Corporate Restructuring, ICSID, ICSID contract-based disputes, ICSID Convention, ICSID denunciation, MFN extension, Peru, Sunset clause
What if Peru (or Another Country) Leaves the ICSID Convention? Possible Recourses for Investors Facing a Potential Change in the Game
Before winning Peru’s presidential race in June 2021, Peruvian President Pedro Castillo vowed to withdraw Peru from the ICSID Convention and to renegotiate several of the country’s Bilateral Investment Treaties (“BIT’s”). According to the then-presidential candidate’s government plan (chapter XXI), ICSID tribunals are biased and “at the service of the multinational companies” in prejudice of…