An international arbitration court has rejected a request by Occidental Petroleum Corp. to stop Ecuador from seizing its assets in the Andean country, a government official said on Tuesday.
Vannessa Ventures Ltd. (the "Company") has an arbitral claim being heard in accordance with the rules of the International Centre for Settlement of Investment Disputes (ICSID) in Washington, D.C. where Vannessa is requesting remedies under the Bilateral Investment Treaty between Venezuela and Canada.
A high powered US delegation is arriving here on 18 of this month to hold talks with the Pakistani authorities to finalise the BIT, in the absence of which, Washington was unprepared to sign Free Trade Agreement (FTA) with Pakistan.
Pakistan has asked the United States to sign the proposed Bilateral Investment Treaty (BIT) by dropping its demand that in case of an arbitration only the Washington based International Centre for Settlement of Disputes (ICSID) should be approached for a decision.
Another international arbitral tribunal has weighed in on the question as to whether “Most-Favored Nation” treatment offers foreign investors access to more favorable dispute resolution options found in other treaties.
Bolivia faces an impending lawsuit for cancelling the water contract with Aguas del Illimani, the private consortium controlled by majority shareholder Suez. Thanks to a bilateral investment treaty signed between France and Bolivia, Suez has the right to sue the Bolivian government for breach of contract.
Sovereign states are the original right bearers. They have to denounce bilateral investment treaties or their most arbitrary clauses following the procedures provided, in accordance with the legal principles of democratic constitutions; to recover their legislative and jurisdictional powers, by retrieving their inherent jurisdiction which had been delegated to international foreign tribunals, allowing them to rule on the general regulatory or contractual policies of independent nations.
This article analyses some of the potential direct consequences of investment treaties on economic policies implemented by the Venezuelan public authorities
About 1 500 commercial farmers who have had their land forcibly and sometimes violently seized by Robert Mugabe’s government have taken their case to international arbitration.
The Argentine government said it will try to annul a ruling by the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) in favour of US company CMS Energy Corp.
Romania’s past treatment of foreign investors may soon come back to haunt its new government and an economic plan agreed with Brussels ahead of membership of the European Union. A World Bank arbitration panel, the Icsid, is expected to rule in coming weeks on a lawsuit seeking $350m (€270m, £180m) from the state brought by Noble Ventures, an American investment group.
Decision of ICSID Tribunal (July 17, 2003) in regard to objections to jurisdiction in CMS Gas Transmission Company vs The Republic of Argentina. CMS bases its claim against Argentina on a 1991 Argentina-US Bilateral Investment Treaty (BIT).
Recently, a central bank revoked the license of a bank owned by a foreign investor. The procedure followed conformed to domestic law to the letter, and it did not amount to a denial of due process.
Report authored by the FOCO team
In order to meet the requirements to submit its Las Cristanas dispute to international arbitration, junior explorationist Vanessa Ventures [VV] of Calgary, Alberta, has dropped five appeals to Venezuela’s Supreme Tribunal of Justice.
Bilateral Investment Treaties (BITs) have greatly proliferated in the last two decades, and play an increasingly significant role in global trade and investment protection.
The recent explosion of bilateral investment and trade agreements and investor-state disputes is of growing concern. Many mobilisations against the World Trade Organisation (WTO) aim to stop attempts by industrialised countries to kickstart talks on a multilateral investment agreement at September’s Cancun Ministerial meeting.