ICSID Publishes Award in CMC v. Mozambique
The International Centre for Settlement of Investment Disputes (ICSID) published the award in Case No. ARB/17/23, CMC Muratori Cementisti CMC Di Ravenna SOC. Coop.; CMC Muratori Cementisti CMC Di Ravenna SOC. Coop. A.R.L. Maputo Branch; and CMC Africa Austral, LDA v. Republic of Mozambique.
The case involved a bilateral investment treaty (BIT) dated December 14, 1998, between Italy and Mozambique. The dispute relates to the reconstruction of part of the north-south highway in Mozambique.
The Claimants entered into an agreement with Mozambique to undertake the work, but, after its partial completion, the Claimants attempted to obtain additional compensation for the work that was done. Unable to come to agreement, the Claimants commenced arbitration proceedings in 2017 arguing that Mozambique's failure to compensate them properly breached certain obligations in the BIT. ICSID found in favor of the Respondent, identifying no breaches.
Justine N. Stefanelli