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- Headnote
- Decision [eng]
- Table of Abbreviations
- I Introduction and Parties
- II Procedural History
- A Registration of the Request for Arbitration
- B Constitution of the Tribunal
- C Written and Oral Phases of the Proceeding
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- D General overview of the Claim and Counterclaim
- III Preliminary Issues Related to the Identity of Claimants
- IV Issues of Admissibility and Standing not Addressed in the Decision on Jurisdiction
- A King & Spalding’s Power of Attorney to appear in this dispute
- B Claimants’ Alleged Lack of Standing
- C Other Issues of Admissibility
- D Claimants’ Investment in the Airlines, 2001 – 2008
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- 1 Claimants’ Investment in the Airlines
- History of the Airlines, the 2001 Auction of Interinvest and the Share Purchase Agreement
- Air Comet’s Performance under the Share Purchase Agreement
- 2 Subsequent Investments made by Claimants
- E Court Proceedings Involving the Marsans Group
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- 1 Spanish Legal Proceedings
- Proceedings before Central Court for Investigative Proceedings No. 6
- Proceedings before Central Court in Charge of Preliminary Investigations No. 1 of Madrid
- Investigation before the Audiencia Nacional Española for “Possible Procedural Fraud”
- Proceedings before the Court in Charge of Preliminary Investigations No. 8
- Proceedings before the Court in Charge of Preliminary Investigations No. 35 of Madrid
- Investigation before the Central Court in Charge of Preliminary Investigations No. 6 — “Operación Crucero”
- Insolvency Proceedings of Viajes Marsans S.A. and related companies before Commercial Court No. 12
- Insolvency Proceedings of Transportes de Cercanías S.A.
- Insolvency proceedings of Seguros Mercurio, S.A.
- 2 Argentine Legal Proceedings
- Mata Ramayo y otros s/ Defraudación por Administración Fraudulenta — Criminal and Correctional Court No. 27
- Marsans Group, Aerolíneas Argentinas y otros s/ Defraudación por Administración Fraudulenta — Criminal and Correctional Court No. 3
- Criminal Case Concerning Document Forgery before Criminal Court No. 27
- 3 Tribunal’s Analysis: Relevance of these Domestic Court Proceedings to the Present Arbitration
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- Spanish Legal Proceedings
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- Proceeding before Central Court for Investigative Proceedings No. 6
- Proceedings before Central Court in Charge of Preliminary Investigations No. 1 of Madrid
- Investigations before the Audiencia Nacional Española and the Court in Charge of Preliminary Investigations No. 8 of Madrid
- Proceeding before the Court in Charge of Preliminary Investigations No. 35 of Madrid
- Investigation before the Central Court in Charge of Preliminary Investigations No. 6 of Madrid — “Operación Crucero”
- Insolvency Proceedings of Viajes Marsans, S.A. and Related Companies before Commercial Court No. 12
- Argentine Legal Proceedings
- V Factual Background
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- The Regulatory Framework
- VI Applicable Law
- VII The Claims and Counterclaims — Overview
- VIII Alleged Breaches of Fair and Equitable Treatment
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- A Positions of the Parties on the Content and Scope of the FET Obligation
- B The “Airfare Squeeze”
- C Did the airfares set between 2001 and 2008 comply with the TER standard?
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- 1 Were airfares sufficient to permit the Airlines to cover their costs and earn a reasonable margin?
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- Claimants’ requests for airfare increases and Argentina’s responses
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- 2002: Declaration of State of Emergency for Commercial Air Transport
- 2004: Claimants’ requests denied
- 2005–2006: Strikes, Government pressure, the June 2006 Agreement and a fare increase
- 2007–2008: Additional collective and individual requests for fare increases
- Fare increases subsequent to re-nationalization
- Other promised relief measures
- 2 Claimants’ Management of the Airlines
- 3 Does the failure to set airfares in accordance with the TER standard amount to a breach of FET under the Treaty?
- D Other Acts of Alleged “Re-Argentinization” and Undue Pressure Exerted by the Government of Argentina
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- 1 The Role of Undersecretary of Air Transportation Ricardo Cirielli
- 2 Unions
- 3 Financial statements
- 4 The June 2006 Agreement
- 5 Respondent’s pressure on Claimants to sell the Airlines
- 6 Assumption of Obligations under the Airbus Purchase Orders
- E Conclusion on the alleged breaches of the FET standard
- IX MFN: Full Protection and Security/Umbrella Clause
- X Unjustified and Discriminatory Measures
- XI Alleged Breaches — Creeping Expropriation
- XII Alleged Breaches of Unlawful Expropriation
- XIII The Defence of Necessity
- XIV Respondent’s Counterclaim
- XV Damages
- XVI Costs of the Proceeding
- XVII Decision of the Tribunal
- Dissenting Opinion of Kamal Hossain
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- Identity of Claimants
- Marsans Group
- What is the Investment? Who Made the Investments, When and How?
- IV Issue of Admissibility and Standing Not Addressed in the Decision on Jurisdiction
- Alleged Breaches of the Fair and Equitable Treatment Provision
- Appendix I Decision on Jurisdiction
- Table of Abbreviations
- I Facts Relevant to Jurisdiction
- II Procedural Matters
- III Position of the Parties on Jurisdiction
- IV Analysis
- a First Jurisdictional Objection: Claimants’ Fulfillment of the Procedural Requirements of Article X of the Treaty
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- i Compliance with the Requirements of Article X
- ii The Application of the Most-Favored Nation Clause (Article IV(2)) to Dispute Settlement Provisions
- c Second Jurisdictional Objection: Claimants’ Standing
- d Third Jurisdictional Objection: Issues of State Attribution
- e Fourth Jurisdictional Objection: The Legality of Claimants’ Investment
- a First Jurisdictional Objection: Claimants’ Fulfillment of the Procedural Requirements of Article X of the Treaty
- V Costs
- VI Decision on Jurisdiction
- Separate Opinion Of Dr. Kamal Hossain
- Introduction
- I Facts Relevant to Jurisdiction
- II Procedural Matters
- III Position of the Parties on Jurisdiction
- IV Jurisdictional Objections
- a First Jurisdictional Objection: Claimants’ fulfillment of the procedural requirements of Article X of the Treaty
- b Second Jurisdictional Objection: Claimants’ Standing
- c Third Jurisdictional Objection: Issues of State Attribution
- d Fourth Jurisdictional Objection: The Legality of Claimants’ Investment
- V Costs
- VI Decision on Jurisdiction
- Introduction
- Decision PDF [eng]
Reporter(s)
Liat Tapia, Manuel Valderrama, Fabian Zetina
- [44.200.171.156]
- 44.200.171.156
