Expropriation — Nationalization — Nationalization by State of company in which it was a shareholder — Whether in the public interest — Whether nationalization incompatible with the contract between State and foreign company

Stabilization clauses — Nationalization — Whether in public interest — Whether compatible with stabilization clauses — Status of contract in international law — Duty to pay compensation — Repudiation by State of its contractual obligations — Proper law of agreement — Law of contracting State to be supplemented by international law — Whether local law subordinate to international law

Arbitrators — Appointment by ICSID in default of appointment by party Applicable law — Whether tribunal to act as friendly arbitrator — Existence of a dispute

Damages — Measure of damages — Loss of profits — Claim limited to nominal amount

Interest — Rate of interest — Date from which interest payable

Expropriation — Joint venture agreement — Financial guarantees — Failure of State to honour undertakings in agreement — Interference in affairs of joint venture — Expropriation offoreign company’s shareholding in joint venture — Compensation

Procedure — Alleged default by one party — Time-limits for filing pleadings — State party failing to file counter-memorial dealing with the merits within time-limit — Whether conduct amounting to a default

Applicable law — Joint venture agreement — No provision regarding applicable law in agreement — Law of contracting State together with principles of international law — Power of Tribunal to rule ex aequo et bono

Procedure — Extension of time limits — Failure to comply — Delay attributable to political upheaval in State — Admissibility of counterclaim

Valuation — Of joint venture company — Inability to value as going concern — Valuation on basis of size of investments in company

Costs — Of proceedings — Settlement agreement repudiated by State — Application to file counter-memorial and counterclaim out of time — Delay attributable to political upheaval in State — State liable for all future costs of Tribunal and Centre

Recognition and enforcement — Award of compensation against State in favour of foreign company — Article 54 of icsid Convention — Simplified procedure for obtaining an exequatur — Article 55 of icsid Convention Preservation of immunity from execution of foreign States — Whether an order granting exequatur constitutes a measure of execution — The law of France

Recognition and enforcement — Attachment — Arbitral award made against State — Funds held in foreign bank on behalf of bank controlled by State — Whether State bank liable for award against State — The law of France

Expropriation — Taking of property — Contractual rights — Company entitled to share in profits from hotel — Whether takeover of hotel a taking of rights under the contract — Whether causing loss — Principles of international law regarding expropriation — Concept of acquired rights — Due process Measure of compensation

Nationality — Companies — Corporate group — Company investing in foreign State — Wholly —owned subsidiary incorporated in State of investment Whether treated as foreign business for purpose of international law — Parent company’s existence determined by law of State of incorporation

State responsibility — For injury to aliens — Duty to protect aliens — Duty to protect from arbitrary action by officials — State responsibility for judicial acts — Whether limited to cases of denial of justice

Treaties — Interpretation — Principles of interpretation — Good faith — icsid Convention — Whether principle that arbitration provisions should be restrictively interpreted

Jurisdiction — Of arbitration tribunal — Arbitration clause in contract between government and company — Whether clause to be restrictively construed — Standing of claimant company — Corporate group — Which company within group entitled to initiate arbitration proceedings

Applicable law — International law — Sources of international law — Equity Whether part of international law — Distinction between equity and power of tribunal to decide ex aequo et bono

Arbitrators — Disqualification — Arbitrator appointed by party to arbitration — Previous connection with party — Whether grounds for disqualification Duties of party appointed arbitrator

Damages — For expropriation — Measure of damages — Contractual rights Damnum emergens — Lucrum cessans — Methods of valuation — Discounted cash flow method — Access of company to daily cash flow generated by business subject to fiduciary duties — Effect on compensation

Provisional measures — Grounds on which provisional measures will be ordered — Publication of information concerning case — Intention of publishing party — Whether aggravating or exacerbating legal dispute Whether rendering solution of legal dispute more difficult

Annulment — Grounds for annulment — Failure to decide all the questions referred to the tribunal — Failure to state reasons on which award based Consequences of partial annulment — Resubmission of case to new arbitration tribunal — Whether those parts of first award which are not annulled constitute res judicata — Jurisdiction of tribunal on resubmission of case.

Annulment — Challenge to award of arbitration tribunal — Reference to ad hoc Committee — Effect of partial annulment — Resubmission of case to new arbitration tribunal

Applicable law — Proceedings for annulment of award — Law governing annulment proceedings — Principles and rules of treaty interpretation generally recognized in international law