In ICSID Annulment Proceeding (Edmond Khudyan v. Republic of Armenia) the Members of the ad hoc Committee unanimously decided as follows:
a. The ground for annulment under Article 52(1)(b) of the ICSID Convention has been made out;
b. The Committee concludes that the Tribunal manifestly exceeded its powers and upholds Mr. Khudyan’s application for annulment of parts of the Award under Article 52(1)(b) of the ICSID Convention;
c. Paragraphs mentioned insofar as it concern the Applicant and of the Award are hereby annulled;
d. The funds held in escrow in accordance with the Committee’s decision on the Applicant’s Stay Request, together with all interest incurred thereon, are to be paid to Mr. Khudyan; and
e. The Republic of Armenia shall pay to the Applicant the sums determined by the ad hoc Committee’s Decision on Annulment.
Members of the ad hoc Committee:
Sir Christopher Greenwood, GBE, CMG, KC, President
Ms Tina Cicchetti, Member
Dr Ucheora Onwuamaegbu, Member
Representing Mr. Edmond Khudyan:
Hughes Hubbard & Reed LLP
Washington, D.C. 🇺🇸
Redbridge LLC
Yerevan 🇦🇲