One more victory for Ukraine in an International Arbitration Dispute at ICSID
An international investment arbitration dispute between Tokios Tokeles, a company incorporated in Lithuania and Ukraine, which has been on-going for over four years at the International Centre for the Settlement of Investment Disputes (ICSID in Washington), concluded with a victory for the Ukrainian side. On July 26, 2007, the Arbitration Tribunal by a majority delivered its affirmative verdict- an Award in favour of Ukraine.Helen Volska, Managing Partner and Director of EBS, was an independent expert on behalf of the Ukrainian side as to assessed damages.
The majority on the Arbitration Tribunal included such distinguished international arbitrators as Lord Mustill (President of the Arbitration Tribunal in the United Kingdom) and Professor Piero Bernardini (arbitrator as appointed by the respondent from Italy). Mr. Daniel M. Price (USA), the arbitrator appointed by the claimant, presented the Dissenting Opinion with respect to Ukraine’s alleged violation of Article 3 of the Ukrainian-Lithuanian agreement as to the protection of the investment (bilateral investment agreement- BIT) concerning the provision for “fair and equitable” treatment of investments http://www.gp.ua/en/news/review/itm/20/
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