ICSID Reduces Award Against Ecuador For Tribunal’s Failure To State Reasons

Mealey's (June 2, 2021, 1:38 PM EDT) -- WASHINGTON, D.C. — An International Centre for Settlement of Investment Disputes (ICSID) annulment committee on May 28 ordered a damages award against the Republic of Ecuador in favor of an oil exploration company reduced by $36 million, down to approximately $412 million, after it annulled two portions of the award that it found the original tribunal failed to support with stated reasoning....