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siemens v argentina summary

The Tribunal ordered Argentina to pay Siemens compensation of approximately US$208 million for its 130 Siemens A.G. v. Republic of Argentina investment, a further US$9 million for consequential damages and US$220,000 for unpaid bills for services by SITS to the government. [1] L. E. Peterson (2008), “Argentina and Siemens ask annulment committee to suspend proceedings, following request by Argentina for revision of arbitral award in light of recent evidence of alleged bribes paid by German firm Siemens,” Investment Arbitration Reporter, 28 July. The Siemens scandal needs to be remembered because it's emblematic of what needs to be done to stop corruption. FootNotes 1. Written and curated by real attorneys at Quimbee. SITS filed an administrative appeal, which was rejected by another decree. ), Decision, award and other documents available at https://www.italaw.com/cases/1026, Corruption, damages, expropriation, interpretation, investor obligations, margin of appreciation, most favoured nation, proportionality, umbrella clause, Request by Argentina for Annulment of Award: 16 July 2007, Request by Argentina for Revision of Award: 9 July 2008, Order Taking Note of Discontinuance: 9 September 2009, Judge Charles N. Brower (claimant appointee), Prof. Domingo Bello Janeiro (respondent appointee), International Centre for Settlement of Investment Disputes (ICSID), ICSID Rules of Procedure for Arbitration Proceedings, Germany–Argentina Bilateral Investment Treaty (BIT). [6] However, to the extent that the obligations assumed by the state are of a contractual nature, such obligations must originate in a contract between the state and the foreign investor. The Tribunal concurred with the Maffezini Tribunal that an MFN clause may not override public policy considerations judged by the BIT’s parties as essential, but held that the public policy considerations adduced by Argentina were not applicable (paras. Come join us on a trip through Siemens history! Argentina asserted that if this evidence had gone before the Tribunal in the arbitration proceeding, it might have rendered Siemens’ investments unlawful and ineligible for protection under the BIT. Siemens AG, Europe’s largest engineering company, was sued by an ex-investigator for Argentina’s government who claimed the company had a former employee beat him … Argentina further relied on Tecmed v. Mexico to support its view of the need to consider the purpose and proportionality of the measures taken by the host state. ARB/03/9 (Originally published in 2011 in International Investment Law and Sustainable Development: Key cases from 2000–2010; republished on this website on October 18, 2018. As of September 30, 2018, Siemens had around 379,000 employees. Siemens v. Argentina. 103–109, Decision on Jurisdiction). To effect the transport Irving chartered a barge and a tug and retained a A former Siemens AG employee pleaded guilty on Thursday to U.S. charges he took part in a $100 million scheme to bribe Argentine officials to win … Siemens AG A.10 p 37 Compensation Report A.11 p 51 Takeover-relevant information A. ARB/05/1, Opinion of Prof Domingo Bello Janeiro (August 16, 2012) Argentina, ICSID Case No. The government gave Siemens a “Contract Restatement Proposal” in the renegotiated terms. ... Siemens v. Argentina Siemens A.G. v. The Argentine Republic (ICSID Case No. Siemens claimed that the BIT’s MFN clause entitled it to import a more favourable dispute resolution clause from the Chile–Argentina BIT, which did not require recourse to local courts first. ARB/02/8 (Siemens v. Argentina) LEGAL ISSUES Most favoured nation (MFN) treatment: Allowing a BIT’s MFN clause to … Type of decision: Award: Date of decision: 6 February 2007: Tribunal: Andrés Rigo Sureda (President) Charles N. Brower Domingo Bello Janeiro. The Tribunal held that, in any case, Argentina had not paid compensation for the expropriation as required under the BIT. During the arbitration proceeding, Argentina had attempted to introduce evidence regarding the alleged corruption of Siemens, but the Tribunal refused on the basis that Argentina was raising the allegations too late. The Tribunal held that the BIT itself only provided for compensation with respect to expropriation and that the measure of compensation for the other breaches identified by the Tribunal therefore was to be determined in accordance with customary international law. The Tribunal thus dismissed Argentina’s preliminary objections to jurisdiction. The Tribunal noted that the key difference between compensation under the Draft Articles and Article 4(2) of the BIT (on expropriation) is that under the former, compensation must take into account “all financially assessable damage” or “wipe out all the consequences of the illegal act” as opposed to compensation “equivalent to the value of the expropriated investment” under the BIT. You will find your personal contact person in our Industry Software from Siemens helps manufacturers become Digital Enterprises by enabling them to digitalize and integrate their entire industrial value chain. 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