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Isolux Corsán Concesiones S.A. v. Republic of Peru (ICSID)

Why it matters

This case is an example of an ICSID investment arbitration that was resolved by settlement after the claimant's co-claimant withdrew. The award records the parties' agreement and terminates the proceedings, illustrating how ICSID tribunals handle settlements and discontinuances.

Summary

Isolux Corsán Concesiones S.A., a Spanish company, initiated ICSID arbitration against the Republic of Peru under a bilateral investment treaty. Originally, Elecnor S.A. was a co-claimant, but it withdrew in May 2013, leaving Isolux as the sole claimant. The tribunal was constituted with Hugo Perezcano Díaz as president, Alexis Mourre and Horacio Grigera Naón as co-arbitrators. After procedural steps, the parties agreed to suspend the arbitration twice, and on 19 December 2013, they signed a comprehensive settlement agreement (Acuerdo Integral) in Lima, Peru. The parties jointly requested the tribunal to record the settlement in an award. The tribunal, under ICSID Arbitration Rule 43(2), incorporated the settlement agreement as Annex A and issued the award terminating the arbitration. The award also addresses costs: any shortfall in advance payments is to be covered equally by the parties, and any surplus refunded equally. The award was published by ICSID by agreement of the parties.

The detail

Parties: Isolux Corsán Concesiones S.A. v. Republic of Peru

Case number: ICSID Case No. ARB/12/5

Outcome: The parties reached a settlement agreement, which was incorporated into the award. The tribunal ordered the termination of the arbitration on agreed terms.

Applicable law: ICSID Convention and Arbitration Rules; settlement agreement

Issues in play: The case involved a dispute under a bilateral investment treaty, but was settled before any substantive legal issues were decided.

Read the full decision at italaw ↗

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