Arin Capital and Khudyan v. Armenia Arin Capital & Investment Corp. and Edmond Khudyan v. Republic of Armenia (ICSID Case No. ARB/17/36)
United States of America
Investment in a real estate development project that included a plan to sell luxury apartments in the Armenian capital.
Claims arising out of Armenia’s alleged failure to act on the claimants’ repeated pleas that they were defrauded by the local business partner. According to the claimants, Armenia’s officials and courts did nothing to investigate and correct the alleged fraud.
Tertiary: L - Real estate activities
68 - Real estate activities
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
van Leeuwen, M.
Santens, A.
Douglas, Z.
Decided in favour of State
Award dated 15 December 2021
15.00 mln USD
Data not available
Data not available
None - jurisdiction declined
ICSID annulment proceedings
ICSID annulment proceedings
Award/decision partially annulled
Decision on Annulment dated 21 July 2023
Greenwood, C. (President)

Cicchetti, T. M. (Member)

Onwuamaegbu, U. (Member)