RE: ICSID News3 Nov 2022 18:26
'As earnest readers know, I am a hound after explanations that matter. I had taken the view that it would be helpful, perhaps even important, to know what promoted the Italians government’s refusal to pay the E200m+ owed to Rockhopper (RKH) pursuant to the ICSID arbitration. So I got hold of Vigo Consulting who handle IR for RKH and I promptly got a reply from Vigo as follows:
“Dear Mr Cawkwell
We conveyed your request for information on the grounds for Italy’s request for annulment. The reason this was not announced is because ICSID proceedings are legally confidential between the parties.
You may however find this attachment of interest (ICSID Convention Rules). If you scroll to page 25, Article 52, it briefly lists the limited grounds on which a party may seek an annulment. While this does not tell you specifically what Italy’s grounds were, you will understand the parameters, none of which could have anything to do with Rockhopper’s own competence in the matter which was one of your concerns expressed.
You may also find this second attachment of interest (ICSID Caseload Statistics). If you scroll to page 16, it shows the statistics on annulment proceedings. You will note very few are ever successful.
I am sorry we cannot disclose the grounds of Italy’s appeal – ICSID does not allow this. I hope Article 52 at least has some use in narrowing the scope for you on the grounds for which annulments may be sought.
Kind regards
Ben Simons“
So there you have it. I still think RKH is cheap at 10p, possibly very cheap.'
https://masterinvestor.co.uk/evil-diaries/evil-diaries-the-bloodhound-reports/?mc_cid=1d9e55ef2d&mc_eid=f90ccf47da
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