No news21 Jun 2017 12:22
ICSID Arbitration - Annulment Proceedings Update
Further to the Company's announcement of 7 June 2017, the first session of the annulment proceedings was held as scheduled on 20 June 2017.
Items on the agenda for the first session were limited to (i) establishing, and formalizing where possible, the procedures and protocols to be used throughout the annulment proceedings (including setting of the Procedural Calendar) and (ii) consideration of the Company's request for continuance of the provisional stay on enforcement of the award until completion of the annulment proceedings ("Request for Continuance").
At the first session, the parties made oral submissions to the Annulment Committee on both the protocols and procedures to be adopted for the annulment proceedings and the Request for Continuance. Having heard the parties' oral arguments on the Request for Continuance, the Annulment Committee reserved its decision but decided that, until it reaches its final decision on the Request for Continuance, the provisional stay of enforcement of the award shall remain in place. The Committee has advised that it will endeavour to reach such a determination as soon as practicable.