Greenberg Traurig secures victory for the Republic of Panama in ICSID arbitration
Greenberg Traurig secures victory for the Republic of Panama in ICSID arbitration
by Greenberg Traurig, 4 March 2024
A team of Greenberg Traurig, LLP International Arbitration and Litigation Practice attorneys led by Washington D.C. office Shareholder Daniel Pulecio-Boek, secured victory for The Republic of Panama in Campos de Pesé, S.A. v. Republic of Panama (ICSID Case No. ARB/20/19), a complex International Centre for Settlement of Investment Disputes (ICSID) arbitration.
WASHINGTON, March 4, 2024 /PRNewswire-PRWeb/ — A team of Greenberg Traurig, LLPInternational Arbitration and Litigation Practice attorneys led by Washington D.C. office Shareholder Daniel Pulecio-Boek, secured victory for The Republic of Panama in Campos de Pesé, S.A. v. Republic of Panama (ICSID Case No. ARB/20/19), a complex International Centre for Settlement of Investment Disputes (ICSID) arbitration.
The claim was brought by a group of purported foreign investors under the Italy-Panama Bilateral Investment Treaty in 2020. The purported foreign investors were seeking approximately $100 million in damages claiming that the government had amended the legal framework for ethanol production in the country in breach of Panama’s international law obligations.
After extensive discovery, briefing, and a hearing, Greenberg Traurig attorneys demonstrated to the ICSID tribunal that the purported foreign investors did not own or control the investment and the tribunal lacked jurisdiction over the matter. The tribunal dismissed, in its entirety, all claims and awarded fees and costs to The Republic of Panama.
"We are very pleased to have prevailed for The Republic of Panama in this important matter. This is one of the rare cases in which a tribunal has analyzed, in detail, complex and cross-border corporate structures, and has dismissed claims based on a failure to show foreign ownership and control," Pulecio-Boek said. "The ICSID award in this case flags the importance of thorough and extensive discovery to unveil complex and cross-border ownership and control of corporate structures as a strategy to defeat allegations of foreign control."
Along with Pulecio-Boek, the Greenberg Traurig team representing The Republic of Panama includes Of Counsel Tomás Solís and Claudia D. Hartleben, Associate Aurore Nicaud, and International Law Clerk Catalina Brito Hasbun.
About Greenberg Traurig’s International Arbitration & Litigation Practice: Greenberg Traurig’s International Arbitration & Litigation Practice assists clients in navigating international conflicts, whether conducting high-stakes litigation or transnational arbitration, enforcing foreign judgments and arbitral awards, or designing creative procedures and contract provisions to minimize disputes or resolve them as efficiently as possible.
About Greenberg Traurig: Greenberg Traurig, LLP has more than 2750 attorneys in 47 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2022 BTI "Highly Recommended Law Firm" for superior client service and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule 6.0 Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100% renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA’s Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono. Web: http://www.gtlaw.com.
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