Compensation for Damage in International Investment Arbitration

1st edition 2022

Mikaël Ouaniche, Stéphane Prigent

This book is the first to combine a legal and an economic approach to the violation of international investment law and the evaluation of their financial consequences.

It is intended for arbitrators, lawyers, legal experts and financial experts.

It will also be useful for academics who study this issue, which crosses disciplinary lines.

The cross-disciplinary approach proposed by Mikael Ouaniche and Stéphane Prigent in this original work reflects the dual nature of the debates that irrigate the practice of State-investor arbitration, through a rigorous analysis of arbitral case law.

As Laurent Jaeger, President of the French Arbitration Committee, who prefaced the book, says: “Lawyers and arbitrators will be able to improve their understanding of economic and financial valuation methods; experts will be able to improve their understanding of the underlying legal mechanisms. [...] It took all the experience and talent of Mikael Ouaniche and Stéphane Prigent to marry law, economics and finance so harmoniously”.

Table of contents

Preface written by Laurent Jaeger

Round Table “Strategies and key investigative tools in the complex financial and commercial cases”

From 7 to 10 October 2019 the round table “Strategies and key investigative tools in the field of complex financial and commercial matters” was held in Sarajevo.

The aim of the event was to strengthen the interdisciplinary approach of complex financial investigations and to develop common grounds for technical and strategical advances to increase efficiency.

The participants were prosecutors and investigators from different Prosecutors’ Offices, and representatives from Law Enforcement Agencies and Tax Authorities.

The first day was dedicated to the presentation of “How to detect and identify financial and accounting crime in business companies? Methods and procedures of the financial and accounting criminality” by Mr Mikael Ouaniche, EU Expert. Mr Ouaniche is a chartered accountant and external auditor, expert witness registered at both the Court of Appeal of Paris and the International Criminal Court (ICC).

Three days were further devoted to the presentation of the case study “Legal and operational challengesof complex financial and economic criminal investigations – strategy and investigative techniques” which was prepared by Mr Renaud Van Ruymbeke, EU Expert, who is a former Dean of the Investigative Judges, specialized in very complex financial and economic cases at the Court of Paris. This cases study was tailor-made specifically for this Round Table. It dealt with offenses related to procurement, corruption, tax evasion and money laundering in the context of offshore bank accounts in multiple countries as well as dummy companies. This exercise and subsequent discussion took the participants through the phases of prosecutorial strategy. This was the occasion to discuss mutual legal assistance matters and seizure and confiscation of assets as well.

Experts Mr Marc Brisset-Foucault Honorary Deputy Prosecutor General and former investigative judge specialised in financial crimes and Mr Claude Chaillou Investigator specialised in very complex tax frauds in the Judicial Inquiries Service of Finance presented “The first and key investigative steps to be taken during the making investigative decision process to address the study case”.

https://eu4justice.ba/en/2019/10/11/strategies-and-key-investigative-tools-financial-cases/

Mikaël OUANICHE co-hosts the APCEF Symposium at the French Suprem Court

Mikaël OUANICHE intervened as Secretary General of the Association of Economic Litigation Professionals in the framework of the symposium organized by the association within the Grand'Chambre Court of Cassation, under the chairmanship of Mrs. Claire Favre, President of the Commercial, Financial and Economic Chamber of the Court of Cassation.

Program of the Symposium:

• Opening of the Colloquium and Speech by Mrs. Claire Favre, Honorary President of the Commercial, Financial and Economic Chamber of the Court of Cassation
   
• Presentation of the work of the APCEF by Mr. Mikaël Ouaniche, expert at the Paris Court of Appeal, Secretary General of APCEF
   
• Presentation of the report of the commission on ecological damage by Mrs. Aude-Solveig Epstein, Lecturer in private law at the University of Caen, rapporteur of the commission
   
• Presentation of the report of the committee on the sanctions in collective procedure and report of the commission on the homologation of the conciliation agreement, by Corinne Saint Alary Houin, Professor Emeritus at the University of Toulouse, scientific director of the Commission
   
• Presentation of the report of the commission on expertise in conventional mediations by Denis Mouralis, Professor at the University of Aix Marseille, chairman of the commission
   
• Presentation of the ongoing work of the commission on the determination of civil interests by the repressive courts, by Mrs Coralie Ambroise-Castérot, Professor at the University of Nice, Rapporteur of the commission
   

Breakfast debate of the Club of Arbitration
 

Damage valuation becomes ever more complex.  The arbitrators sometimes feel that the debate escapes them.

The parties regret solutions too often median. Financial experts are now indispensable in international arbitrations.

Should we congratulate ourselves or deplore it?

Debate moderated by Laurent Jaeger, Chairman of the French Committee of Arbitration
 

Article by Constance Monnier Schlumberger, published in November 2018 in the journal Concurrences.
 

This paper proposes an experimental approach to the effectiveness of anti-cartel schemes, which result from individual decisions to engage in these anticompetitive cartel practices.

Our experiences compare individual propensities to form cartels in monetary sanctions, leniency, compliance and exclusion schemes. The study thus assesses the impact of penalty modalities, their levels and different probabilities of detection, and identifies the influence of certain individual characteristics, such as gender and risk aversion, on cartel formation.

Our results show that exclusion and, to a lesser extent, compliance are the most effective deterrents to cartel formation. The level and the probabilities of sanction have the expected effects but in non-linear ways. Clemency strengthens the effectiveness of fines.

Finally, gender and risk aversion influence the propensity to choose to engage in a cartel, but not their rate of training. The implications of these findings for the regulator and companies are substantial: they provide an understanding of how to better deter these illicit practices.
 

Download the article

Contact the author : csm@oca-audit.com 

Mikaël OUANICHE publishes an article in the Investment Treaty Arbitration Review on the Determination of Financial Interests in Investor-State Arbitrations.

Read the article by clicking on the logo :

Mikaël OUANICHE, Chairman of OCA, spoke on the valuation of distressed companies in the framework of the draft European directive of November 2016 on restructuring preventive procedures

 
Find the program and the video of the conference

Second roundtable

New challenges: valuations, transparency priority rules and class distributions – are parties and Courts ready? Discussions following the draft directive of the EU Commission and the on-going negotiations.

Speakers

• Mr Georges Richelme, President of the Commercial courts of France
• Mr Luciano Panzani, President of the Court of Appeal of Rome
• Mr Mikael Ouaniche, Financial expert at the Paris Court of Appeal, President of OCA
• Mr Anthony Casey, Law professor, Chicago Law School
• Moderator
• Mrs Sophie Vermeille, President of Droit & Croissance / Rules for Growth

Mikaël OUANICHE is one of the 13 French experts listed by the Who's Who Legal International Reference Guide under the headings "Arbitration" and "Quantum Expert"
 

http://whoswholegal.com/profiles/72155/0/ouaniche/mikael-ouaniche