The presiding judge for a three member arbitration panel, set up to decide the £1.4bn tax demand from Indian tax authorities on Vodafone, has been identified and an announcement is expected soon
In March, Vodafone moved the Hague based International Court of justice (ICJ) after arbitrators appointed by the ICJ and the Indian government failed to come to a decision on appointing a presiding judge.
The long running tax dispute is over £1.4bn of capital gains tax (CGT) allegedly due on Vodafone’s 2007 acquisition of Hutchison Whampoa’s stake in Hutchison Essar for £6.6bn.
Vodafone has started two different arbitrations, one under the India-Netherlands bilateral Investment Treaty and the India-UK Bilateral Investment Treaty.
Each side has named one arbitrator under the Dutch treaty however, no arbitrators have been appointed under the India-UK treaty yet.
A source has said: ‘The presiding arbitrator was pending and the judge has now been identified. The announcement will be made shortly.’
