📋 Tender Overview
The ICSID Annulment Committee rejected the concessionaires requests and confirmed Perus position, maintaining the suspension of the execution of the arbitration award issued in ICSID Case No. ARB/17/3 (Lima Metro Award), while the annulment procedure initiated by Peru is developed, which seeks to annul more than USD 200 million awarded without legal or technical support.
The decision reaffirms the seriousness and solvency of the Peruvian State in the defense of national interests and the correct application of international law.
The Ministry of Economy and Finance (MEF), in its capacity as coordinator of the International Investment Disputes System, informs that the ad hoc Annulment Committee of the International Center for Settlement of Investment Disputes (ICSID) issued a decision favorable to the Peruvian State, through which it maintains the suspension of the execution of the arbitration award issued in ICSID Case No. ARB/17/3 (Lima Metro Award), while the arbitration procedure is developed. annulment initiated by Peru.
With this resolution, the Committee completely rejected the requests of the concessionaire Metro de Lima Linea 2 S.A. to lift the suspension of the award or impose a financial guarantee on the State.
The decision maintains suspended the execution of the amounts questioned by Peru (more than USD 200 million) considering that they were granted without legal or technical support, in violation of the Peruvian law agreed upon by the parties.
The Committee recognized the good faith action of the Peruvian State, highlighting that the annulment request presented on March 4, 2025 is not dilatory in nature and that Peru has shown a serious, coherent and responsible commitment to complying with its international obligations.
Likewise, it warned that lifting the suspension would generate substantial damages for the State and could affect the institutional coherence of the ICSID system, considering that the same award is under a parallel review procedure.
According to the Committee, maintaining the suspension of execution makes it possible to preserve legal certainty and avoid contradictory decisions between different international procedures.
Regarding the concessionaires request to impose a guarantee on Peru, the Committee rejected it due to the lack of payment risk, confirming the solvency and reliability of the Peruvian State.
This decision represents a significant procedural victory that strengthens Perus position before the ICSID and ratifies the technical and legal solidity with which the country defends its interests in the international arena.
The Peruvian State, through the Special Commission, as well as its Technical Secretariat, with the support of the international firm Squire Patton Boggs, reaffirms that it will continue to deploy all necessary legal actions to achieve the definitive annulment of the undue compensation granted in the Lima Metro Award, in defense and protection of the interests of the Republic of Peru.
The Government of Peru reaffirms its commitment to act with firmness, professionalism and institutional responsibility to protect the national interest, guarantee the correct application of the law and safeguard the public resources of all Peruvians.
The MEF and SICRECI, as a whole, will continue to report in a timely manner on the progress of the procedure, in accordance with the stages established by ICSID and in accordance with the applicable regulatory framework.
