Autopista Concesionada de Venezuela CA v. Bolivarian Republic of Venezuela

Abstract

Arbitration — International Centre for Settlement of Investment Disputes — Jurisdiction — Conditional consent to icsid jurisdiction — Control over locally registered company passing with Venezuela’s consent to a national of an icsid State party — icsid Convention, Article 25(2)(b)

Nationality — Deemed nationality of locally incorporated company — Whether “foreign control” indicates ultimate beneficial interest — Transfer of shares to a holding company — Transfer not a sham — Transfer consented to by Respondent without any misrepresentation on Claimant’s part — icsid Convention, Article 25(2)(b)

Diplomatic protection — Diplomatic representations made by State not an icsid party — Not amounting to espousal — Whether inconsistent with standing of holding company not a national of that State — Distinction between icsid arbitration and diplomatic protection — icsid Convention, Article 27