Both the original arbitral tribunal and the ad hoc annulment committee in the case of Wena v. Egypt failed to respect the ICSID Convention’s article 48 requirement to state the reasons upon which an investor-state arbitration award is based. This chapter demonstrates how these failures led to further disputes and unsatisfactory outcomes for the disputing parties. It argues that a stricter adherence to the Convention’s reasons requirement would better fulfill the objectives of the international investment law regime for both states and investors.
The Reasons Requirement in International Investment Arbitration: Critical Case Studies, W. Michael Reisman & Guillermo Aguilar-Alvarez, eds.,(Martinus Nijhoff, Leiden 2008).
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