LONDON, March 13, 2025 – Baker Botts is pleased to announce the successful conclusion of the International Centre for Settlement of Investment Disputes (“ICSID”) annulment proceedings brought by AHG Industry GmBH & Co. KG. (“AHG”) against the Republic of Iraq. The claim, valued at over $1 billion, has been conclusively dismissed, reinforcing Iraq’s position in the long-running dispute.

The original ICSID tribunal dismissed AHG’s claims in 2022 as “manifestly without legal merit” pursuant to Rule 41(5) of the ICSID Arbitration Rules, marking a decisive victory for Iraq. AHG’s subsequent annulment proceedings were discontinued in January 2025 due to its non-payment of the required advances.

Baker Botts served as counsel to Iraq in both the arbitration and annulment phases. The team consisted of partners Dorine Farah, Alejandro Escobar and David Turner and senior associate Jack Biggs in London.

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