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Azurix Corp. v. Argentine Republic (ICSID Case No. Arb0112), Annulment Proceeding, Decision of the Ad Hoc Committee, Sept. 1, 2009

• King & Spalding LLP
• -
• Argentina, USA
• -
• November 17 2010

Azurix v. Argentina involved a U.S. company’s successful bid for privatization of an Argentinean company, owned and operated by the Province of Buenos Aires, which was in charge of providing potable water and sewage services in the Province. In 1999, Azurix, through its Argentinean subsidiary, ABA, paid the Province a Canon payment of approximately US$438.5 million, in exchange for a 30-year concession. Over the next several years, Azurix made additional capital contributions to ABA of almost US$113 million