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ICSID


Pak moves int’l forum against Turkish power firm
The Ministry of Water and Power has approached the Washington-based International Centre for Settlement of Investment Disputes (ICSID) and challenged the jurisdiction of a tribunal which has been hearing a damage suit worth $334 million sought by a Turkish power firm, Karkey Karadeniz Elektrik Uretim (KKEU), against Pakistan.
World Bank tribunal threatens El Salvador’s development
Last week more than 300 international and national civil society organizations wrote to the president of the World Bank, Jim Yong Kim, during its biannual meeting in Washington, denouncing the bank’s involvement in the case of Pac Rim Cayman LLC v. El Salvador.
Indonesia should withdraw from the ICSID!
If there is dispute against the government, investors, be they foreign or local, they should bring their cases to the Indonesian judiciary or other available national dispute mechanisms.
World Bank’s ICSID rejects Venezuela "appeal" over ConocoPhillips expropriation
In a 2-1 decision, the World Bank’s arbitration panel has rejected Venezuela’s request for "reconsideration" of its September 2013 finding that it had jurisdiction and that Venezuela was liable for the expropriation of ConocoPhillips’ investments in the Latin American nation.
East Kutai may file criminal charges against Churchill
The local administration in East Kutai regency, East Kalimantan, has threatened to file criminal charges against British company Churchill Mining Plc for allegedly forging its mining permits to operate mine areas in the regency.
Turkish firm’’s claim: government seeks 20 days to file reply
Pakistan has sought a 20-day extension to file its reply to the International Centre for Settlement of Investment Disputes (ICSID) against a damage claim of $2.1 billion filed by Turkish firm M/s Karkey Karadeniz Elektrik Uretim. The sources said Pakistan had to submit its reply to the international body by February 28, 2014 but it was delayed due to a change in legal firm.
In for messy litigation
Several local newspapers misread the recent decision by the Washington-based International Center for Settlement of Investment Disputes (ICSID) as a verdict forcing the Indonesian government to pay over US$1 billion in compensation to the plaintiff, London-listed Churchill Mining Plc, in regard to its coal mining concessions in East Kalimantan.
Karkey files another $2.1b damages claim against Pakistan
Karkey Karadeniz Electricity Production Corporation (Karkey) has filed a memorial to the World Bank’s International Centre for Investment Disputes (ICSID) claiming $2.1 billion damages against government of Pakistan.
Smart move: Argentina to leave the ICSID
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.
The global fight against corporate rule
Activists are challenging rules that grant corporations the right to sue governments.
Born’s BAT gets set to fly
A proposal for a new form of international arbitration, with states abandoning sovereign rights to commercial dispute litigation in favor of resolution by arbitration, has provoked wide public interest and is now being drafted into an international model treaty.
LPG firm’s investor seeks compensation
A shareholder from the United Kingdom of the company Progas Pakistan has initiated international arbitration proceedings of $573 million against Pakistan for alleged expropriation of its LPG infrastructure in Karachi and the government has decided to vigorously contest the case.
Is ICSID really good for the Canadian taxpayer?
Most trade lawyers across the country are lauding Canada’s ratification of the International Centre for Settlement of Investment Disputes Convention. But they glaze over the serious and far-reaching effects for Canadian public policy.
Harper moves to give up more Canadian sovereignty
Tthe Harper government recently committed Canada to ratify the ICSID Convention.
Israeli investors seek damages from Hungary in international arbitration court
The International Centre for Settlement of Investment Disputes (ICSID), in Washington, DC, will hear a case by Israeli investors seeking more than 100 billion forints (EUR 337m) in damages from the state of Hungary because of a failed casino investment, daily Magyar Nemzet said on its website on Saturday.
Govt to cough up Rs90m for ICSID case
The federal government, which is facing financial crisis and seeking loans from IMF and other financial institutes, is willing to pay Rs90 million to a Pakistani law firm to plead its case in an international court.
Argentina settles five outstanding investment treaty arbitration claims in historic break with its anti-enforcement stance
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.
Canada ratifies World Bank’s ICSID Convention
Canada has confirmed its ratification of the World Bank’s ICSID Convention by depositing its “Instrument of Ratification” with the International Centre for Settlement of Investment Disputes on Nov. 1, 2013.
Pakistan seeks amendment in ICSID’s order
Pakistan has landed in hot waters following the provisional decision of ICSID (international court for settlement of investment disputes) announced on October 16 which says that government of Pakistan should allow the Karkey’s vessel based power generation unit to move from Karachi port, as Supreme Court’s verdict is quite vivid that says that unless and until Karkey gives $ 128 million to Pakistan it cannot be allowed to leave the port, Pakistan Observer has learnt reliably.
ICSID rejects Karkey’s claim against Pakistan
Giving official reaction to the claim of Turkish firm Karkey Karadeniz ElektrikUretim regarding release of a power vessel, a senior official in the Attorney General’s office on Tuesday said that the World Bank-affiliated International Centre for Settlement of Investment Disputes (ICSID) had rejected Turkish company’s Rental Power Project (RPP) Karkey claim against Pakistan.