The Renco Group Responds to ICSID Ruling
Statement from Renco
The ICSID Tribunal hearing Renco’s claims against The Republic of Peru dismissed Renco’s claims on technical legal grounds. The Tribunal’s decision did not address the merits of Renco’s claims and Renco is free to refile its claims and to continue to prosecute them. Indeed, the Tribunal’s decision is an insignificant victory for Peru as Renco plans to immediately refile the same claims in a manner that cures the technical legal defect that was the basis for dismissal. Despite any additional delays, the posture of the arbitration will not be meaningfully different than it was before the Tribunal’s decision.
Renco remains confident that when a tribunal finally considers the merits of its claims, that tribunal will render a substantial award in Renco’s favor.
Contact: Jim McCarthy