ICSID: Russia’s Mobile TeleSystems (MTS) v. Republic of Uzbekistan
August 7, 2014
Russia’s Mobile TeleSystems (MTS) has signed a settlement agreement with Republic of Uzbekistan to terminate the case in ICSID.
Russia’s Mobile TeleSystems (MTS) has signed a settlement agreement with Republic of Uzbekistan, under the terms of which the company will resume offering mobile services in Uzbekistan through a joint venture with the government.
MTS’s to re-entry to the market comes with the caveat that it must drop legal proceedings against the republic in the World Bank’s International Centre for Settlement of Investment Disputes (ICSID). The joint venture will be held 50.01% by MTS, and 49.99% by a state-owned enterprise managed by the State Committee for Communications, Information and Telecommunication Technologies (CCITT).
CCITT and MTS noted that the agreement was governed by English law and provides for any future disputes to be settled by the International Court of Arbitration at the International Chamber of Commerce (ICC) in Paris.
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