Economic Consulting Insights & News: August 2013
The Economic Consulting Insights newsletter provides you with a recap some of the latest developments in the dispute, litigation and international arbitration space, as well as shares our thoughts and opinions on recent trends affecting the markets. In this issue you can find the following:
Recent Cases and Decisions
- Indonesia v Raat Ali Rizvi: An International Centre for Settlement of Investment Disputes (ICSID) panel has rejected a multi-million dollar claim against Indonesia filed by Raat Ali Rizvi, a UK shareholder in a bailed-out bank, under which the claimant sought damages arising from the bail-out and his subsequent conviction for fraud and money laundering.
- Devas Multimedia v Antrix: Devas Multimedia is all set to proceed with a US$1.6 billion International Chamber of Commerce (ICC) claim against Antrix, the commercial arm of the Indian Space Research Organisation, claiming damages arising from the breach of contract by Antrix.
- Paraguay v BIVAC: The government of Paraguay has agreed to issue treasury bonds to finance the settlement of its six-year running arbitration against BIVAC, a Swiss subsidiary of Bureau Viratas, for non-payment of bills.
- Canada v Eli Lilly: U.S. pharmaceuticals company, Eli Lilly has filed a US$480 million NAFTA claim against Canada over the revocation of two patents that were challenged by generic manufacturers
- Gazprom v RWE Transgas: ICC panel has amended the price formula in a long-term gas supply contract between RWE Transgas and Gazprom’s export arm by tying the formula to the prices in the gas spot market, in favor of RWE Transgas.
Industry Insight: Healthcare industry – an imminent patent cliff?
Thought of the Month: Competitive devaluation – a currency war?