ICSID Arbitration Rules in Favor of Panama

The Centre for Settlement of Investment Disputes has ruled against the businessman Julio Lisac, who filed the suit after cessation of a concession for a hydroelectric project.

Tuesday, June 7, 2016

From a statement issued by the Ministry of Economy and Finance:

Panama wins arbitration in ICSID
· The lawsuit filed by Transglobal Green Energy against the Republic was rejected  
· The ruling obliges the applicant to pay 2.2 million to the State for reimbursement of legal expenses 

The Centre for Settlement of Investment Disputes (ICSID) yesterday issued a favorable ruling to the Republic of Panama in the arbitration proceedings initiated by businessman Julio Cesar Lisac Jimenez fault, through the companies Transglobal Green Energy LLC and Trasnglobal Green Energy de Panama, S.A.

Prior to the ICSID arbitration lawsuit, Lisac had filed a complaint with the Supreme Court for alleged dispossession of a hydroelectric concession granted at the time to Mina Hidro Power Corp.

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