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US eyes suspending trade benefits for Argentina
The United States could soon suspend trade benefits for Argentina because of that country’s failure to pay awards in two long-running investment disputes with U.S. companies, a U.S. trade official said on Monday.
Africa: Coming Back to Bite
African governments once rushed into signing bilateral investment treaties to encourage FDI. Lawyers are now calling for new models.
Come and get me: Argentina is putting international arbitration to the test
Argentina has never threatened to quit ICSID. Its government insists it is open to honouring the awards. The only delay, it says, is that the claimants have not brought their rulings to a local court for collection.
Experts: More lawsuits to be filed against Venezuela in Icsid
Venezuela’s decision to leave the International Centre for Settlement of Investment Disputes (Icsid) may lead to further claims against the country in that court, said Diana Droulers, the executive director of the Arbitration Center, Caracas Chamber of Commerce.
Twenty Turkish firms file suit against Turkmenistan
The government of Turkmenistan faces legal action from twenty Turkish construction firms over broken contracts costing them more than $1 billion in losses, a spokesman representing the companies said on Wednesday.
Philip Morris takes Uruguay to international court because of tobacco-ban policy
One of the world’s biggest tobacco companies is launching a claim against Uruguay for considering the country’s legislation commercially damaging to the company. Philip Morris corporation has filed a claim at the International Centre for Settlement of Investment Disputes (ICSID), a World Bank branch.
Egypt probes illegal transactions
UAE companies that have invested in Egypt may stand to lose millions of dollars as the state runs an investigation into alleged corruption by former government officials who sold land and assets to investors below market prices, lawyers say.
Damac threatens international arbitration over Egyptian conviction
Damac Properties is to fight the conviction of its chairman on Egyptian corruption charges by filing a case with the International Center for Settlement of Investment Disputes (ICSID), the company announced yesterday.
Organizations launch a campaign against Bilateral Investment Treaties
Various organizations and social networks in Latin America launched a Continental Campaign against bilateral investment treaties and the International Centre for the Settlement of Investment Disputes.
Vivendi: Arbitrator Reaffirms Ruling, $105M Award Vs Argentina
French media conglomerate Vivendi (VIV.FR) Tuesday said the International Centre for Settlement of Investment Disputes, or ICSID, reaffirmed its original ruling and financial award in favour of the company in a long-running dispute with Argentina.
World Bank approves mining company suit against El Salvador
In a decision with implications for the national sovereignty of member states under US trade pacts, a World Bank tribunal has approved a Canadian mining company’s controversial lawsuit against the government of El Salvador.
Argentina scores second win in World Bank arbitration committee
The International Center for Settlement of Investment Disputes, or Icsid, dismissed the claims lodged by Enron Creditors Recovery Corp and Ponderosa Assets L.P. late Friday.
ICSID cancels another sentence against Argentina
A committee of the International Centre for Settlement of Investment Disputes (ICSID) ruled in favour of Argentina and cancelled a decision by which it had been condemned to pay more than US$106 million to shareholding companies of the local Southern Gas Conveyor (TGS)
Ghana wins arbitration dispute with German investor
The International Centre for Settlement of Investment Disputes (ICSID) has, in a landmark ruling, granted an award in favour of Ghana over an arbitration dispute instituted against her on September 24, 2007 by a German investment company, Gustav F. W. Hamester.
Latin America faces 61% of ongoing mining cases at the International Center for Settlement of Investment Disputes
In the context of high global prices for natural resources, particularly gold and oil, Latin American governments seeking to increase the benefits of those resources for their own people are finding themselves increasingly targeted by investor lawsuits.
Consortium building new Quito Airport takes Ecuador to ICSID
Corporacion Quiport S.A., the company building the new Quito international airport, has initiated arbitration proceedings at ICSID against the Republic of Ecuador in connection with its concession to maintain and operate the existing Quito airport and to construct and operate the New Quito International Airport (NQIA) being built outside Ecuador’s capital.
Quiborax claim against Bolivia continues; may provide first decision on effects of ICSID exit
Chilean Química e Industrial del Bórax Ltd. (“Quiborax”) will continue with its claim against Bolivia at the International Centre for Settlement of Investment Dispute (“ICSID”), despite reports of a settlement agreement and Bolivia’s renunciation of the ICSID convention. The case will likely shed the first light as to the effects of renouncing the ICSID Convention, a controversial topic over which no tribunal has yet to rule.
Ad Hoc Committee confirms Argentina is on the hook to Azurix for US$165 Million
Marking a final setback for Argentina in its protracted dispute with US-based water services firm Azurix Corp, on 1 September 2009 an ad hoc committee denied Argentina’s application to annul an ICSID tribunal’s previous decision awarding Azurix approximately US$165 Million for breach of Argentina’s obligations under the US-Argentina Bilateral Investment Treaty.
ICSID rejects Turkish Co $756m claim against Pak
An arbitral tribunal appointed by the International Centre for Settlement of Investment Disputes (lCSID) of the World Bank hearing a claim brought by a Turkish investor against the Islamic Republic of Pakistan has rejected all claims for breach of a bilateral investment treaty between the two countries.
US trade policies limit 52 governments’ use of capital controls to fight financial crisis
As the global economy descends further into crisis, a new report finds that U.S. trade and investment agreements with 52 countries have removed one tool that has proved effective in past crises: capital controls.