Peru’s legislative branch has signed off on the country’s long-awaited new merger control regime, providing the final stamp of approval needed for the law to come into force.
A Peruvian state-owned development bank has agreed to pay US$34 million to a Canadian-listed mining company to satisfy a Lima arbitration award and settle a dispute over the financing of a gold project.
An International Centre for Settlement of Investment Disputes (ICSID) tribunal has found Panama liable for the expropriation of a mining concession while awarding the US claimant significantly less than the US$684 million it had sought in damages.
Peru’s government has begun a public consultation on a draft regulation clarifying how the competition watchdog will review deals under the country’s long-awaited new merger control regime.
As the international fallout from the Odebrecht corruption scandal continues, Peru has made several reforms to its arbitration law with the aim of increasing transparency for disputes involving state entities – drawing criticism from practitioners in the region who say the measures are ill-conceived.
Peru’s new merger control legislation is a “positive” change but “lacks the institutional reform required”, local lawyers have said.
A Peruvian court has overturned pre-trial detention orders against eight arbitrators accused of taking bribes from Brazilian construction company Odebrecht, including one whose arrest prompted outcries from the international arbitration community.
A Peruvian judge has ordered the pre-trial detention of 14 arbitrators – including one who has sat at International Centre for Settlement of Investment Disputes (ICSID) – while they are investigated for allegedly taking bribes to favour scandal-hit construction company Odebrecht in a series of cases that cost the state more than US$250 million.
Peru’s competition authority has published a draft of its first guidelines on dawn raids, following the release of draft guidelines for procedures on compliance and rewards for whistleblowers.
Peru’s competition authority has released new compliance and rewards draft guidelines, marking the first time a Latin American enforcer has adopted whistleblower guidelines.