International Arbitration Law
For the first time in the history of ICSID arbitration, an initial application for the annulment of an award has been rejected outright.[1]� On Feb. 5, 2002, an ad hoc committee established under the auspices of the International Centre for Settlement of Investment Disputes (ICSID), rendered its decision in the annulment proceedings initiated in the case of Wena Hotels Ltd. v. Arab Republic of Egypt. The three members of the ad hoc committee rejected Egypt’s challenge of the arbitral award that had been rendered in favor of Wena on Dec. 18, 2000 and which had awarded Wena more than $20 million in damages. The ad hoc committee’s decision paves the way for a new era in ICSID arbitration.
