HKA provides Expert Support in US$286M ICSID Claim
18th December 2025
HKA supported the Republic of Nicaragua in successfully defending a US$286 million investor-state claim brought by Riverside Coffee LLC under the Dominican Republic-Central America Free Trade Agreement (DR-CAFTA).
The dispute centred on alleged expropriation and mistreatment following the occupation of Riverside’s avocado farm during civil unrest in 2018.
HKA experts and partners Timothy Hart and Kenneth Kratovil, and associate director Matthew Lupo, delivered valuation, economic damages, and forensic analysis. The engagement included expert reporting and testimony on behalf of the respondent. The tribunal dismissed the claims, concluding that Nicaragua’s actions were taken in good faith and fell within the treaty’s “essential security interests” exception.
“Being successful serving as damages experts in investor-state arbitrations requires the ability to study the relevant market, synthesize the facts and present a clear picture of the valuation of the investment to the tribunal. In this case, our team delivered strong testimony regarding valuation and forensic analysis. We were pleased to have helped deliver an excellent result for our client, the Republic of Nicaragua.”
Tim Hart, Partner
This case underscores HKA’s ability to deliver rigorous valuation and damages analysis in investor-state disputes. It also highlights the firm’s expertise in supporting sovereign states with valuation and forensic analysis in high-stakes international arbitration.
Find out more at: US$286 million investor-state claim brought by Riverside Coffee LLC
About HKA’s International Arbitration Services
HKA is a preeminent global practice with deep multi-disciplinary expertise and extensive experience in international arbitration across industries, jurisdictions, and forums.
For the second consecutive year, HKA is among the top three in the 2025 GAR 100 Expert Witness Power Index, which commends the exceptional level of expertise among our experts and our commitment to delivering world-leading arbitration expert witness support services for our clients.
Law firms and business leaders consistently rate HKA highly for our arbitration expertise, industry insight, and integrated capabilities.
Media contact
| Name | Josephine Guckian |
| Title | Partner, Chief Marketing and Communications Officer |
| Number | +44 20 7618 1200 |
| josephineguckian@hka.com |
