ICSID Partially Grants Annulment For Venezuela, Affirms $36M Damages Ruling

Mealey's (December 30, 2016, 9:32 AM EST) -- WASHINGTON, D.C. — An ad hoc Committee for the International Centre for Settlement of Investment Disputes (ICSID) on Dec. 28 released its decision on an application for annulment of an award issued in favor of several marine transportation services entities, annulling a portion of the award in which the tribunal failed to state its reasons on an estimation in the value of a business, but affirmed a $36.3 million award of damages (Tidewater Inc., et al. v. The Bolivarian Republic of Venezuela, No. ARB/10/5, ICSID)....