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10h ago

U.S. Judge Declares Peru in Default Over Unpaid $91 Million Chinchero Arbitration

The D.C. court’s finding cements the ICSID award’s enforceability in the U.S., exposing Peruvian assets to collection efforts.

Caso Chinchero: juez de Estados Unidos declara a Perú en rebeldía por no pagar laudo arbitral de US$91 millones
Declaran a Perú en rebeldía en Estados Unidos por deuda de 91 mdd
La disputa aeroportuaria se relaciona con el retraso del proyecto de construcción de Chinchero, en Cusco.
(Fuente: MTC)

Overview

  • Judge Richard Leon issued a December 22 memorandum finding Peru in default after the state failed to appear or file any response in the case.
  • The court confirmed the ICSID award to Kuntur Wasi and ordered payment of $91 million plus interest accruing from February 2024 until full payment.
  • Kuntur Wasi filed a declaration stating Peru has not paid any portion of the amount owed under the award.
  • The dispute traces to Peru’s 2017 unilateral termination of the Chinchero airport concession, which the ICSID tribunal deemed a breach of the contract.
  • A related May ruling in Washington already enabled potential seizures of Peruvian state assets, underscoring broader enforcement risks highlighted by other investor wins such as Brookfield’s $200 million case against Lima.