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29 J. Int'l Arb. 691 (2012)
Stay of Enforcement Decisions in ICSID Annulment Proceedings: Taking Stock

handle is hein.kluwer/jia0029 and id is 703 raw text is: Stay of Enforcement Decisions in ICSID
Annulment Proceedings: Taking Stock
Sven-Michael VOLKMER*
Article 52(5) of the ICSID Convention allows an applicant for annulment of an ICSID award
to request that enforcement of the award be stayed while the annulment decision is pending.
Although ICSID ad hoc committees have always granted such requests, they have disagreed as
to whether a continued stay of enforcement should be conditional. One of the key concerns
shared by these committees appears to be that continuation or termination of the stay should not
undermine the annulment application's practical outcome.
1 INTRODUCTION
Under Article 52(5) of the Convention on the Settlement of Investment Disputes
('LCSID Convention'), a party applying for the annulment of an ICSID award may
request a stay of enforcement of that award for the duration of the annulment
proceedings. Over a period of nearly three decades, ad hoc committees have
rendered a total of twenty-two decisions on stays of enforcement, more than half
of which have been handed down in the past five years alone.' The unanimous
practice of these ad hoc commnittees has been to grant applications for a stay of
enforcement, but the decisions are split on whether a stay should be subject to
conditions: in nine cases the application for stay was granted unconditionally;2 in
Associate,White & Case LLP (Paris).The views expressed in this article are strictly those of the author
and should not in any way be attributed to White & Case LLP
This figure is based on information available on the ICSID website and a review of ICSID stay of
enforcement decision, and includes all decisions published before June 30, 2012.
2   Maritime International Nominees Establishment (MINE) v Government of Guinea, ICSID Case No.
ARB/84/4, Interim Order No. 1 on Guinea's Application for Stay of Enforcement of the Award,Aug.
12, 1988 (hereinafter 'MINE v. Guinea'); Mitchell v. Democratic Republic of Congo, ICSID Case No.
ARB/99/7, Decision on Stay of Enforcement of the Award, Nov. 30, 2004 (hereinafter 'Mitchell v.
DRC'); MTD Equity Sdn. Bhd. & MTD Chile S.A v. Republic of Chile, ICSID Case No. ARB/01/7,
Decision on the Respondent's Request for a Continued Stay of Execution, June 1, 2005 (hereinafter
'MTD v. Chile'); Azurix Corp. v. Argentine Republic, ICSID Case No. ARB/01/12, Decision on the
Continued Stay of Enforcement of the Award, Dec. 28, 2007 (hereinafter 'Azurix v Argentina'); Enron
Corp. & Ponderosa Assets, L.P v. Argentine Republic, ICSID Case No. ARB/01/3, Decision on the
Argentine Republic's Request for a Continued Stay of Enforcement of the Award, Oct 7, 2008
(hereinafter 'Enron v. Argentina'); Continental Casualty Co. v Argentine Republic, ICSID Case No.
ARB/03/9, Decision on Argentina's Application for a Stay of Enforcement of the Award, Oct. 23,
2009; Victor Pey Casado & Fondation 'Presidente Allende' v. Republic of Chile, ICSID Case No. ARB/98/2,
Volkmer, Sven-Michael. 'Stay of Enforcement Decisions in ICSID Annulment Proceedings: Taking Stock'.
Journal of International Arbitration 29, no.6 (2012): 691-714.
© 2012 Kluwer Law International BV, The Netherlands

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