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When, in 2012, RSM Production Corporation (“RSM”) began ICSID arbitration against the state of St Lucia, it had a problem common to many claimants: it could not finance its claims itself. So, as an increasing number of claimants do, it obtained funding from a third party. Upon learning of this funding, St Lucia feared that this third party would not cover any costs order if RSM’s claim failed, and sought an order for security for costs. The tribunal agreed and ordered RSM to provide security for St Lucia’s costs. Subsequently, the claimant informed the tribunal that it would be unable to pay the security, resulting in an order that the proceedings be vacated for six months. Just over a year after its order, the tribunal dismissed the case.

 

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Region: Australia, Austria, Brazil, China, Ecuador, France, Germany, Hungary, India, Japan, Kenya, Nigeria, Panama, Romania, Senegal, Singapore, South Korea, Sweden, Switzerland, United Kingdom, United States
Interest Area: Financial Services
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