Armenia Prevails In $10.7M Arbitration Row Over Luxury Apts.

By Caroline Simson (December 22, 2021, 9:02 PM EST) — An international tribunal has dismissed a more than $10.7 million claim against Armenia by a real estate investor who blamed the former Soviet state for not doing enough when he was allegedly defrauded by a local business partner, saying the investor never lost his Armenian citizenship.

The International Centre for Settlement of Investment Disputes tribunal concluded in a Dec. 15 award provided exclusively to Law360 that it lacked authority to preside over the dispute with respect to the investor, Edmond Khudyan, who had grown up in Armenia in the 1970s and 1980s after emigrating there with his family from Iran….

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