vision of a Tobacco-Free World"

May 29, http://www.unis.unvienna.org/unis/pressrels/2012/unissgsm347.html

UN Information Service - This year's World No Tobacco Day comes at a time when the tobacco industry is taking ever more aggressive steps to undermine efforts to reduce the global menace of tobacco. While governments and the international health community try to implement effective measures to contain tobacco use and protect the health of people, their efforts are being aggressively opposed by an industry whose products kill people.

US-Canada: Coastal loggers violating softwood lumber deal, U.S. claims

Apr 11, http://www.canada.com/vancouversun/news/business/story.html?id=daa5fcb4-0d44-428b-8c82-014185098969&k=43736&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+canwest%2FF261+%28Vancouver+Sun+-+BusinessBC%29

The American lumber lobby says the B.C. government has been under-charging coastal forest companies for timber harvested on Crown lands to the tune of $70 million a year.

US-Colombia: Leaders Applaud Announcement of U.S.-Colombia Trade Promotion Agreement Entry into Force

Apr 17, http://www.ustr.gov/about-us/press-office/blog/2012/april/leaders-applaud-announcement-us-colombia-trade-promotion-agree

Elected officials and leaders across business, industry, agriculture and services issued statements supporting President Obama and Colombian President Santos' announcement on Sunday that the U.S-Colombia Trade Promotion Agreement would enter into force on May 15, 2012.

Since the agreement won strong bipartisan approval in Congress last fall, the Office of the U.S. Trade Representative has worked diligently with stakeholders and the Colombian government to ensure all necessary steps were taken to secure what President Obama called a "high standards agreement."

Upon entry into force on May 15, 80 percent of U.S. exports of industrial and manufactured products to Colombia will become duty free. This will boost U.S. exports, and help to support more and better jobs for American workers.

US: Macquarie Infrastructure Company, Co-Investor in Bulk Liquid Storage Terminal Business Jointly Agree to Confirmation of Arbitration Award

May 29, http://investor.shareholder.com/mic/releasedetail.cfm?ReleaseID=677536

Macquarie Infrastructure Company announced that the Company and its co-investor in International-Matex Tank Terminals (IMTT), have jointly agreed to an order confirming an arbitration award issued on March 30, 2012. The Delaware state court granted the order on May 25, 2012.

The order confirms a previously announced $221.2 million arbitration award, $110.6 million of which is payable to MIC. The arbitration and resulting award resolved a dispute between MIC and its co-investor over distribution of dividends by IMTT to its shareholders for the five quarters ending December 31, 2011.

MIC has previously indicated that it expects to use the arbitration award from IMTT to increase its quarterly shareholder dividend. The precise timing and amount of any future dividend, including an increase resulting from the receipt of the arbitration award proceeds, will depend on the continued stable performance of the Company's businesses, the economic conditions prevailing at the time of any authorization, the timing of the receipt of cash from IMTT, compliance by the Company's co-investor with the dividend provisions of the IMTT Shareholders' Agreement in the future, and authorization by the MIC board of directors.

US: Sparrows Point steel mill owner files Chapter 11 bankruptcy

May 31, http://www.baltimoresun.com/news/breaking/bs-bz-rg-steel-bankrupt-20120531,0,2526083.story

In documents filed Thursday, RG Steel traced its cash crunch to a dispute with Severstal, the Russian steel company that sold the mills to Renco Group, a New York private investment firm, for $1.2 billion in March 2011. RG Steel alleges that Severstal did not provide $82.5 million of $450 million in promised working capital, said Richard D. Caruso, an RG Steel official, in a court filing in the bankruptcy. The dispute was ordered to arbitration by a New York federal judge on May 25.

US: STMicroelectronics Statement on Arbitration Award ($59 million)

Apr 9, http://www.st.com/internet/com/press_release/c2767.jsp

STMicroelectronics announced that, on April 5 2012, it has been ordered to pay approximately $59 million to NXP Semiconductors Netherlands B.V. ("NXP"), following an award from an arbitration tribunal set up according to the rules of the International Chamber of Commerce ("ICC").

The award concerns a dispute between ST and NXP and relates to a claim by NXP against ST for underloading charges to be included in the price of wafers which NXP supplied to ST's wireless JV from October 1, 2008 until December 31, 2009.

Although ST is clearly disappointed with the results of this arbitration, which were unexpected, the Company is encouraged by the fact that in its award the ICC Tribunal states that it has chosen not to address certain issues which ST has raised, and that will be part of a second arbitration before the same ICC tribunal. A hearing for this second arbitration is scheduled in June 2012 with a final decision expected during the following twelve months.

ST intends to vigorously pursue its claims in this second arbitration aiming to convince the ICC Tribunal to reverse the economic effect of its award in the first arbitration.

This award will be recognized in our first quarter 2012 results and is currently estimated to have a negative impact on our cost of sales. This will in turn negatively impact our gross margin by approximately 2.6 percentage points. Consequently, we are lowering our previously indicated guidance for the first quarter as a result of this unexpected exceptional charge to about 30.4%, plus or minus 1.5 percentage points.

Uzbekistan: Oxus Gold says confident of fair compensation by arbitration tribunal

May 30, http://online.hemscottir.com/servlet/HsPublic?context=ir.access&ir_option=RNS_NEWS&item=1024407682202832&ir_client_id=4252

...

Since the publication of the 2010 Annual Report, the two most important highlights worth mentioning are:

...

Venezuela expects arbitration award with ConocoPhillips in 2013

Apr 23, http://www.eluniversal.com/economia/120423/venezuela-expects-arbitration-award-with-conocophillips-in-2013

The arbitration award on the dispute filed by US oil company ConocoPhillips against state-run oil company Petróleos de Venezuela (Pdvsa) before the arbitration panel of the International Chamber of Commerce (ICC) could be issued in 2013, according to Pdvsa's 2011 financial report.

Venezuela: Chavez Removes Venezuela from the IACHR

Apr 30, http://www.ecuadortimes.net/2012/04/30/chavez-removes-venezuela-from-the-iachr/

Venezuelan president Hugo Chavez, announced that his country will sadly retreat itself from the "notorious" Inter-American Commission on Human Rights (IACHR) and called for the creation of State Council to investigate this matter.

Venezuelan antitrust bill establishes more ways to expropriate

May 23, http://www.eluniversal.com/economia/120523/venezuelan-antitrust-bill-establishes-more-ways-to-expropriate

The National Assembly of Venezuela is speeding up the drafting of the Antitrust Law. The first working paper establishes that the goods used to produce bare essentials would be declared of public utility, and it also provides for further mechanisms for expropriation.

Zambia: Arbitrators institute to reduce backlog in courts

Apr 23, http://www.times.co.zm/?p=6282

JUSTICE Minister Sebastian Zulu has said the launch of the Chartered Institute of Arbitrators branch in Zambia will help Zambians choose the best means of resolving their disputes and de-congest the track load of cases being handled by various courts.

BOOKS

IBA Rules of Evidence: Commentary on the IBA Rules on the Taking of Evidence in International Arbitration

Tobias Zuberbuhler, Dieter Hofmann, Christian Oetiker, Thomas Rohner
ISBN13: 9783866531970
Published: March 2012
Publisher: Sellier

A revised version entered into effect on 29 May 2010. Both the original Rules and the revision were prepared by working groups representing the major Anglo-American and Continental legal systems and reflect a harmonization of the evidence taking procedures commonly used in international arbitration.

Is Arbitration Only As Good as the Arbitrator? Status, Powers and Role of the Arbitrator

Yves Derains, Laurent Levy
ISBN13: 9789284201099
Published: March 2012
Publisher: International Chamber of Commerce

Whether arbitration is only as good as the arbitrator is a question that has often been asked. Indeed, an arbitration procedure can be a quick and efficient means of dispute resolution that can save parties a lot of money compared to a court procedure.

However, arbitral awards, unlike court judgements, are not subject to ordinary judicial remedies and there is no recourse available against an award which is substantially wrong.

Therefore, anyone interested in international arbitration, whether experienced arbitrator or in-house counsel working with contracts and arbitration clauses, should read this compilation of expert views on thorny issues.

Rules of Evidence in International Arbitration: An Annotated Guide

Nathan D. O'Malley
ISBN13: 9781843119562, Lloyd's List/Informa, Hardback

Rules of Evidence in International Arbitration: An Annotated Guide is a valuable reference for practitioners, arbitrators and in-house counsel involved in cross-border dispute resolution. Filled with examples drawn from arbitration case precedent, the book considers common issues and questions relating to evidentiary procedure.

The book will be an essential reference guide on evidence for practitioners of international arbitration. Filled with examples drawn from arbitration case precedent, the book considers common issues and questions relating to evidentiary procedure. Arbitrators and counsel will gain from this publication a better view of the best practices, accepted solutions to difficult procedural issues, and fundamental due process considerations which arise in connection with the use of evidence in international arbitration.

Complex Dispute Resolution: 3-Volume Set

Edited by Carrie Menkel-Meadow
ISBN13: 9780754628071
Ashgate Publishing Ltd, Hardback, 3 Volumes.

This series collects essays on the development of foundational dispute resolution theory and practice and their application to increasingly more complex settings of conflicts in the world, including multi-party and multi-issue decision making, and negotiations in political policy formation and governance, and international conflict resolution.

Each volume contains an introduction by the editor which explores the key issues in the field. All three volumes feature essays which span an interdisciplinary range of fields - law, political science, game theory, decision science, economics, social and cognitive psychology, sociology and anthropology - and consider issues in the uses of informal and private as well as more formal and public processes. The articles also question whether the development of universal theoretical insights about conflict resolution is possible with variable numbers of parties and issues and in multi-cultural settings.

Taken together the three volumes in this series present classic research articles on all aspects of complex dispute resolution and constitute an invaluable reference resource for libraries and academics in political decision making, human rights, international relations and business and commercial law.

ICSID

New: Vattenfall AB and others v. Federal Republic of Germany (ICSID Case No. ARB/12/12)

Nuclear power plant, Registered May 31. Tribunal not yet constituted.

New: Dan Cake (Portugal) S.A. v. Republic of Hungary (ICSID Case No. ARB/12/9)

Baked goods manufacturing. Registered April 19. Tribunal not yet constituted.

New: Hess Equatorial Guinea, Inc. y Tullow Equatorial Guinea Limited v. Republic of Equatorial Guinea (ICSID Case No. CONC(AF)/12/1))

Hydrocarbon concession, Registered May 15. Tribunal not yet constituted.

New: Mercer International, Inc. v. Canada (ICSID Case No. ARB(AF)/12/3)

Pulp mill and electric power generation plant. Registered May 16. Tribunal not yet constituted. Notice of intent: https://www.transnational-dispute-management.com/legal-and-regulatory-detail.asp?key=7877

New: RSM Production Corporation v. Saint Lucia (ICSID Case No. ARB/12/10)

Hydrocarbons exploration agreement, Registered April 23. Tribunal not yet constituted.

New: Slovak Gas Holding BV et al v. Slovak Republic (ICSID Case No. ARB/12/7)

Natural Gas Services. Registered April 05. Tribunal not yet constituted.

New: Société Industrielle des Boissons de Guinée v. Republic of Guinea (ICSID Case No. ARB/12/8)

Beverage Production Enterprise. Registered April 05. Tribunal not yet constituted.

... See @ogeltdm for further updates...