Arif v Moldova, Award, ICSID Case No ARB/11/23, IIC 585 (2013), despatched 8th April 2013, United Nations [UN]; World Bank; International Centre for Settlement of Investment Disputes [ICSID]

Whether the illegality of the investment defence could be raised to object to the Arbitral Tribunal’s jurisdiction.

Whether the frustration of the investor’s legitimate expectations amounted to a breach of the fair and equitable treatment standard contained in the provisions of the Agreement between France and Moldova on the Reciprocal promotion of Investments.

Whether reparation under the form of restitution was appropriate and to what extent moral damages could be awarded.

Whether the discounted cash flow method was appropriate to calculate the damages involving a business that never operated.

Whether simple or compound interest was best designed to ensure full reparation.