According to Global Arbitration Review (GAR) today, Spain's Telefónica won US$380 million in damages plus interest in an ICSID claim against Colombia over the reversion of assets relating to its telecoms concession.
The back story to this arbitration is:
• In 2018, Telefónica filed an ICSID claim against Colombia over 2017 government measures that required the company to make payments, which Telefónica argued violated a Spain-Colombia investment protection agreement.
• The dispute centered on the unfair reversion of assets in a telecoms concession where Telefónica had invested significantly over decades.
• In October 2024, the ICSID tribunal ruled in favor of Telefónica, awarding the company $380 million plus interest, marking the largest investment arbitration award against Colombia to date.
This arbitration took a total of six years, which indicates that ICSID arbitrations need not take decades.
Spain's Telefónica says it has won US$380 million in damages in an ICSID claim against Colombia over the reversion of assets relating to a telecoms concession.
globalarbitrationreview.com
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