After hearing the Parties on July 22, 2019, following two rounds of written presentations on the matter of the continuation of the stay, the Committee issued its Decision on the Applicant's Request for a Continued Stay of Enforcement of the Award, dated October 18, 2019 (the "Stay Decision"), deciding as follows:
(1) To continue the stay of enforcement of the Award of August 31, 2018, in ICSID Case No. ARB/14/4 pending a decision on the Application and subject to the conditions established in this Decision;
(2) Within the period of 60 calendar days, the Applicant shall issue a financial security and provide a written undertaking in the terms established by the Committee in paragraphs 79 to 82 of this Decision, and submit a copy of both instruments to the Committee;
(3) The decision on costs in relation to the Request for the Continuation of the Stay of Enforcement of the Award is reserved until the conclusion of the annulment proceeding.
On November 18, 2019, UFG sent a letter pursuant to paragraph 81 of the Stay Decision, informing the Committee that no agreements could be reached on the exact terms of the financial security, and requesting further instructions from the Committee. In particular, UFG requested the Committee to:
a. Order Egypt to confirm in writing that it will comply with the Committee's Stay Decision by providing acceptable security in UFG's favor by December 17, 2019; and
b. Require Egypt to state its position on the following five points: (a) the amounts of post-Award interest that Egypt must secure; (b) whether the security Egypt provides by December 17 will take the form of a bank guarantee or escrow account; (c) whether Egypt prefers to issue one or multiple bank guarantees or escrow payments; (d) the "reputable international bank" outside Egypt to be used for the financial security; and (e) the signatory of the written undertaking.
Further, UFG requested that in absence of a sufficiently meaningful response by Egypt with respect to the above matters the Committee proceed to order the modality and terms of the security according to UFG's proposal included in its letter.
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