The Court of First Instance No. 101 of Madrid has granted leave for execution for an award rendered in ICSID case Víctor Pey Casado and President Allende Foundation v. Republic of Chile without requesting the submission of any previous exequatur for the award, as provided for by Article 54(1) of the ICSID Convention. This has been the first time that such a request for enforcement and execution of an ICSID award has been filed with a court of justice in Spain. The Court of First Instance has ordered the seizure of Chilean assets in Spain worth more than 3 million euros. Simultaneously, Chile has tried to reduce the amount to be paid to the claimants by resorting to two other ICSID decisions that should be regarded as awards by the ICSID Convention.
Iurgium [previously Spain Arbitration Review]