2005
Siag v. Egypt Waguih Elie George Siag and Clorinda Vecchi v. Arab Republic of Egypt (ICSID Case No. ARB/05/15)
Egypt
Italy
Majority shareholding in two local companies that acquired a parcel of oceanfront land for the development of a tourist resort on the Gulf of Aqaba on the Red Sea.
Claims arising out of a series of acts and omissions by the respondent that allegedly expropriated claimants' property of oceanfront land, including the issuance of a ministerial resolution cancelling the project's contract and the physical seizure of the property on two occasions.
Tertiary: L - Real estate activities
68 - Real estate activities
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Williams, D. A. R.
Pryles, M. C.
Orrego Vicuña, F.
Decided in favour of investor
230.00 mln USD
74.55 mln USD
Direct expropriation

Full protection and security, or similar

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Most-favoured nation treatment

Arbitrary, unreasonable and/or discriminatory measures
Direct expropriation

Full protection and security, or similar

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Arbitrary, unreasonable and/or discriminatory measures
ICSID annulment proceedings
Judicial review by national courts
ICSID annulment proceedings
Discontinued
Order taking note of the discontinuance of the proceeding issued by the ad hoc Committee dated 26 July 2010, pursuant ICSID Arbitration Rule 45
Schwebel, S. M. (President)

Kettani, A. (Member)

Tomka, P. (Member)
Judicial review by national courts
Award/decision upheld
Decision of the Southern District of New York Court, 2009 WL 1834562