CRA’s Dr. Tiago Duarte-Silva assisted Squire Patton Boggs, counsel for the Republic of Costa Rica in an ICSID arbitration launched in 2019 and claiming approximately $100 million in damages.
The claims in the case (Díaz Gaspar v. Republic of Costa Rica, ICSID Case No. ARB/19/13) arose from allegations that the actions of Costa Rica’s health agencies led to the closure of the Claimant’s food processing facilities and consequent complete loss of the asset’s value.
In this article published by Global Arbitration Review, Dr. Tiago Duarte-Silva notes the tribunal also agreed that Ibérico’s financial situation had “deteriorated progressively even before the alleged measures”. He adds that a reasonable investor would not accept the fair market value presented by Díaz, nor be “sufficiently assured of the company’s future prospects.”