Annulment — Manifest excess of powers — Res judicata — Whether findings of Tribunal infringed res judicata character of unannulled findings of previously constituted Tribunal — ICSID Convention, Article 52(1)(b)

Annulment — Serious departure from fundamental rule of procedure — Manifest disregard of applicable law — Where international law and national law applied together — ICSID Convention, Articles 42(1) and 52(1)(d)

Annulment — Serious departure from fundamental rule of procedure — Manifest disregard of applicable law — Where decision refers to “denial of justice” and “bad faith” — Whether amounts to an invocation of a new cause of action — Whether Tribunal acted ex aequo et bono — ICSID Convention, Articles 42(1) and 52(1)(d)

Annulment — Failure to state reasons — Whether gaps and ambiguities in reasoning amount to a failure to state reasons — ICSID Convention, Article 52(1)(e)

Annulment — Manifest excess of powers — Where award rectified — Whether rectification of “clerical, arithmetical or similar error” — ICSID Convention, Articles 49(2) and 52(1)(b)

Annulment — Serious departure from fundamental rule of procedure — Where award rectified — Where order made without party’s submissions — ICSID Convention, Article 52(1)(d) — ICSID Rules, Rule 49(4)

Damages — Quantification — Currency conversion — Fixing dates — Whether manifest excess of powers

Jurisdiction — Admissibility — Same dispute submitted to state court and to another arbitral tribunal — Same remedies sought in different fora — Whether an abuse of process

International investment law — Obligation not to expropriate unlawfully — Obligation of treatment in accordance with general principles of international law — Prohibition against arbitrary and discriminatory measures — Obligation to provide fair and equitable treatment — Obligation to provide full protection and security — Interpretation and application

Costs — Article 38 of UNCITRAL Rules — Apportionment of costs between the parties — Reasonable apportionment — Circumstances of case

Jurisdiction — Acquisition of shares — Whether acquisition of shares an “investment” — Whether private commercial dispute — Proceedings brought in national court — Whether required to exhaust local remedies — Separate arbitration brought under another treaty — Whether jurisdiction affected

Expropriation — Coercion to amend legal structure and lose security — Whether indirect expropriation breach of BIT — Whether breach of obligation to provide full security and protection — Whether breach of obligation to treat fairly and equitably — Whether unreasonable and discriminatory measures

Procedure — Binding award — Partial award — Party seeking to relitigate issues in partial award

Damages — Calculation of damages — Just compensation — Whether fair market value is just compensation — Interest — Costs

Arbitration — Challenge to validity of Award — Application to declare invalid or set aside — Claim that one arbitrator excluded from deliberations — Claim of res judicata — Excess of mandate — Whether Award ought to be set aside

Jurisdiction — Parallel treaty proceedings — Whether res judicata arises — Where objection to res judicata waived — Whether objection to abuse of process sufficient

Applicable law — Choice of law clause — Where one source of law applied — Whether Tribunal exceeded mandate

Procedure — Deliberations — Whether arbitrator excluded — Whether obligation to continue deliberations when two arbitrators are in agreement

Annulment — Grounds for annulment of award by national court — UNCITRAL Model Law, Article 34 — Review limited to traditional jurisdictional grounds

Jurisdiction — Review of award — Jurisdiction to apply provisions not raised during the course of arbitration — NAFTA Article 2105

Procedure — Disclosure of confidential information — Adverse inference from failure to provide additional information after some production — Burden of responding to a prima facie case made by the claimant — UNCITRAL Model Law, Article 34 — NAFTA Article 2105

Arbitration — Standard of review — Scope of review — Comity — Appropriate degree of deference to international arbitral awards — Expertise of commercial arbitrators — Breach of public policy — UNCITRAL Model Law, Article 34(2)(b)(ii) — Assessment of damages