Parties’ Representations and Dispute Overview

Notes

Despite these losses, all that the Claimant sought was the continuation of the PSA. Accordingly, in the FAI arbitration, the Claimant requested that the tribunal declare that the PSA had not been validly terminated and order the specific performance of the PSA. 24. On 30 September 2025, the arbitral tribunal in FAI arbitration rendered an award165 concluding that the PSA had been validly terminated under the Equatorianian Civil 8 Exhibit C-7, Excerpt from the Press Report of June 2024 on Bondholder’s response to the termination of PSA. 11 Code (“FAI award”).9 However, the arbitral tribunal declined to find any fundamental breach of the PSA on the part of the Claimant. 25. While the Claimant had earlier pursued a commercial arbitration against ERenPow limited to contractual issues, the present ICSID arbitration arises from the Respondent’s170 violations of its treaty obligations. IV. THE RESPONDENT VIOLATED APPLICABLE FAIR AND EQUITABLE TREATMENT OBLIGATIONS IN RESPECT OF CLAIMANT’S INVESTMENT a. The PSA was terminated in violation of the procedure prescribed by175 Article 2 of the Equatoriana-Danubia Agreement 26. The Respondent treated the investment of the Claimant unfairly and i...