Metro Consortium Seeks to Freeze Peruvian State Assets in Luxembourg

A Spanish-led consortium behind Lima’s metro construction has taken legal action to freeze Peruvian government funds held in Luxembourgian banks. This step aims to enforce a US$315 million arbitration award won under the International Centre for Settlement of Investment Disputes (ICSID).

Legal Pressure Mounts

The consortium has served attachment orders on multiple Luxembourg banks, marking an aggressive enforcement strategy to secure payment. The arbitration award stems from a dispute over the construction of a new metro line in Lima, where the consortium had previously succeeded in proving Peru’s liability for project delays.

Wider Arbitration Landscape

This move represents one of several legal proceedings Peru faces under ICSID. The country has been the target of multiple arbitration cases across sectors, from transportation to energy and infrastructure, reflecting its extensive engagement with foreign investors and the complexities of international investment agreements.

Read More: Metro consortium targets Peru’s assets in Luxembourg - Global Arbitration Review
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