Jurisdiction — Respondent contesting jurisdiction of icsid — Request for icsid arbitration by investor holding dual United States and Peruvian nationality — Request based on 1994 Convention between Peru and Paraguay on reciprocal promotion and protection of investments — Whether Claimant entitled to treaty protection — Whether of Peruvian nationality

Jurisdiction — Consent to icsid arbitration — Whether given by 1994 Convention between Peru and Paraguay on reciprocal promotion and protection of investments — Arbitration without privity — icsid Convention, Article 25(1)

Foreign investment — Investment protection — Central Bank encouragement of investment — Official representations as to safety of investment — Bank certification of investment bonds — Whether amounting to guarantee of investment — Bankruptcy of local company amid general financial crisis — 1994 Convention between Peru and Paraguay on reciprocal promotion and protection of investments — Whether breached

Foreign investment — Investment protection — Bankruptcy — Lawon bankruptcy leading to loss of investment — Whether conduct tantamount to expropriation — 1994 Convention between Peru and Paraguay on reciprocal promotion and protection of investments

Costs — Discretion — Respondent failing on jurisdiction but succeeding on merits — Conduct of Respondent officials “non-exemplary” — No order against Claimant for Respondent’s costs