Enforcement of international arbitration award against a Eurasian state
Our clients invested in the development of an oil pipeline in a Eurasian State. Following a dispute between them and the State, they sought arbitration in the International Centre for Settlement of Investment Disputes (ICSID) and were awarded two Awards totaling US$100 million to be paid by the State.
In September 2011, after the client had spent almost a year in prison, we were engaged to fund, manage, assist with strategy and coordination of the enforcement of the Awards against the State, as well as conducting amicable negotiations with representatives of the State. Our services included identifying and seizing assets held by the State outside the Georgian jurisdiction.
During October and November 2011 we undertook a worldwide strategy to arrest assets in numerous western jurisdictions, including The Netherlands, Belgium, France, Switzerland, Germany, Turkey, Luxembourg, The Cayman Islands and the US.
Throughout the case, we worked alongside the client’s lawyers, Skadden Arps Slate Meagher & Flom.