Thursday, July 20, 2006

ICSID Award against Argentina

According to the media, an arbitral tribunal under the auspices of the ICSID has recently awarded $165 million dollars in damages to Azurix Corporation, a Delaware company.

Azurix, the former water concessionaire of Buenos Aires, has sought to recover damages in excess of $565 million dollars from the Republic of Argentina.

ICSID’s caseload has registered over 30 proceedings against Argentina, following the 2001 economic crisis in that country.

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