CDC Group plc v. Republic of the Seychelles

Abstract

Arbitration — Investment dispute — Enforcement of two guarantees — Claimant loaning monies to local statutory corporation — Respondent guaranteeing loans in 1990 and 1993 agreements — Loans for power station improvement project — Applicable law — Whether implied representation by Claimant that project viable and suitable — Whether Claimant owing duty of care to Respondent — Whether breach of duty of care — Whether inequality of bargaining power

Award — Stay of enforcement — Applicable standards — Interpretation — ICSID Convention, Article 52(5) — ICSID Arbitration Rules, Rule 54 — Merits of application — Catastrophic consequences — Recovery of payment — Prejudice to prospects of collecting Award — Provision of security

Annulment — Annulment of Award — Investment dispute — Whether serious departure from fundamental rule of procedure — Whether failure to state reasons — Whether Tribunal exceeding its powers

Interpretation — ICSID Convention, Article 52(1)(b), (d) and (e) — Whether Tribunal manifestly exceeding its powers — Whether serious departure from fundamental rule of procedure — Whether Award failing to state reasons on which based

Costs — ICSID Convention, Article 52(1)(e) — Whether applicable to costs — Allocation — Payment of legal expenses — Interest