Investment

Arbitration Proceedings, BIT, Foreign Investment Law, Investment, Investment Arbitration, Investment protection, Venezuela

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Linklaters

Apropos of a recent decision in ConocoPhillips v. Venezuela (ICSID Case No ARB/07/30), this post discusses the potential underlying concerns an arbitral tribunal may consider when deciding whether it can revise earlier decisions within the context of fragmented proceedings. Background The ICSID proceedings in ConocoPhillips v. Venezuela (ICSID Case No ARB/07/30) commenced in November 2007…

BIT, Expropriation, Fair and Equitable Treatment, Fair market value, ICSID Convention, International Court of Justice, Investment, Investment Arbitration, Investment protection, Investor, Permanent Court of International Justice

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and Oleg Temnikov I. Foreword At the end of 2013, the Financial Times reported that a referendum will be held in Berlin on the question whether the State shall take over power supply from the hands of Vattenfall. We use this as an occasion to examine the legal implications in the field of investment arbitration…

Burden of proof, Corruption, ICSID Convention, Investment, Investment agreements, Investment Arbitration, Investment protection, Investor

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Factual background On 4 October 2013 the Tribunal constituted under Metal-Tech Ltd.’s claim against Republic of Uzbekistan (G. Kauffman-Kohler, C. von Wobeser, J. Townsend) issued the award on jurisdiction in the ICSID case ARB/10/03. The peculiar factual background of the case has been previously discussed here. The approach taken by the Tribunal in this case…

Energy, ICSID Convention, Investment, Latin America

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The numbers of energy and mining related disputes in Latin America constitute 67 out of 162 or 41% of the total ICSID cases within the region. In most of these disputes the respondents are Argentina, Bolivia, Ecuador or Venezuela, which represent 52 out of 67 or 78% of the total energy and mining ICSID cases…

Argentina, Domestic Courts, ICSID Convention, Investment, Investment Arbitration, United States, vacatur

(Wilmer Cutler Pickering Hale and Dorr LLP)/ /Leave a comment
YSIAC

and Luis Miguel Velarde Saffer Last December, the U.S. Supreme Court heard oral argument on BG Group v Argentina – an appeal from a controversial and much-criticized decision of the D.C. Circuit Court of Appeals. The case arose out of emergency actions taken by the Republic of Argentina in late 2001 in the wake of…

Consent, Corruption, ICSID Convention, Investment, Investment agreements, Investment Arbitration, Investment protection, Israel

(University of Alberta Faculty of Law)/

On 4 October 2013, an ICSID tribunal rendered its decision in the investment treaty dispute between the Israeli company Metal-Tech Ltd. and Uzbekistan. In the award, the tribunal found that it lacked jurisdiction to hear the parties’ claims and counterclaims brought under the Israel-Uzbekistan BIT and Uzbek law due to corruption related to Metal-Tech’s investment…

Arbitration, ICSID Convention, Investment, Investment Arbitration, Investment protection, Investor

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The “contribution of assets” requirement of the Salini test was often overlooked by commentators and tribunals, probably due to its “I-know-it-when-I-see-it” nature. The recent award in KT Asia Investment Group B.V. v Republic of Kazakhstan, however, demonstrates that a failure to meet the contribution requirement may put to rest a claim of an offshore company…

BIT, ICSID Convention, Investment, Investment Arbitration, Investment protection, Investor, UNCITRAL Arbitration Rules

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and Rapolas Kasparavičius, LAWIN An abundant number of agreements have been and will be concluded between states and investors operating under the bilateral investment regime and even a larger number of negotiations will fail before reaching the final stage of signature. An investor may spend large sums of money with the aim of concluding an…

BIT, Damages, ICSID Convention, Investment, Investor

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Foreword For centuries people have searched for the formula which may give them more gold. It may turn out that some investors have found it. As it will be explained, indirect investments through a chain of intermediary companies hides the risk of multiplication of claims and double recovery. But not according to the tribunal in…

Arbitration Institutions and Rules, ICSID Convention, Investment, Investment Arbitration, South America

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On April 22, 2013, representatives of Members States of the Bolivarian Alliance for the Americas (“ALBA” for its acronym in Spanish) met in Guayaquil, Ecuador. The purpose of the meeting was to discuss the manner in which their interests are affected by the activities carried out by transnational companies, under a reunion known as the…

BIT, ICSID Convention, Investment, Investment agreements, Investment Arbitration, Investment protection

(International Moot Court Competition Association (IMCCA))/ /1 Comment

and Oleg Temnikov I. Bureau Veritas v. Republic of Paraguay In the recent Further decision on objections to jurisdiction dated October 9, 2012 the tribunal in Bureau Veritas, Inspection, Valuation, Assessment and Control, BIVAC B.V. v. Paraguay (ICSID Case No. ARB/07/9) dismissed BIVAC’s claim based on violation of the fair and equitable standard by reasoning…

Applicable Law, BIT, ICSID Convention, Investment, Investment agreements, Investment Arbitration

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In Part I it was argued that the proper law applicable in the investor-State disputes under Article 42 (1) ICSID Convention depends on the substantive grounds of the investor’s claim. In support of this, I have outlined three factual scenarios and types of claims with evidence from case law. Part I dealt with host State…

Applicable Law, BIT, ICSID Convention, Investment, Investment agreements, Investment Arbitration

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Rationalizing applicable law in investor-State disputes in absence of express choice of law under Article 42 (1) of ICSID Convention PART I Article 42 of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention) determines the powers of an arbitral tribunal constituted under the ICSID Convention as…

BIT, ICSID Convention, Investment, Investment Arbitration

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and Oleg Temnikov There is a Taoist fable of the three stupid men who were traveling together from one village to the next. They rested for the night under a banyan tree. In the morning, it turned out that the travelers have forgotten whose shoes are whose. Because none of the three men was able…

BIT, ICSID Convention, International Law, Investment, Investment agreements, Investment Arbitration, Investment protection, Jurisdiction, Treaty Shopping

(International Moot Court Competition Association (IMCCA))/ /1 Comment

Akbar the Great once drew with his royal hand a line in the sand. He then told his wise men that if they wanted to keep their jobs, they must invent a way to make the line shorter without touching any part of it. Wise man after wise man approached the line and stood in…

Africa, BIT, Foreign Investment Law, Investment, Investment agreements

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In recent years, African states have taken several initiatives to increase the protection of and legal security offered to foreign investors. However, a lot of work is unfinished and some of it is even frustrated. Some examples. Bilateral Investment Treaties Bilateral investment treaties (‘BITs’) are critical to foreign investors considering investing in Africa. Such BITs…

Foreign Investment Law, International arbitration, Investment, Investment agreements, Investment Arbitration, Investment protection

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In an earlier post, I’d highlighted five notable legal highlights from 2012. Below, and somewhat belatedly, I offer my post-mortem on some key policy developments from 2012. 1. Venezuela and South Africa beat a retreat Venezuela’s exit from ICSID was perhaps the most visible policy story of 2012. The move could bolster the caseload of…

Argentina, ICSID Convention, Investment, South America

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So you placed your bets on Argentina’s recovery after the 2001 crisis? It is not too late to give it another thought. While Argentina’s economy grew by approximately 9 percent in 2011, it fell dramatically in 2012 to around 3 percent. The (unofficial) inflation rate is set to 25% and the dollar reached a staggering…

Asia-Pacific, Foreign Investment Law, Investment, Investment Arbitration, Investment protection, Legislation

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On 2 November 2012, President Thein Sein approved, after several months of intense debate between Parliament and the Government, Myanmar’s new Foreign Investment Law (‘FIL’ or ‘the Law’).  The new Law revises the framework for foreign investment in Myanmar which had been in place since a military coup in 1988. Considering the country’s abundant natural…

CAFTA, ICSID Convention, Investment, Investment agreements, Investment Arbitration, Investment protection, NAFTA, Trans-Pacific Partnership

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As described in Part 1 of this post, the mounting debate about investor-state dispute resolution (ISDR) has crescendoed in the current Trans-Pacific Partnership (TPP) negotiations. There are at least two “schools” of concern with ISDR, both of them voiced inside and outside the TPP context. Threats to Public Interest Policy For a growing array of…

ICSID Convention, International arbitration, Investment, Investment agreements, Investment Arbitration, Investment protection, Trans-Pacific Partnership

(Public Citizen)/ /1 Comment

Trans-Pacific Partnership (TPP) negotiations have become the territory where a brewing perfect storm over investor-state dispute resolution (ISDR) is making landfall. The June 2012 leak of the draft TPP Investment Chapter text added energy, but much more is fueling this tempest. In general the ISDR system is coming under increased scrutiny. Public and policymaker concerns…

Dispute Resolution, Investment, Investment agreements, Investment Arbitration, Investment protection, Uncategorized

(Investment Arbitration Reporter)/ /1 Comment

In the final days of 2012, I spent some time flipping back through the stories we’ve covered at Investment Arbitration Reporter, looking to identify the year’s most notable developments. I’ve settled on ten that I think are particularly noteworthy. Half of them are legal in nature, and are highlighted below. The other five are in…

Arbitral Tribunal, Arbitration, Arbitration Awards, Arbitration Proceedings, Arbitrator Challenges, Arbitrators, arbitrators’ conduct, Confidentiality, Conflicts of interest, Costs, Costs in arbitral proceedings, Damages, Disclosure, Dispute Resolution, Enforcement, Investment

(University of Portsmouth)/ /1 Comment
Institute for Transnational Arbitration (ITA)

As its Council Member I attended the ICC Institute of World Business Law’s 32nd annual meeting on ‘Third-Party Funding in International Arbitration’ held in Paris on 26 November 2012. It was a grand success as it drew many professionals, arbitrators, experts, academic specialists and, above all, representatives from some major third-party funding bodies such as…

Arbitration Awards, Arbitrators, BIT, Costs in arbitral proceedings, ICSID Convention, Investment, Investment Arbitration, Jurisdiction

(International Moot Court Competition Association (IMCCA))/ /15 Comments

“Research is formalized curiosity…” – Z. Hurston In what follows I have tried to gather information from publicly available sources regarding some of the questions which have troubled my mind lately. It is hoped that the results would be of interest to the readers. For me, this proved to be one of my most exciting…