Petition to Recognize and Enforce a Foreign Arbitral Award
Petitioner Glencore Finance (Bermuda) Ltd. ("Glencore" or "Petitioner") by and through its undersigned attorneys, states as follows:
NATURE OF THE ACTION
1. This is an action to recognize and enforce an arbitration award under Chapter 2 of the Federal Arbitration Act, 9 U.S.C. §§ 201 et seq. (the "FAA"), and the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, June 10, 1958, 21 U.S.T. 2517 (the "New York Convention" or the "Convention"). Petitioner seeks the recognition and enforcement of an arbitration award (the "Award") rendered in its favor against the Plurinational State of Bolivia ("Bolivia" or "Respondent"). The Award was rendered by the arbitral tribunal (the "Tribunal") in Glencore Finance (Bermuda) Ltd v. The Plurinational State of Bolivia, PCA Case No. 2016-39 (the "Arbitration").1 See Walsh Decl. Ex. A (Award).
2. The Arbitration arose out of Glencore's investment in four mining assets in Bolivia: (1) the Vinto Tin Smelter; (2) the Antimony Smelter; (3) tin concentrates stored at the Antimony Smelter (the "Tin Stock"); and (4) the Colquiri Mine. Bolivia nationalized the Vinto Tin Smelter, the Antimony Smelter (and the Tin Stock stored therein), and the Colquiri Mine under three Supreme Decrees issued on February 7, 2007, May 1, 2010, and June 20, 2012. See Walsh Decl. Ex. A (Award) ¶¶ 78-81, 104-26. Bolivia never paid Glencore any compensation for those nationalizations. See Walsh Decl. Ex. A (Award) ¶¶ 214, 223-24, 234.
3. Glencore commenced arbitration against Bolivia on July 19, 2016 claiming that, among other things, Bolivia's nationalization of Glencore's assets violated the Agreement between the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the Republic of Bolivia for the Promotion and Protection of Investments, May 24, 1988, 1640 U.N.T.S. 3, extended to the British overseas territory of Bermuda on December 9, 1992 (the "Treaty"). See Walsh Decl. ¶¶ 7-8; Walsh Decl. Ex. B (Treaty).
4. Glencore and Bolivia participated fully in the ensuing Arbitration, which lasted for seven years. The Tribunal issued its Award on September 8, 2023. The Award ordered Bolivia to pay Glencore more than $253 million in compensation for Bolivia's breaches of the Treaty. See Walsh Decl. Ex. A (Award) ¶ 564. The Tribunal also ordered Bolivia to pay post- award interest from the date of issuance of the Award, September 8, 2023, until the date of payment. See id.
5. Glencore requested that Bolivia comply with the Award and pay the compensation awarded, but Bolivia has not paid any of the amounts due under the Award. See Walsh Decl. ¶¶ 16-17. Pursuant to the FAA and the New York Convention, Glencore respectfully requests that this Court recognize and enforce the Award and enter judgment in Glencore's favor in the full amount of the Award including interest as provided therein, and with further interest to accrue pursuant to the Award until the date of payment in full, in addition to the costs of this proceeding.