Award - italaw

Aug 20, 2007 - CAA's Operation of the Services After Termination – the alleged “ ...... 17, at ¶47 reprinted in Manley O. Hudson, I World Court Reports 677-78.
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Date of dispatch to the parties: 20 August 2007

INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES Washington, D.C.

In the Arbitration between

COMPAÑÍA DE AGUAS DEL ACONQUIJA S.A. and VIVENDI UNIVERSAL S.A. Claimants v. ARGENTINE REPUBLIC Respondent Case No. ARB/97/3

AWARD

The Tribunal Professor Gabrielle Kaufmann-Kohler Professor Carlos Bernal Verea J. William Rowley QC (President) Secretary of the Tribunal Dr. Claudia Frutos-Peterson Assistant to the Tribunal Ms. Lisa Parliament

TABLE OF CONTENTS

1.

2.

3.

4.

INTRODUCTION AND SUMMARY ...................................................................................11 1.1.

Overview........................................................................................................................11

1.2.

The Parties ....................................................................................................................14

1.3.

The Parties’ Representatives.......................................................................................15

1.4.

The Arbitral Tribunal and Secretaries ......................................................................17

PROCEDURAL HISTORY....................................................................................................18 2.1.

Original Award.............................................................................................................18

2.2.

Annulment Decision .....................................................................................................20

2.3.

The Resubmitted Dispute ............................................................................................22

2.4.

Pleadings and Agreed Procedural Timetable for the Resubmitted Dispute ...........22

2.5.

Argentina’s Objections to the Jurisdiction of the Tribunal .....................................23

2.6.

Decision on Jurisdiction ...............................................................................................25

2.7.

Hearing on the Merits and Evidentiary Matters.......................................................27

OVERVIEW OF THE DISPUTE ...........................................................................................34 3.1.

Tribunal’s Approach....................................................................................................34

3.2.

Overview of Claimants’ Case ......................................................................................34

3.3.

Overview of Respondent’s Defences ...........................................................................36

FACTS ....................................................................................................................................38 4.2.

Privatisation of Water and Sewage Services in Tucumán........................................39

4.3.

CAA’s Initial Bid, Improved Bid, and Bid Approval ...............................................43

4.4.

Execution of the Concession Agreement and Delays in Takeover...........................48

4.5.

Key Provisions of the Concession Agreement............................................................52 2

5.

4.6.

Provincial Authorities of Tucumán ............................................................................55

4.7.

System Condition on Takeover ...................................................................................61

4.8.

Politics of Privatisation Change ...........