ICSID-annulment proceeding-improperly constituted tribunal-serious departure from fundamental rule of procedure-arbitrator independence

After thirteen years, the claim of Compania de Aguas del Aconquija S.A. and Vivendi Universal S.A. (claimants) against the Argentine Republic under the France-Argentina bilateral investment treaty appears to have been put to rest. On August 10, 2010, an ad hoc committee of the International Centre for Settlement of Investment Disputes (ICSID), constituted under Article 52 of the ICSID Convention, issued a unanimous decision rejecting Argentina’s request that the second award rendered in the case be annulled. That award in the claimants’ favor now stands.