INTRODUCTION

1. This award is handed down in the arbitral proceedings initiated by Renée Rose Levy de Levi (hereinafter the Claimant) against the Republic of Peru (hereinafter the Respondent or Peru) concerning the alleged violation of the Agreement concluded on October 6, 1993 between the Republic of Peru and the Republic of France on the Promotion and Protection of Investments, which entered into force on May 30, 1996 (APPRI).

2. Generally speaking, the dispute arose because, according to the Claimant, Peru arbitrarily and illegally subjected Banco Nuevo Mundo (BNM), the shareholders of which were initially the father of the Claimant, Mr. David Levy Pesso, and then the Claimant herself, to a process of intervention, followed by its dissolution and liquidation. The Claimant contends that, by these actions, Peru violated several principles of the APPRI and the rights granted to her by that Bilateral Investment Treaty.

3. In drafting this Award, the Arbitral Tribunal took into account, analyzed, and carefully evaluated all the arguments of the parties, including their claims and defenses, as well as the documents, witness statements, expert reports and any further evidence produced by them. In formulating their allegations, the parties introduced and cited a number of awards and decisions on issues relevant to the decision on jurisdiction and to the merits of this case. The Tribunal considers it important to note that it is required to settle the dispute initiated by the Claimant by means of an independent analysis of the APPRI, of the ICSID Convention, of the ICSID Arbitration Rules, and of the particular circumstances of this case, which do not preclude the Tribunal from taking into consideration the conclusions reached by other international Arbitral Tribunals.