A Study on the Annulment System in ICSID Arbitration

• 발행기관: 한국무역학회
• 저자명: Yong-Il Kim Ji-Hyeon Hwang
• 간행물 정보: 『Journal of Korea Trade (JKT)』Vol.28 No.8, 199~222쪽, 전체 24쪽
• 주제분류: 경제경영 > 무역학
• 파일형태: PDF
• 발행일자: 2024.12.31

국문 초록

Purpose - This paper examines in depth the annulment system of ICSID arbitral awards, such as the ongoing Lone Star case. Through these considerations, this paper aims to provide practical guidelines for resolving international investment disputes by analyzing the ICSID annulment system, which can be used as the only means of objection in the event of an arbitration decision against Korean companies as foreign investors and the Korean government as the host state that can be a party to ICSID arbitration in the future. Design/Methodology - This paper conducts legal research, literature research, and case studies on the ICSID annulment system. First, this paper conducts legal research on the ICSID Convention and its accompanying rules, and also conducts domestic and international literature research on the ICSID annulment system. In addition, practical considerations are presented through an in-depth analysis of the reasons for annulment that were at issue in major cases where annulment were filed among ICSID arbitration awards so far. Findings - An appeal against an ICSID arbitration award is only possible through a request for annulment based on the limited grounds for annulment provided for in Article 52(1) of the ICSID Convention. Annulment of ICSID arbitral awards is a unique system carried out by an ad hoc committee within ICSID consisting of three members. Annulment of an arbitral award is the most effective means of appeal in that it is carried out by a newly formed ad hoc committee. And this is an element that symbolically shows that ICSID arbitration is a system with a selfcontained system. The ICSID annulment is a system that can be used as the only means of appeal by the party who lost the original arbitration decision in the sharp conflict between the regulatory interests of the host state public health, labor, environment, and financial policies and the protection of the interests of foreign investors. Originality/value - This paper examines the reasons for annulment of Article 52 of the ICSID Convention and considers the points to keep in mind when applying for annulment decisions. In addition, case analysis is also conducted on ICSID arbitration awards for which annulment have been filed. This could be of practical help to Korean companies, the Korean government, ICSID arbitration practitioners, and scholars studying this in the future. Therefore, this paper will contribute to academia and practice by laying an academic foundation and presenting practical guidelines.

목차

1. Introduction

2. Procedures for Annulment of ICSID Arbitral Awards

3. Grounds for Annulment of ICSID Arbitral Awards

4. Effects of Annulment of the Arbitral Award

5. Conclusion

References

키워드

ICSID Annulment System ICSID Arbitration ICSID Convention Ad Hoc Committee International Investment Disputes