Resignation of Lone Star ISDS Case Presiding Arbitrator... Arbitration Proceedings Suspended Until Replacement Appointment

[Asia Economy Reporter Kwangho Lee] The Secretariat of the International Centre for Settlement of Investment Disputes (ICSID) notified the Government of the Republic of Korea on the 6th at around 6 a.m. that Johnny Veeder, the presiding arbitrator of the Lone Star ISDS case, has resigned, the Prime Minister's Office announced.

The Lone Star ISDS case, initiated on November 21, 2012, was being heard by a three-member arbitral tribunal constituted on May 9, 2013.

The tribunal consists of Bridget Stern, the arbitrator appointed by the Republic of Korea, Charles Brower, the arbitrator appointed by Lone Star, and Johnny Veeder, the presiding arbitrator.

Accordingly, pursuant to Article 10, Paragraph 2 of the ICSID Arbitration Rules applicable to the Lone Star ISDS case, the arbitration proceedings will be suspended until the vacancy in the arbitral tribunal is filled.

The vacancy in the arbitral tribunal will be filled in the same manner as the original appointment of the arbitrator, in accordance with Article 11 of the Arbitration Rules.

It is expected that a considerable amount of time will be required from the appointment of the new presiding arbitrator until the final award is rendered.

A government official stated, "The government will make every effort to select a new presiding arbitrator and ensure that the future proceedings yield results that align with the national interest."

This content was produced with the assistance of AI translation services.