PENDING INVESTMENT ARBITRATION CASES

1. Walnort Finance Limited v. Republic of Armenia (ARB/24/20)

The case was registered at the International Centre for Settlement of Investment Disputes on 21 June 2024. The dispute, concerning the mining industry, was initiated under the “Agreement between the Government of the Republic of Armenia and the Government of the Republic of Cyprus for the Promotion and Reciprocal Protection of Investments”. Details about the arbitration case, including the current status of the proceedings, can be found at the following link.

2. Amulsar Investor Ventures LLC v. Republic of Armenia (2023-66)

This arbitration case, governed by the United Nations Commission on International Trade Law rules and administered by the Permanent Court of Arbitration, was initiated under the “Treaty between the United States of America and the Republic of Armenia concerning the Encouragement and Reciprocal Protection of Investment”. The dispute arises out of the mining sector, and information on the current status of the proceedings can be accessed at the following link.

3. Sanitek S.a.r.l., Sari Haddad and Elias Doumet v. Republic of Armenia (ARB/21/17)

This case was registered at the International Center for Settlement of Investment Disputes on 6 April 2021. The arbitration case in the field of waste collection was initiated under the “Agreement between the Government of the Republic of Armenia and the Government of the Lebanese Republic on the Promotion and Reciprocal Protection of Investments”. Information on the arbitration case and its current status is available at the following link.

CONCLUDED INVESTMENT ARBITRATION CASES

1. Rasia FZE and Joseph K. Borkowski v. Republic of Armenia (ARB/18/28)

This case was registered at the International Center for Settlement of Investment Disputes on 3 August 2018. The arbitration case related to the railway and highway construction was initiated under the “Treaty between the United States of America and the Republic of Armenia concerning the Encouragement and Reciprocal Protection of Investment”, as well as under the concession agreements signed between the said company and the Government of the Republic of Armenia in 2012. On 20 January 2023, the arbitral tribunal rendered an award which dismissed the claimants’ demands entirely and obliged them to pay a total of USD 2,783,250.09 as compensation to the Republic of Armenia. Information on the arbitration case is available at the following link.

2. Edmond Khudyan and Arin Capital & Investment Corp. v. Republic of Armenia (ARB/17/36)

The case was registered at the International Center for Settlement of Investment Disputes on 27 September 2017. The arbitration case in the field of real estate was initiated under the “Treaty between the United States of America and the Republic of Armenia concerning the Encouragement and Reciprocal Protection of Investment” ​​in order to settle it pursuant to the “Convention On the Settlement of Investment Disputes between States and Nationals of Other States”.  On 15 December 2021, the arbitral tribunal rendered an award in favor of the Republic of Armenia. The tribunal determined that Edmond Khudyan, being a citizen of the Republic of Armenia, did not fall under the tribunal’s ratione personae jurisdiction. Additionally, with regards to Arin Capital & Investment Corp., the tribunal did not have ratione materiae jurisdiction due to lack of investments. As a result of the lack of jurisdiction, the tribunal rejected all of the claimants’ claims and ordered them to jointly and severally pay the Republic of Armenia a total of USD 737,466.34. This includes the advance payment of USD 337,466.34 paid to the International Center for Settlement of Investment Disputes and USD 400,000 for the Republic of Armenia’s legal expenses related to the arbitration case. Information on the arbitration case is available at the following link.

3. T.S. Investment Corporation v. Republic of Armenia

The arbitration case regarding investments in the tire production sector was filed at the London Court of International Arbitration on the basis of the investment agreement, as well as the “Treaty between the United States of America and the Republic of Armenia concerning the Encouragement and Reciprocal Protection of Investment”. The final award in favor of the Republic of Armenia was rendered on 18 August 2011.

4. Global Gold Mining LLC v. Republic of Armenia

In 2007, an investment dispute arose between the Global Gold Mining LLC and the Republic of Armenia, which was submitted to the International Center for Settlement of Investment Disputes. The subject of the dispute was the denial of a mine exploitation permit to the Global Gold Hankavan LLC (the company had a geological survey permit, after which a mine exploitation permit should have been obtained), as well as the extension of the geological survey permit term. In 2008, the Global Gold Mining LLC and the Republic of Armenia reached a settlement agreement within the framework of the investment dispute. Information about the arbitration case is available at the following link.

ANNULMENT PROCEEDINGS

1. Rasia FZE and Joseph K. Borkowski v. Republic of Armenia (ARB/18/28)

In this case, the claimants sought to annul the arbitral tribunal’s award issued on 20 January 2023. The proceedings, initiated on 2 June 2023, are ongoing, and further information about the case can be found at the following link.

2. Edmond Khudyan v. Republic of Armenia (ARB/17/36)

Edmond Khudyan submitted an application to partially annul the award rendered by the arbitral tribunal on 15 December 2021 in the case Edmond Khudyan and Arin Capital & Investment Corp. v. Republic of Armenia, which was granted by the Annulment Committee. More information about the case can be found at the following link.

3. T.S. Investment Corporation v. Republic of Armenia

T.S. Investment Corporation has initiated a proceeding related to the annulment of the award rendered in favor of the Republic of Armenia in August 2011.

PENDING COMMERCIAL ARBITRATION CASES

1. Republic of Armenia v. Corsan Corviam Construccion SA (UNC 190/HBH)

In this case, a dispute arose out of the agreement signed on 27 April 2012 between the Corsan Corviam Construccion SA and the current Ministry of Territorial Administration and Infrastructure regarding the reconstruction and improvement of a highway in the territory of the Republic of Armenia. The Republic of Armenia initiated ad hoc proceedings of international commercial arbitration on 21 November 2019, after the company withdrew its 24 January 2019 notice of arbitration and initiated court proceedings at the Madrid Commercial Court No. 1. As a result, international arbitration and court proceedings with the participation of the Republic of Armenia and Corsan Corviam Construccion are being conducted concurrently.

2. Sinohydro Corporation Limited v. Ministry of Territorial Administration and Infrastructure of the Republic of Armenia (ARB597/23/VKH)

This construction-related dispute is administered by the Singapore International Arbitration Centre and was registered in November 2023. The case is currently ongoing.