Funding wanted for ICSID case

4 Rivers is acting as funding advisor for an ISDS case which revolves around the unlawful expropriation of shares in a large European oil & gas distributor Petrol AD and the impairment of the value therein. The claimants argue that the State's authorities' actions (among other things) constituted multiple violations of international law and caused direct uncompensated expropriation in breach of the Energy Charter Treaty (ECT), entitling them to compensation. The case is currently pending before an ICSID tribunal.

Under a conservative estimate, damages for the expropriation are several hundred million US dollars. Additional damages, which could not be quantified in the first stage because Respondent suppressed evidence (that was required to be conserved under a Tribunal order), will potentially enhance the damages by several hundred million US dollars. 

The case is well advanced, and the legal team has now been restructured to cater efficiently for the work required through to hearing and enforcement (if required). 

$150k non-recourse finance is specifically required before the end of July to pay the required advance on costs to ICSID to prevent discontinuance of the arbitration proceedings. This allows time to secure the core third-party funding required while keeping the arbitration alive and maintaining the current hearing schedule. A very attractive return can be offered for investors who can work within the required timeframe.

Please contact Peter Petyt for more details: [email protected].