White & Case Secures US$380 Million ICSID Arbitration Award for Telefónica S.A.

Global law firm White & Case LLP successfully represented Telefónica S.A. in an ICSID arbitration against the Republic of Colombia (ICSID Case No. ARB/18/3).The arbitration, conducted under the Spain-Colombia BIT, stemmed from a dispute concerning the reversion of assets in a high-profile telecoms concession. Telefónica, one of the world's largest providers of mobile telephone services, has made significant investments in Colombia over several decades.

As a result, Colombia must now pay US$380 million, plus compound interest and attorneys' fees, to Telefónica. Telefónica was awarded the totality of the principal claimed in the arbitration.

"We are very pleased to have secured a resounding victory on behalf of Telefónica, which amounts to the largest investment arbitration award involving the Republic of Colombia," said lead partner Rafael Llano. "The unanimous decision by the prestigious tribunal in favor of Telefónica underscores White & Case's expertise and commitment to achieving outstanding results for our clients."

The White & Case team was led by partner Rafael Llano (Mexico City) and included partners Juan Manuel de Remedios (Madrid) and Marièle Coulet-Diaz (Mexico City), local partner Ignacio Madalena (Madrid), international law clerk Paulo Maza Moreno (New York).

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