The Shipping and International Trade Group of our Paris office secured an important victory for a consortium of foreign investors over a railway concession agreement dispute.
Our clients, the claimants, are winning US$ 230 million plus costs in this ICSID (International Centre for Settlement of Investment Disputes) arbitration.
This major ICSID case adds to Reed Smith's experience in investment arbitration and, more generally, in international arbitration.
The matter arose after the operator of a 20-year state railway concession was asked to leave by the state after 3-1/2 years of concession on the grounds, inter alia, of alleged insufficient maintenance of the railway, alleged lack of security for the passengers, and absence of payment of concession dues. On their part, claimants invoked, inter alia, gradual and then final expropriation under international law.