The ICSID, the World Bank’s international arbitration tribunal, ordered Argentina to pay 136.1 million dollars plus interest to the companies, EDF International, Saur International and León Participaciones Argentinas for breach of contract.
Argentina announced that it reached a $900 million preliminary accord to settle its pending debt with 50,000 Italian holders of defaulted Argentine government bonds. The Italian bondholders had sought about $2.5 billion at the ICSID.
Citizen opposition to the signing of the TPP will take place throughout the region, with joint mobilizations taking place in Peru and Argentina.
Abertis has hauled Argentina’s Attorney General’s Treasury Office before the World Bank’s Arbitration Dispute Settlement body (known as ICSID) for freezing tariffs applied to two concessions for motorways controlled by the Spanish company in Argentina.
Brazilian President Dilma Rousseff and her Argentinian counterpart, Mauricio Macri, have expressed confidence that the EU is committed to brokering a trade agreement with Mercosur.
Litigation finance treats litigation claims as financeable assets, just like real estate or receivables
Argentina filed with the U.S. District Court for the District of Columbia a petition to vacate an UNCITRAL arbitration award, which could have broader implications for determining partiality of arbitrators.
The dozens of cases that were initiated against Argentina as a result of the outburst of one of its worst economic and financial crises in late 2001 became an often-quoted sad illustration of many of these shortcomings of the ISDS system.
In the rush to oppose TTIP we mustn’t lose sight of the context in which the deal is being negotiated — the hundreds of bilateral treaties that give corporations the right to sue in secret ’trade courts’.
An international arbitral tribunal has just ordered Argentina to pay nearly 400 million Euro to Suez because in 2006, after years of conflict, Argentina renationalized the water services in Buenos Aires.
The Supreme Court on Monday shunned the republic’s latest appeal in a decade-long battle with BG Group plc, a British energy company that won a $185 million arbitration ruling against Argentina under a bilateral investment treaty.
Argentine cabinet chief Jorge Capitanich confirmed on Tuesday ’significant advances’ in the elaboration of Mercosur’s joint proposal to exchange with the European Union for discussions on a much delayed wide ranging cooperation and trade agreement.
Brazil and Argentina signed a deal over the weekend that seeks to guarantee importers will have enough U.S. dollars to pay for exports, a move to increase trade between both nations that has been hit hard by a sharp depreciation of the Argentine peso.
Corporations, backed by lawyers, use international investment agreements to scavenge for profits by suing Europe’s crisis countries.
Repsol, the Spanish oil company agreed to a $5 billion compensation deal with Argentina for the seizure of the company’s operations in that country, ending a bitter two-year dispute.
Mercosur is preparing for trade negotiations with the European Union and they include Argentina, said on Friday Brazilian finance minister. The comment seems to contradict other recent statements which said the trade deal with the EU will go forward with or without a reluctant Argentina.
Given the substantial problems with the current ICSID framework and the large number of cases currently pending against Argentina, denouncing the SID Convention and leaving the ICSID is the best course for the country.
Argentina has agreed to settle five separate investment treaty arbitration claims at a cost of around USD 500 million, in an historic departure from the Latin American state’s refusal to comply with awards made by international investment treaty arbitration bodies.
ATTAC Argentina declare that we reject the offer made by the Argentine government to pay 500 million dollars to five transnational corporations that sued our country before the International Centre for the Settlement of Investment Disputes (ICSID).
Why do we continue to be bound to this investment protection regime when it is not a determinant of FDI and makes it harder for us to retain our resources?