Learning & Education
Date of Award: 3 May 1912
This dispute concerned the repayment of Peruvian Government bonds to Italian nationals, “the Canevaro claims”. By virtue of a degree of the Peruvian Dictator Piérola of 12 December 1880, payment drafts were issued to the order of the firm of José Canevaro & Sons in the amount of ₤77,000, in order to settle a previous debt of the Peruvian Government. These drafts were not paid at the date fixed for payment, which coincided with the hostile occupation of Peru.
In 1886, 1889 and 1898, the Peruvian Government enacted laws concerning the settlement of its debts. Relying on this legislation, the Peruvian Government refused the full payment of the Canevaro firm’s claim. As the dispute could not be settled amicably, Peru and Italy agreed to submit the issue to arbitration under the auspices of the Permanent Court of Arbitration. The Tribunal determined, inter alia, that the Government of Peru was obliged to pay in cash the drafts drawn to the order of the firm, together with legal interest.
Canevaro Claim: Award