White & Case obtains victory before ICSID in favor of Telefónica
White & Case has represented Telefónica in an ICSID arbitration against the Republic of Colombia (ICSID Case No. ARB/18/3).
The arbitration, to be conducted under the Agreement for the reciprocal promotion and protection of investments between Spain and Colombia, arose out of a dispute related to the reversion of assets in a telecommunications concession after Telefónica had made significant investments in the Colombian mobile telephony sector for decades.
In the award, Colombia has been ordered to pay US$30 million plus compound interest and to bear the costs of the proceedings.
White & Case’s team was led by International Arbitration partner Rafael Llano (pictured), from Mexico City, together with partners Juan Manuel de Remedios, Marièle Coulet-Diaz and Ignacio Madalena, from Mexico City and Madrid.