By Stella Petritsi, a Solicitor at Thomas Cooper in Piraeus, Greece
Despite broad interpretation of “investment” in Bilateral Investment Treaties (“BITs”), an ICSID tribunal (“the Tribunal”) found on 9 April 2015 that the purchase of Greek Government Bonds did not constitute an “investment” in Greece. Whether under the Slovakia – Greece BIT, the Greece – Cyprus BIT or the ICSID Convention. Lacking jurisdiction on that basis, the Tribunal dismissed claims brought by Poštová banka (“Postova”), a Slovak bank, and its majority shareholder Istrokapital SE (“Istrokapital”), a company incorporated in Cyprus, against the Hellenic Republic (“Greece”).
Continue reading Greek economic crisis: are sovereign bonds protected “investments” under Bilateral Investment Treaties? ICSID Case No. ARB/13/8
By Anna-Maria Tamminen, a Managing Associate at Hannes Snellman in Helsinki, Finland
I had the pleasure of attending the meeting of the ICC Commission on Arbitration and ADR in Paris in mid-April. At the meeting, Ms. Hannah Tümpel, the former Manager of the ICC’s ADR Centre gave a powerful talk entitled “Some Thoughts on the Future of ADR”. According to Hannah, there is keen demand among the members of the ICC for wider use of mediation and we, as dispute resolution lawyers, should embrace that demand instead of continuing to debate how to curb time and costs in arbitration.
Continue reading Mediation – the new “international arbitration” for our generation?
By Nicholas Querée (Associate at Peters & Peters Solicitors LLP in London)
1. On 21 October 2015, the Abu Dhabi Global Market (“ADGM”), the most recent in a line of financial free zones in the Middle East, formally opened for business. Like its forebears, the Qatar Financial Centre (“QFC”) and the Dubai International Financial Centre (“DIFC”), the ADGM is empowered to enact its own civil and commercial laws with the aim of providing an attractive legal and regulatory environment for companies minded to establish in the new jurisdiction, and encouraging inward investment to and a greater diversification of the Emirate’s economy.
Continue reading The Abu Dhabi Global Market Arbitration Regulations 2015
By Alexandre-Yacine Souleye (Attorney at Law and PHD Applicant)
I – INTRODUCTION
A recurring debate among the arbitration community revolves around the extent of the usage of arbitral secretaries. The release, in 2012, of the ICC Secretariat’s Note on the Appointment, Duties, and Remuneration of Administrative Secretaries, the Young ICCA Guide on Arbitral Secretaries, and the publication of the 2012 and the 2015 International Arbitration Surveys by White & Case and Queen Mary College Survey (‘2012 W&C Survey’ and ‘2015 W&C Survey’), have been the climax of a controversial debate regarding the role and duties of arbitral secretaries.
Continue reading Fourth Chair? The controversial role of arbitral tribunal secretaries
By Eric Leikin (Associate at Freshfields Bruckhaus Deringer)
In the landmark case, Cool Ideas 1186 CC v Hubbard and Another  ZACC 16 (5 June 2014), the South African Constitutional Court refused to enforce an arbitral award on public policy grounds. This decision is of note not only because it is a relatively rare example of a successful public policy challenge to the enforcement of an arbitral award, but also because the stance of South Africa’s highest court will likely have a major effect on how the country’s judiciary treats arbitral awards going forward. Before discussing the case, a brief background of South Africa’s arbitration legislation is necessary.
Continue reading South African Constitutional Court Refuses to Enforce an Award on Public Policy Grounds: A ‘Cool Idea’?