The Republic of Korea v Dayyani & Ors

The SPA and Contract Deposit constituted 'investments' under the BIT, and the Dayyanis, as controlling shareholders of D&A, had standing as 'investors' to claim for those investments. The acts of KAMCO and the Sellers were capable of attribution to the Republic of Korea for the purposes of the BIT. The arbitral tribunal had substantive jurisdiction, and the Republic's section 67 application to set aside the award was dismissed.

Parties: Claimant/respondent in Arbitration: The Republic of Korea; Defendant/claimant in Arbitration: Mohammad Reza Dayyani; Defendant/claimant in Arbitration: Abbas Dayyani; Defendant/claimant in Arbitration: Mohammad Hossein Dayyani; Defendant/claimant in Arbitration: Ali Dayyani; Defendant/claimant in Arbitration: Fetemeh Dayyani; Defendant/claimant in Arbitration: Kosar Dayyani
Jurisdiction: England and Wales
Judgment Date: 20 December 2019
Procedural Posture: Arbitration Challenge (section 67 Arbitration Act 1996) / Judgment on Application to Set Aside Arbitral Award for Lack of Substantive Jurisdiction
Outcome: Application dismissed
Legal Topics: Jurisdiction of Arbitral Tribunal, Bilateral Investment Treaty Interpretation, Standing of Indirect Investors, Attribution of Acts to State, Definition of Investment, Shareholder Claims Under BIT

Arbitration International Investment Law Jurisdiction of Arbitral Tribunal Bilateral Investment Treaty Interpretation Standing of Indirect Investors Attribution of Acts to State Definition of Investment Shareholder Claims Under BIT

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