Originally from: Annulment of ICSID Awards

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ICSID arbitration pursuant to the Washington Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the Convention) stands alone in the world of international arbitration by retaining its autonomy and independence from the application of national arbitration laws or interference from national courts.  As a result, the ICSID Convention and its related instruments provide a specific and comprehensive procedural regime for the conduct of ICSID arbitrations.  One of the most notable features of this regime is its internal mechanism for the review of arbitral awards pursuant to Article 52 of the Convention, which provides limited grounds for the annulment of arbitral awards.

In 2002, after a gap of ten years, two ICSID annulment decisions were rendered in the cases of Wena Hotels Limited v. Arab Republic of Egypt (Wena)  and Compañía de Aguas del Aconquija and Vivendi Universal v. Argentine Republic (Vivendi).