Analysis

3 Takeaways From The Mobil Cerro Negro Award Annulment

Law360, New York (March 20, 2017, 11:08 PM EDT) -- A recent decision annulling the lion's share of a $1.6 billion award issued to Exxon Mobil Corp. affiliates in an arbitration filed against Venezuela nearly a decade ago shows how long and unpredictable the process can be.

A committee for the International Centre for the Settlement of Investment Disputes concluded that the tribunal that issued the underlying decision in the so-called Mobil Cerro Negro case had manifestly exceeded its powers. The original tribunal — consisting of tribunal president Gilbert Guillaume, who was appointed by the chairman of the Administrative Council, and Venezuela appointee Ahmed Sadek El-Kosheri and ExxonMobil appointee Gabrielle Kaufmann-Kohler...

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