The Full Federal Court has granted a limited appeal in the Kingdom of Spain’s challenge to a judgment enforcing a $375 million arbitration award over two renewable energy investments, ordering a redrafting of the primary judge’s orders but rejecting claims that Spain was immune as a foreign state from enforcement of the award.
A court has upheld two decisions by the Australian Government Takeovers Panel that a bid by asset manager Aurora Funds Management to replace Molopo Energy’s directors was made in “unacceptable circumstances”.
The Kingdom of Spain is keeping up its fight against the enforcement of two arbitration awards putting it on the hook for paying two investment companies $375 million.
The Kingdom of Spain must pay $375 million after it failed in its bid to claim sovereign immunity from the enforcement of two foreign arbitration awards related to renewable energy investments.
The Kingdom of Spain is contesting attempts to enforce two arbitration awards worth $392 million in the Federal Court, claiming sovereign immunity as it attempts to shut the proceedings down.