State immunity — Foreign States — Motion to confirm arbitration award — Refusal by Republic of Guinea to consent to arbitration procedure — Whether Foreign Sovereign Immunities Act 1976 granted Court jurisdiction to order Republic of Guinea to arbitrate — Effect of Foreign Sovereign Immunities Act 1976 Sections 1605(a) 1 and 1605(a)(2)— The law of the United States

Jurisdiction — In general — Territorial — Exemptions from and restrictions upon territorial jurisdiction — Foreign States — Motion to confirm arbitration award — Refusal by Republic of Guinea to consent to arbitration procedure — Whether entitled to sovereign immunity under Foreign Sovereign Immunities Act 1976 — Jurisdiction — Whether agreement to arbitrate constitutes implicit waiver of immunity in United States courts — Commercial activity exception to immunity from suit — Whether commercial activity carried on within United States — Foreign Sovereign Immunities Act Section 1605(a)(2) — Whether commercial activity carried on outside United States with direct effect within United States — The law of the United States

Procedure — Competence — icsid arbitration — Whether competence of tribunal excludes jurisdiction of municipal courts to enforce a prior arbitration award

Recognition and enforcement — Attachment proceedings — icsid Convention, Article 26 — “Other remedy” — Definition — Whether attachment proceedings constitute “other remedy” — Whether submission to icsid arbitration excludes recourse to municipal courts for enforcement of prior arbitral award

Treaties — Interpretation — Powers of municipal courts — The law of Belgium

Procedure — Competence of arbitration tribunal — icsid arbitration — Whether excludes jurisdiction of municipal courts to enforce a prior arbitral award — Attachment proceedings — icsid Convention, Article 26 — “Other remedy” — Definition — Whether attachment proceedings constitute “other remedy”

State immunity — Jurisdiction — Commercial activity — Contract to establish joint venture shipping company — Arbitral award — Whether State entitled to immunity from attachment proceedings to enforce arbitral award — Requirement of close connection between dispute and forum State — Duty to pay arbitral award in forum State — Whether establishing sufficiently close connection

State immunity — Attachment and execution — Bank account — Immunity of funds allocated for diplomatic or consular functions — Requirement of recognizable and specific allocation

Recognition and enforcement — Arbitral award rendered abroad — Action for enforcement in municipal courts — New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, 1958, Article V Conditions for refusal of enforcement — Subsequent referral to icsid arbitration — Whether award to be regarded as non-binding

Treaties — Interpretation — Powers of municipal courts — Whether submission to icsid arbitration excludes recourse to municipal courts for enforcement of prior arbitral award — The law of Switzerland

Arbitration — Agreement to arbitrate — icsid arbitration — Consent — Validity — Unilateral attempt to compel arbitration in alternative forum — Whether constituting improper attempt to avoid icsid arbitration

Procedure — Competence — icsid arbitration — Whether competence of tribunal excluding jurisdiction of municipal courts to enforce prior arbitral award — Attachment proceedings — icsid Convention, Article 26 — “Other remedy” — Definition — Whether attachment proceedings constitute “other remedy”

State responsibility — For breaches of contract — Contract between State and foreign company — Establishment of joint venture company with exclusive rights — Duty to perform contract in good faith — Secret negotiations and sale by State of exclusive rights to third party — Whether constituting breach of good faith

Damages — Measure of damages — Breach of State contract — Loss of profits — Method of assessment — Potential profits from agreement entered into in breach of contract — Projection over ten years — Interest — Rate of interest Date from which interest payable

Damages — Counterclaim — For breach of agreement to settle dispute by icsid arbitration — Measure of damages — Legal costs incurred in contesting improperly brought proceedings — Mitigating circumstances

Annulment — Grounds for annulment — icsid Convention, Article 52(1) Failure of award to state reasons on which it is based — Requirement of reasoned judgment — Contradictory reasoning — Whether any requirement to state reasons for award of costs — Failure to decide all the questions referred to the tribunal — Whether constituting grounds for annulment Tribunal manifestly exceeding its powers — Whether including failure by tribunal to apply any law or correct law

Annulment — Partial annulment — Consequences — Effect on parts of award not annulled — Res judicata — Annulment of award of damages — Whether automatically invalidating award of costs

Arbitration — Stay of procceedings — Jurisdiction of domestic courts Arbitration clause in contract between government and company Reference of matter to International Centre for the Settlement of Investment Disputes — Whether domestic proceedings relate to matter over which arbitration proceedings brought — Agreement containing favourable rights of purchase — Dispute over effect of subsequently enacted legislation Whether dispute arising under the terms of the agreement — Whether Court having residual discretion to take jurisdiction over matter — Whether government bound by agreement to international arbitration — Arbitration (International Investment Disputes) Act, 1979— The law of New Zealand

Interpretation — Of municipal statutes — Joint venture agreement between government and private company for erection of synthetic gasoline plant and sale of product — Agreement containing favourable rights of purchase for company — Subsequent deregulation of industry and legislation prohibiting contracts or arrangements having the “likely effect of substantially lessening competition in a market” — Rules of interpretation — Meaning of “likely” Meaning of “substantially lessening” — Identification of “relevant market” Whether purchase rights likely to have effect of substantially lessening competition in a market — Whether agreement rendered unenforceable

Municipal law — Interpretation of contractual terms — Rules of interpretation — Presumption that parties intended reasonable, commercially rational and economically logical result — Interpretatin of statutes — Rules of interpretation — Intrinsic and extrinsic interpretation — Requirement of fair, large and liberal construction to ensure attainment of Act in accordance with true meaning, intent and spirit — New Zealand Acts Interpretation Act 1924 Section 5(j)

State responsibility — For breach of contract — Joint venture agreement between government and private company for erection of synthetic gasoline plant and sale of product — Agreement containing favourable rights of purchase for company — Government deregulating industry and enacting legislation prohibiting arrangements likely to lessen competition — Government pleading subsequent unenforceability of agreement and refusing to pay price adjustments under purchase rights — Whether agreement rendered unenforceable by legislation — Whether government entitled to take advantage of its own actions to render agreement unenforceable

Jurisdiction — icsid Convention — Bank guarantee for benefit of joint venture company — Loss of investment — Whether tribunal empowered to interpret scope of ongoing liability

Damages — For destruction of property — Measure of damages — Valuation of equity — Methods of assessment — Test of reasonable price which a willing investor would offer — Going concern value — Short operating history — Lack of goodwill — No reasonable anticipation of future profits

Interest — Requirement of reasonable rate of interest — Date from which interest payable

Treaties — Bilateral investment treaty — Interpretation — Renvoi technique — Most Favoured Nation/National Treatment clause — Whether rule of customary international law to pay compensation for breach of due diligence obligation incorporated into treaty

State responsibility — For destruction of property — Insurgents — Counter insurgency action by government forces — Lack of conclusive l’vidence as to party causing damage — Bilateral investment treaty — Obligation to provide “full protection and security” for foreign investment — Whether imposing standard of strict liability — Conduct of armed forces during civil disturbances — Specific treaty provision of due diligence — Whether excluding further application of due diligence — Whether excluding further application of due diligence under other provisions of treaty — Whether State has a duty to attempt peaceful removal of suspected insurgents from alien property prior to military operations

Treaties — Interpretation — icsid Convention, Article 42(1) — United Kingdom/Sri Lanka Agreement for the Promotion and Protection of Investments, 1980, Article 8(1)– Submission of dispute under treaty to icsid arbitration — Scope of obligations under treaty — applicable law in the absence of prior agreement — Whether agreement as to applicable law can be inferred from conduct of parties

Treaties — Interpretation — Principles of interpretation — Vienna Convention on the Law of Treaties, 1969, Article 31 — Natural and fair meaning Objectives and spirit — Travaux preparatoires — Principle of effectiveness Whether maxim generalia specialibus non derogant applicable — United Kingdom/Sri Lanka agreement for the Promotion and Protection of Investments, 1980

Treaties — Interpretation — United Kingdom/Sri Lanka Agreement for the Promotion and Protection of Investments, 1980 — Insurgent — “combat action” — Definition — Whether counter insurgency operation constitutes “combat action”

Jurisdiction — Of arbitration tribunal — Request for arbitration — Lease agreement providing for icsid arbitration — Subsequent legistlation revoking lease agreement and providing for submission to local procedures Claimant invoking local procedures after filing request for icsid arbitration — Whether icsid jurisdiction waived

Nationality — Of company — Company incorporated under law of Contracting State party to the dispute — Lease agreement between State and Company containing icsid arbitration clause — icsid Convention Article 25 Rebuttable presumption that parties intended to treat company as national of another Contracting State for the purposes of icsid jurisdiction Relevance of level of share ownership or involvement in company’s operations — Whether presumption rebutted

Parties — To icsid proceedings — Company incorporated under law of Contracting State party to the dispute — Majority of shares held by nationals of Contracting State party to the dispute — Whether company “national of another Contracting State” — Meaning of “foreign control” — Whether implying particular level of share ownership or involvement Convention Article 25(2)(b) icsid