Court decision invalidating yukos capital
The guidelines, which were approved in late 2010, cover the basic elements of arbitration clauses, the optional elements and complex clauses, including multi-tier, multi-party or multi-contract provisions. Carlson, (London) Sabine Konrad (Frankfurt) In each edition of Arbitration World, members of K&L Gates’ Investment Treaty practice provide updates concerning recent, significant investment treaty arbitration news items. The decision, published in January, arose out of a claim brought by Ros Invest Co UK (“Ros Invest”), a subsidiary of the distressed asset investor Elliot Group, against Russia under the UK-Russia Investment and Protection Agreement (“IPPA”).The guidelines were originally drafted in English, but the IBA has now made available French, Greek, Italian and Russian versions. This edition features a discussion of damage awards against the Russian Federation and Tajikistan; two awards rejecting claims under the UK-Egypt bilateral investment treaty (“BIT”) and NAFTA; a report on Australia's decision to avoid providing for investor-state arbitration in future treaties; and an update on the request for clarification of a jurisdictional award by the Government of Jordan. At issue was Ros Invest’s US million speculative investment in shares of Yukos in late 2004, protected by an asset protection agreement that allocated the risk to Elliot Group’s parent.Where the seat is in India, then the obligation to file returns and pay tax will lie on the arbitral tribunal.Where the seat is outside India, and none of the arbitrators are based in India, the obligation to file returns and pay the tax will lie on the Indian business entity receiving the services. This special edition focuses on issues and recent developments in the insurance coverage field. Konrad, Ian Fraser, Laura Atherton, Frank Thompson, Janice Harte-Lovelace , a publication from K&L Gates' Arbitration Group.India is not the first country to charge VAT on arbitration services, but certain commentators are concerned that the new tax will make Indian arbitration and arbitrating with Indian parties more expensive and less desirable.It is reported that the Thai government has recently introduced a requirement for arbitrators and counsel to obtain a work permit to conduct hearings in Thailand.
In , the arbitration clause in AT&T’s consumer contracts for mobile phone services prohibited class actions.
The new Ordinance (reported on in the last edition of Arbitration World) is expected to improve the framework for arbitration in Hong Kong and to make it a more attractive venue for parties. The tax is likely to come into force in May or June 2011.