ICSID Arbitration Tribunal confirms it does not have jurisdiction in case brought by Lighthouse against Timor-Leste : arbitration declared closed
Dili, 28 December 2017
ICSID Arbitration Tribunal confirms it does not have jurisdiction in case brought by Lighthouse against Timor-Leste : arbitration declared closed
On 22 December 2017, an arbitral tribunal constituted under the auspices of the International Centre for Settlement of Investment Disputes (ICSID) handed down its decision on jurisdiction in favour of the Democratic Republic of Timor-Leste (Timor-Leste). The arbitration concerned claims made against Timor-Leste by an Australian company, Lighthouse Corporation Pty Ltd, and a Seychellois company, Lighthouse Corporation Ltd IBC (together Lighthouse). Timor-Leste at all times maintained that ICSID did not have jurisdiction to hear and decide the dispute. The arbitral tribunal (Tribunal) has found that (i) it lacks jurisdiction over the present dispute; (ii) Lighthouse shall bear the entirety of the costs of the arbitration; (iii) Lighthouse shall pay USD 1,300,000 on account of Timor-Leste's legal fees and (iv) all other requests for relief are dismissed.
As a consequence of these findings, the Tribunal has declared the proceedings closed in accordance with ICSID Arbitration Rule 38(1).
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full version of the document - http://timor-leste.gov.tl/?cat=32&lang=en
