Carlos Danger
Top 20
An announcement should be made at least in regards to who initiated the suspension. What's material is whether it was done under agreement by the parties, request by either of the parties or by the initiative of the ICSID.Im having a guess here but perhaps DRC asked AVZ to suspend the ICSID as they are now willing to negotiate.
We've absolutely roasted Nigel before ( ill put my hand up and say me included ) for saying things will happen and then they dont. So if he announced now that there are negotiations underway and nothing comes of it then he'll be roasted again. He already has former share holders trying to sue him, im sure he doesnt want to give these bastards any more ammo.
Its a damned if you do damned if you don't scenario
My bet is the DRC have failed to pay their share of the required advances outlined in Administrative and Financial Regulations 14 & 15 and an amount (most likely the full amount lol) is still owed 15 days after they received notice under Administrative and Financial Regulation 16(2)(a) so the proceedings have been suspended by the ICSID under 16(2)(b)
Suspension, Settlement, and Discontinuance - ICSID Convention Arbitration (2022 Rules) | ICSID
The proceeding may be suspended or discontinued by agreement of the parties or upon the request of a party (Arbitration Rules 54-56).
Discontinuance for Lack of Payment of Required Advances (ICSID Administrative and Financial Regulation 16)
Except in annulment proceedings, both parties are responsible for paying the advances to meet the costs of the proceeding unless the parties agree otherwise (Administrative and Financial Regulation 15(1)). Failure to do so may lead to the discontinuance of the proceeding.
If the amounts requested are not paid in full within 30 days of a request, the Secretary-General informs both parties of the default and gives either of them an opportunity to make the outstanding payment (Administrative and Financial Regulation 16(2)(a)).
If any part of the required payment remains outstanding 15 days after notice of default is given, the Secretary-General may suspend the proceeding until payment is made, after giving notice to the parties and the Tribunal (Administrative and Financial Regulation 16(2)(b)).
If any proceeding is stayed for non-payment for more than 90 consecutive days, the Secretary-General may discontinue the proceeding, after giving notice to the parties and the Tribunal (Administrative and Financial Regulation 16(2)(b)).