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2001
AIG v. Kazakhstan AIG Capital Partners, Inc. and CJSC Tema Real Estate Company v. Republic of Kazakhstan (ICSID Case No. ARB/01/6)
Nationality of the parties
Kazakhstan
United States of America
Summary of matters at issue
Ownership and/or direct control of an investment vehicle company, a financing company and a joint venture established to invest in certain real estate project.
Claims arising out of the cancellation of a project for the development of a residential housing complex, and the subsequent transfer of the project's property to the City of Almaty without compensation, on the basis that the land concerned was required for a national arboretum.
Economic sector and subsector
Tertiary: L - Real estate activities
68 - Real estate activities
Arbitral rules and administering institution
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Composition of tribunal
Nariman, F. S.
Bernardini, P.
Vukmir, B.
Status/Outcome of original proceedings
Decided in favour of investor
Amount of compensation
13.50 mln USD
6.00 mln USD
IIA breaches alleged/found
Indirect expropriation

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

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
Indirect expropriation
Follow-on proceedings
None
Link to Italaw's case page