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NEWS

March 16, 2016
Curtis Wins Dismissal of $570 Million Claim Against Turkmenistan

 

Curtis successfully represented Turkmenistan in an ICSID arbitration (Içkale Insaat Limited Sirketi v. Turkmenistan, ICSID Case No. ARB/10/24), in which the Tribunal dismissed a $570 million claim against Turkmenistan by a Turkish construction company.  In the Award, issued on March 8, 2016, the Tribunal ruled that the claims were “entirely without merit” and ordered the company to pay a portion of the State’s legal fees and costs.  The Award has received press coverage in Global Arbitration Review, Law360  and Investment Law Reporter.

The dispute involved 13 construction projects for a variety of works in Turkmenistan, including schools, hotels, residential buildings, and a man-made canal for a resort area on the Caspian Sea.  Ickale claimed that Turkmenistan  violated the Turkey-Turkmenistan bilateral investment treaty by, inter alia, terminating certain contracts and enforcing delay penalties against its assets, allegedly constituting expropriation and violation of fair and equitable treatment. 

The Curtis team of lawyers representing Turkmenistan was led by partners Miriam Harwood, Ali Gürsel and Kate Brown de Vejar, with counsel Ruslan Galkanov and associate Bahar Charyyeva (Ashgabat); associates Zeynep Gunday, Svetlana Evliya and Maria Ongoren (Istanbul) and associates Simon Batifort and Ben Heath (New York).

Curtis has represented Turkmenistan in eight arbitrations since 2009, involving an aggregate amount of claims exceeding $2 billion.  This is Curtis’ fourth arbitration victory on behalf of Turkmenistan, with two cases still pending and one settled. 

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