Ecuador Triumphs In $2B Claim Over Electricity Deal

Law360, New York (June 9, 2009, 12:00 AM EDT) -- Ecuador has prevailed in a nearly $2 billion international arbitration claim challenging its move to expropriate a long-term electricity concession from Empresa Electrica del Ecuador, a company that an Ecuadorian national had claimed control over through a series of trusts in the Bahamas and a Maine-based business.

The World Bank's International Centre for Settlement of Investment Disputes ruled June 2 that EMELEC lacked jurisdiction to bring the arbitration proceedings under the bilateral investment treaty between the U.S. and Ecuador because it had not shown that the...
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