Procedure — Competence of arbitration tribunal — icsid arbitration — Whether excludes jurisdiction of municipal courts to enforce a prior arbitral award — Attachment proceedings — icsid Convention, Article 26 — “Other remedy” — Definition — Whether attachment proceedings constitute “other remedy”

State immunity — Jurisdiction — Commercial activity — Contract to establish joint venture shipping company — Arbitral award — Whether State entitled to immunity from attachment proceedings to enforce arbitral award — Requirement of close connection between dispute and forum State — Duty to pay arbitral award in forum State — Whether establishing sufficiently close connection

State immunity — Attachment and execution — Bank account — Immunity of funds allocated for diplomatic or consular functions — Requirement of recognizable and specific allocation

Recognition and enforcement — Arbitral award rendered abroad — Action for enforcement in municipal courts — New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, 1958, Article V Conditions for refusal of enforcement — Subsequent referral to icsid arbitration — Whether award to be regarded as non-binding

Treaties — Interpretation — Powers of municipal courts — Whether submission to icsid arbitration excludes recourse to municipal courts for enforcement of prior arbitral award — The law of Switzerland