Topic: Fraud

Lithuania defeats claim over bank nationalisation

An UNCITRAL tribunal has thrown out a US$300 million treaty case against Lithuania after ruling that a Russian fund could not bring the claim on behalf of the former majority shareholder of a nationalised bank.

12 July 2022

Spain fails in latest solar award challenge

An ICSID annulment committee has upheld a €28 million Energy Charter Treaty award won by a group of UK renewables investors against Spain, dismissing arguments the claimants fraudulently lied about the capacity of their solar facilities to access subsidies.

14 June 2022

Oligarch’s widow can proceed with fraud suit

The High Court in London has ruled it can hear fraud claims worth more than US$3 billion brought by the wife of a deceased Russian oligarch – while finding that a Panamanian arbitration clause “significantly” limits the allegations she can make against one of the defendants.

31 May 2022

ICDR throws out claim due to fake signature on contract

An ICDR arbitrator has dismissed a claim brought by a California mindfulness meditation company after finding the contract it was brought under bore a fake signature of one of the Austrian respondents.

25 May 2022

Oligarchs plan another treaty claim against the US

Entities controlled by Ukrainian oligarchs Igor Kolomoisky and Gennadiy Bogolyubov have revealed that they plan to file a third treaty claim against the United States related to assets that have been targeted by authorities over alleged money laundering.

24 May 2022

Ghana may face treaty claim after state bank thwarts arbitration

An English court has ruled that an arbitrator has no jurisdiction to hear an Indian commodities group’s US$300 million claim against a Ghanaian state-owned bank – but could the dispute turn into an investment treaty claim?

18 May 2022

LCIA award doesn’t bind Russian defendants in bank fraud suit

The family of a Russian property tycoon being sued for US$800 million over an alleged banking fraud are not bound by findings of dishonesty in an LCIA award against companies said to be under their control, a UK judge has ruled.

12 April 2022

Spain fails to annul largest renewables award

An ICSID committee has upheld the largest award yet issued against Spain over its renewable energy reforms, rejecting arguments that the investor had “unclean hands” or that the tribunal should not have agreed to hear an intra-EU dispute.

28 March 2022

French court affirms annulment based on money laundering signs

France’s Court of Cassation has refused to reinstate a US$15 million investment treaty award against Kyrgyzstan that was annulled because of indications of money laundering.

24 March 2022

LCIA award surfaces in Russian bank fraud case

Sons of a prominent Russian businessman took part in a “dishonest scheme” with a bank executive to replace US$500 million worth of secured loans with “unmarketable” bonds, according to a now-public LCIA award.

22 February 2022

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