Peru Won't Get Costs Despite Win In Renco Arbitration
By Caroline Simson (November 14, 2016, 4:19 PM EST) -- A World Bank tribunal that recently rejected the Renco Group Inc.'s claim against Peru stemming from environmental issues at a metal mining and processing operation has shot down Peru's bid for $8.4 million in costs, taking note of Peru's delay in raising the argument that ultimately cost Renco the arbitration.
The tribunal concluded earlier this year that it lacked jurisdiction over the dispute since Renco hadn't waived its ability to raise its claims in an alternative forum, as required by the treaty under which the arbitration had been brought. Renco claimed it was owed unspecified damages after Peru refused to honor...
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