The Decision on Annulment has now been published

Drawing the line between annulment and appeal

In November 2025, an ICSID ad hoc Committee dismissed in its entirety the Argentine Republic’s application to annul the award in Casinos Austria International GmbH and Casinos Austria Aktiengesellschaft v. Argentine Republic (ICSID Case No. ARB/14/32). The Decision on Annulment, bringing the annulment phase of this long-running investment dispute to a successful conclusion for KNOETZL’s clients, has now been published.

The Committee rejected each of the grounds for annulment advanced by Argentina, finding that several of its challenges amounted, in substance, to attempts to appeal the merits of the underlying award. Beyond the successful outcome for our clients, the decision offers noteworthy observations on the distinctions between annulment and appeal and the deliberately limited scope of review under the ICSID Convention.

The KNOETZL team comprised Florian Haugeneder, Natascha Tunkel, Arnela Maglićand Sophie Wotschke.

We are grateful to our clients for their continued trust and congratulate the entire team.

The Decision on Annulment is available here:
https://icsidfiles.worldbank.org/icsid/ICSIDBLOBS/OnlineAwards/C4025/DS21827_En.pdf