The company wants the court to confirm the award under the ICSID Convention
The ICSID Convention
provides specific grounds for such an application that include improper constitution of the arbitral tribunal, procedural irregularities and the arbitral tribunal's overreach while exercising its powers.
Article 51 of the ICSID Convention
allows parties to a dispute to bring to the tribunal any new facts that could decisively affect the award.
There are limited grounds for challenging the award under the ICSID Convention
. It is not expected that proceeds of the award will be recognised in Antofagasta's financial statements until received.
In a comment to Profit, Osama Malik, an Islamabad based lawyer on international investment and economic law said, 'The enforcement proceedings have been automatically stayed under Article 51(4) of the ICSID convention
(14) Tailored to promote the settlement of investment disputes, (15) it was established by the ICSID Convention
in 1965 as a delocalised facility under the auspices of the World Bank.
The first group includes arbitration tribunals established according to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention
However, simply deciding on the merits without considering the impact of Article 344 TFEU on Article 30 VCLT might be dangerous for an arbitral tribunal and open up an avenue for annulment proceedings under Article 52 ICSID Convention
. Against this background, it is at least to be expected that pending ICSID arbitrations will open up hearings again in order to address the changed legal situation post-Achmea.
Latin-American countries left their reticence during the 90s, when they stipulated many BITs and subscribed to the ICSID Convention
(apart from Brazil that has never concluded any BIT, despite having negotiated some of them over the years).
ICSID arbitration is available to an investor if that investor's home state and the host state are parties to the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention
For the time being Pakistan has enacted the New York Convention and the ICSID convention
for enforcement of foreign arbitral awards but this does not ensure smooth enforcement.
Argentina-Italy BIT and the ICSID Convention
. (102) Serious doubts exist