March 2017 – Law360 recently quoted Chaffetz Lindsey partner Aníbal Sabater in an article entitled “3 Takeaways From The Mobil Cerro Negro Award Annulment” on the effect of a recent international arbitration decision.
A committee for the International Centre for the Settlement of Investment Disputes (ICSID) recently annulled the damages portion of an arbitration award issued in favor of Exxon Mobil Corp. against Venezuela. The committee reasoned that the tribunal in the arbitration had based its damages analysis on contradictory reasoning and straw man arguments and manifestly exceeded its powers.
In the article, Aníbal commented on the length of time of this annulment process, noting that it was almost the same length of time as a typical arbitration. He is quoted saying, “From initiation of the arbitration until the annulment decision, nine and a half years have gone by and the parties are nowhere near having their dispute resolved. This is a severe blow to efficiency.”
To read the article in its entirety, please click here (a subscription might be required).