(September 16, 2015, 10:01 AM EDT) -- WASHINGTON, D.C. — The International Tribunal for Settlement of Investment Disputes (ICSID) on Sept. 15 announced that hearings on an application filed by the Republic of Guatemala to annul a $28,621,247 arbitration award issued in favor of a Delaware company will commence in October (Teco Guatemala Holdings LLC v. The Republic of Guatemala, No. ARB/10/23, ICSID).

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In November 2010, Teco Guatemala Holdings Ltd., a Delaware company, filed a request for arbitration with ICSID against Guatemala pursuant the Free Trade Agreement between the Dominican Republic, the...