Topic: Fraud

P&ID v Nigeria: reactions

Practitioners have been reacting to the landmark decision by the Commercial Court in London to set aside a US$11 billion award against Nigeria on grounds of fraud – reflecting on its impact and asking whether there are lessons to be learned.

27 October 2023

“The most severe abuses of the arbitral process”: UK court overturns mega-award on grounds of fraud

A UK judge has raised serious concerns about the supervision of large arbitrations involving states after finding that an US$11 billion award against Nigeria was procured through false evidence, corrupt payments and improper retention of leaked documents.

23 October 2023

India’s top court upholds annulment of billion-dollar award

The Indian Supreme Court has upheld a decision to annul a US$1.3 billion ICC award against a state entity on grounds of fraud.

16 October 2023

Top Dutch court refuses to reinstate freeze on Kazakh fund

Moldovan investors engaged in a decade-long campaign to enforce a US$500 million Energy Charter Treaty award against Kazakhstan have failed to reinstate a Dutch attachment against a sovereign wealth fund – after reporting favourable rulings in Sweden, the US and Gibraltar.

13 October 2023

UK appeal court finds Russia sanctions don’t prevent fraud suit

The Court of Appeal in London has confirmed that the UK sanctions regime does not prevent courts from entering judgment in favour of sanctioned persons in civil litigation – meaning an US$850 million fraud suit brought by two Russian banks can proceed.

09 October 2023

Firtash suit falls foul of draft LCIA clause

A Dutch court has declined jurisdiction over various defendants in a US$500 million litigation brought by a company owned by Ukrainian oligarch Dmytro Firtash after finding that an LCIA arbitration clause in a draft contract was valid.

28 September 2023

UK Supreme Court allows Mozambique bribery suit to proceed

The UK Supreme Court has held that bribery claims brought by Mozambique in a US$2 billion suit against an Abu Dhabi shipbuilder don’t fall within the scope of Swiss-law arbitration agreements – the first time it has ruled on the stay provisions in the Arbitration Act 1996.

20 September 2023

Vietnam fails to halt treaty claim by dual national

A French court has upheld an UNCITRAL tribunal’s decision to hear a dual national’s US$2.5 billion treaty claim against Vietnam over the cancellation of a thermal power project.

18 September 2023

Ex-law firm partner pleads guilty to bankruptcy fraud

A former international arbitration partner at several well-known US law firms has pleaded guilty to bankruptcy fraud before a federal court in New York.

13 September 2023

Ukraine warned of BIT claim over bank takeover

UPDATED WITH COUNSEL: A Luxembourg company linked to Russian-Israeli billionaire Mikhail Fridman says it has notified Ukraine of a potential investment treaty claim over the “illegal expropriation” of one of the country’s biggest banks – while accusing the state of aggravating the dispute by bringing criminal charges against the businessman.

08 September 2023

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