The World Bank’s International Center for Settlement of Investment Disputes has formed an ad hoc committee to rule on an appeal that was made by Orascom TMT Investment concerning arbitration against Algeria.
This will only be a limited post-sentence appeal and will not be linked to the Cirdi decision made last June.
The World Bank’s arbitration center refused to act on the request made by the Egyptian real estate tycoon, Nadjib Sawiris who was demanding $5 billion in damages and interests from the Algerian state. The reason for the dismissal of the request was that the court found his claims to be inadmissable. He was required to pay back the Algerian state for the costs that had been spent during the dispute.
The center has not given the reason that it is allowing the appeal by Orascom TMT Investment, and the outcome of the appeal has yet to be seen.
