The ICSID ad hoc Committee’s Decision on Annulment dated 21 July 2023
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.
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 🇦🇲