CEU Electronic Theses and Dissertations, 2010
| Author | Kubicova, Katarina |
|---|---|
| Title | Post-Award Remedies of the ICSID Mechanism |
| Summary | Globalization calls for investments and investments have always been surrounded by problems that need to be solved neutrally and impartially. The International Centre for Settlement of Investment Disputes (ICSID) functioning under the auspices of the World Bank has been providing investment arbitration for private-investor – Contracting states parties since 1966. Because the ICSID Convention explicitly excludes any judicial recourse, the ICSIDīs most unique feature is its system of post-remedies including a possibility of annulment proceedings. While the ICSID Convention favors finality of the awards, the annulment being a limited exception to the principle of finality have raised a lot of questions whether finality or correctness of awards should take precedence in investment arbitration. This battle was expressed in particular in the reasoning of the ad hoc Committees during the very first annulment proceedings, when the ad hoc Committee members inclined to annul the awards while examining the merits. These acts raised a lot of criticism since these the ad hoc Committees had started to act like appeal courts, whereas the ICSID Convention explicitly excludes any form of appeal. Hence, the battle of finality and correctness of awards has become the issue, as well as the future prospectives of annulment proceedings. Even if after these mistakes the ad hoc committees have learnt their lesson, it is undisputable that ICSID has been aware of these signals and calls for justice and has been trying to discuss and adopt necessary measures to balance the fairness and finality of the awards. However, the way to an official ICSID appelate body is difficult since adopting such a facility could undermine the whole ICSID system. |
| Supervisor | Tibor Várady |
| Department | Legal Studies LLM |
| Full text | https://www.etd.ceu.edu/2010/kubicova_katarina.pdf |
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