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Rebecca Vélez

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Highlights

Specializes in complex valuations, damage calculations and financial analyses for international arbitrations, litigation, and other disputes.
Supported a wide range of clients, including sovereign nations, across various industries.
Proven as a credible expert witness under cross-examination.
Acted as an expert for disputed values up to US$2.8 billion.
Provided expert testimony (written and oral) in both English and Spanish.
Co-authored the most comprehensive study of damages in investor-state cases with two editions published in 2014 and 2021.

Services

Business Valuation | Economic Damages | Commercial Litigation | International Arbitration

Industries

Expertise

Rebecca Vélez has 25 years of experience calculating damages. She has testified or submitted expert testimony relating to commercial damages, valuations and financial matters on more than 10 occasions and has been part of the expert team on over 40 matters.

Rebecca has provided and assisted with testimony under a variety of rules and forums: ICSID, ICC, UNCITRAL, PCA, SCC, Energy Charter, and ad-hoc. She has testified on damages, valuations and quantum matters with disputed values up to US$2.8 billion.

Rebecca specializes in complex damage calculations and financial analyses. She has provided various accounting and financial consulting services, including commercial damages disputes, valuations and quantum disputes. Her experience is primarily focused on international arbitrations involving both investor-state and contract dispute matters.

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Testimony

Rebecca has testified or submitted expert testimony related to damages, business or project valuations, lost profits, and other financial issues in the following matters:

Energía y Renovación Holding, S.A. v. Republic of Guatemala (ICSID Case No. ARB/21/56). Claims arising out of the Government’s alleged failure to protect the claimant’s investment in two hydropower plants and a transmission line. Analysis entailed the valuation of a non-operational hydropower project based on a DCF model and invested costs. Testified at the World Bank in DC in April 2024. Filed expert reports on damages in February 2024 and April 2023. Engaged by respondent; parties from Panama and Guatemala.
Espíritu Santo Holdings, LP v. United Mexican States (ICSID Case No. ARB/20/13). Dispute involving a concession for the installation and operation of taxi meters and a mobile taxi application in Mexico City. Analysis entailed the valuation of a business based on a DCF model and invested costs, as well as a calculation of lost profits. Testified at the World Bank in DC in April 2024. Filed expert reports on damages in May 2022 and March 2023. Engaged by respondent; parties from Canada and Mexico.
Legacy Vulcan LLP v. United Mexican States (ICSID Case No. ARB/19/1). Concession contract related to a port terminal and authorizations for two limestone quarries in Mexico. Analysis entailed the valuation of a specific business unit of Claimant’s overall mining business. Testified during virtual hearings in August 2023 and July 2021. Expert report on damages related to the ancillary claim filed in December 2022. Filed expert reports on damages relating to original claim in November 2020 and May 2021. Engaged by respondent; parties from the United States and Mexico.
Panamericana Television S.A. and others v. Republic of Peru (UNCITRAL, PCA Case No. 2019-26). Dispute related to the temporary management and alleged expropriation of a television broadcasting station in Peru. Analysis entailed the valuation of the broadcasting station under different management scenarios. Testified during a virtual hearing in January 2022. Filed expert reports on damages in January 2020 and August 2021. Engaged by respondent; parties from Switzerland and Peru.
Hydrika 1 S.A.C. and others v. Republic of Peru (ICSID Case No. ARB/18/48). Breach of contract involving a cost claim related to the construction and operation of six renewable energy plants. Analysis entailed the valuation of non-operational energy plants based on invested costs. Testified during a virtual hearing in April 2021. Filed expert reports on damages in August 2020 and February 2021. Engaged by respondent; parties from Peru.
Rutas de Lima, S.A.C. v. Municipalidad Metropolitana de Lima (MML) (Ad hoc arbitration under UNCITRAL Rules, 2010). Concession contract related to toll roads and toll collections in Lima, Peru. Analysis entailed the calculation of lost profits. Testified at the World Bank in DC in November 2019. Filed expert reports on damages in April, August, and December 2019. Engaged by respondent; parties from Peru.

Alten Renewable Energy Investments, B.V. and Alten Renewable Energy Developments v. Kingdom of Spain (SCC Case No. V 2015/036). Fair and equitable treatment matter under Energy Charter Treaty. Claims arising out of a series of energy reforms affecting the renewables sector. Analysis entailed quantifying the effect of the reform on the business’ financial performance. Filed expert report in August 2019. Engaged by respondent; parties from the Netherlands and Spain.
Valores Mundiales, S.L. and Consorcio Andino S.L. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/13/11). Expropriation of two grain milling and distribution entities in Venezuela. Analysis entailed the calculation of lost profits. Testified at the World Bank in DC in February 2016. Filed expert reports on damages in October and March 2015. Engaged by respondent; parties from Spain and Venezuela.
Quadrant Pacific Growth Fund L.P. and Canasco Holdings Inc. v. Republic of Costa Rica (ICSID Case No. ARB(AF)/08/1). Real estate investment by Canadian investors in Costa Rica. Filed two expert reports in 2009 related to the quantification of damages. Analysis entailed the calculation of lost profits. Proceeding discontinued in October 2010. Engaged by respondent; parties from Canada and Costa Rica.

Rebecca has submitted valuation reports used by the State for negotiation and settlement purposes in the following matters:

E.T.I. Euro Telecom International N.V. v. Plurinational State of Bolivia (ICSID Case No. ARB/07/28)
Pan American Energy LLC v. Plurinational State of Bolivia (ICSID Case No. ARB/10/8)
Guaracachi America, Inc. and Rurelec PLC v. Plurinational State of Bolivia (UNCITRAL, PCA Case No. 2011-17)

Background

Rebecca has supported clients such as sovereign nations and corporations in the energy, oil and gas, mining, real estate, entertainment, and transportation infrastructure industries, among others. She has also submitted reports used for negotiation and settlement purposes in investor-state matters.

Rebecca holds a bachelor’s in business administration and a master’s in finance and strategic accounting. She is on the Executive Committee of Equal Representation for Expert Witnesses (ERE). She is fluent and has testified in both Spanish and English.