Operafund Eco-Invest Sicav PLC & Anor v Kingdom of Spain

Operafund Eco-Invest Sicav PLC & Anor v Kingdom of Spain

The court cannot resolve Spain's application to set aside the Registration Order on jurisdictional grounds until the Court of Appeal decides the same issues in the related Infrastructure Services case. There was no breach of the duty of full and frank disclosure by the claimants in the material lodged with the court. The Registration Order remains in place, with a minor variation, pending the outcome of the appeal.

Parties
Claimant: Operafund Eco-Invest SICAV PLC; Claimant: Schwab Holding AG; Defendant: Kingdom of Spain
Jurisdiction
England and Wales
Judgment Date
11 October 2024
Procedural Posture
Arbitration Award Enforcement / Challenge / Interlocutory Judgment on Applications to Set Aside/vary Registration Order
Outcome
Spain's application to set aside the Registration Order is adjourned pending the outcome of the related Court of Appeal appeal; the Registration Order remains in force with a minor variation.
Legal Topics
ICSID Convention, Energy Charter Treaty (ect), State Immunity Act 1978, Arbitration (international Investment Disputes) Act 1966, Non Disclosure in Ex Parte Applications
Arbitration International Law State Immunity ICSID Convention Energy Charter Treaty (ect) State Immunity Act 1978 Arbitration (international Investment Disputes) Act 1966 Non Disclosure in Ex Parte Applications

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 4 Authorities cited 11 Party arguments 2 Amounts and remedies 2
Sign in to unlock

Parties

Operafund Eco-Invest SICAV PLC

Claimant

Schwab Holding AG

Claimant

Kingdom of Spain

Defendant

Procedural Posture

Arbitration Award Enforcement / Challenge / Interlocutory Judgment on Applications to Set Aside/vary Registration Order

Legal Issues

  1. 1 Whether the court has jurisdiction to register and enforce an ICSID award against Spain in light of state immunity and intra-EU objections
  2. 2 Whether the claimants breached the duty of full and frank disclosure in the ex parte application for registration
  3. 3 Whether Schwab can enforce the award independently if Operafund is barred by state immunity (Unitary Award Issue)

Ratio Decidendi

The court cannot resolve Spain's application to set aside the Registration Order on jurisdictional grounds until the Court of Appeal decides the same issues in the related Infrastructure Services case. There was no breach of the duty of full and frank disclosure by the claimants in the material lodged with the court. The Registration Order remains in place, with a minor variation, pending the outcome of the appeal.

Court Disposition

Spain's application to set aside the Registration Order is adjourned pending the outcome of the related Court of Appeal appeal; the Registration Order remains in force with a minor variation.

Orders

  • Spain's application to set aside the Registration Order is adjourned until after the Court of Appeal judgment in Infrastructure Services.
  • Claimants to apply to Commercial Court Listing within 21 days of the appeal judgment for further directions.