ITN

ITN  |  Monday June 12th, 2017

Resources and Events

Resources published between February and May 2017; events between June and August 2017

ITN  |  Monday March 13th, 2017

News in Brief

SIAC Investment Arbitration Rules come into effect; new SCC rules include appendix on investment treaty disputes On January 1, 2017, the Investment Arbitration Rules of the Singapore Investment Arbitration Centre (SIAC) came into effect. Among the highlights are provisions on early dismissal of claims and defences, submissions by non-disputing parties and mandatory disclosure of third-party […]

ITN  |  Monday March 13th, 2017

Awards and Decisions

ICSID tribunal dismisses claims brought against Indonesia based on forged mining licences Churchill Mining PLC and Planet Mining Pty Ltd v. Republic of Indonesia, ICSID Case No. ARB/12/14 and ICSID Case No. ARB/12/40 Inaê Siqueira de Oliveira [*] After rendering separate decisions on jurisdiction¾one for the case brought by British company Churchill Mining PLC under the United […]

ITN  |  Monday March 13th, 2017

Resources and Events

Resources Treaty Shopping in International Investment Law By Jorun Baumgartner, Published by Oxford University Press, February 2017 The book examines the practice of treaty shopping—the strategic change of nationality or the strategic invocation of another nationality with the aim of accessing another investment treaty for purposes of investment arbitration—to investigate the challenges this practice poses […]

ITN  |  Monday March 13th, 2017

Treaty Shopping in International Investment Law

The book examines the practice of treaty shopping—the strategic change of nationality or the strategic invocation of another nationality with the aim of accessing another investment treaty for purposes of investment arbitration—to investigate the challenges this practice poses in investment arbitration.

ITN  |  Monday December 12th, 2016

News in Brief

Trump election affects mega-regional negotiations including TTIP, TPP and RCEP

Brazil and India initial Bilateral Investment Treaty (BIT); text yet to be published

CETA signed; Canada and European Union to “work expeditiously” on creating a Multilateral Investment Court

ITN  |  Monday December 12th, 2016

Awards and Decisions

Venezuela to Pay Us$1 Billion For Expropriating Canadian Mining Company’s Investment

ICSID Tribunal dismisses MFN Clause in WTO GATS as a means of importing Senegal’s consent to arbitration from third party BIT

PCA tribunal deemed acts of Polish Agricultural Property Agency not attributable to Poland

Claimant not considered Investor due to interpretation of “Seat” under Cyprus–Montenegro BIT

Ecuador’s Levy on extraordinary oil profits at a 99% rate has breached Murphy’s legitimate expectations, decides PCA tribunal

Ecuador ordered by PCA tribunal to pay $24 million to Canadian Mining Company

ITN  |  Monday May 16th, 2016

News in Brief

US$50 billion awards against Russia in Yukos Cases are set aside by Dutch Court

TTIP draft to be prepared by July; ISDS being built based on both EU and US proposals

China – US BIT: ISDS to be included; ongoing negotiations on negative lists

Three mining disputes: The first investment disputes against Colombia come to light

Canada-European Union CETA re-concluded in February to incorporate the EU ICS proposal

Second ICSID claim filed against Uruguay; Philip Morris decision still pending

Singapore International Arbitration centre releases investment arbitration rules

ITN  |  Monday May 16th, 2016

Awards and Decisions

ICSID Tribunal Awards Damages for Venezuela’s Indirect Expropriation of Steel Industry Investment

The first ICSID case against Guinea is dismissed for lack of Jurisdiction

Slovenia is condemned to pay 20 million euros in damagesand US$10 million in costs to Croatian National Electric Company

The only known investment treaty arbitration against Equatorial Guinea fails on jurisdictional grounds

ICSID tribunal orders Zimbabwe to return expropriated farms

ITN  |  Monday May 16th, 2016

The first ICSID case against Guinea is dismissed for lack of jurisdiction 

In a decision dated December 21, 2015, a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) ruled that it lacked jurisdiction to hear a case brought by Société civile immobilière de Gaëta (Gaëta) against Guinea under the Guinean Investment Code.

ITN  |  Monday May 16th, 2016

Slovenia is condemned to pay €20 million in damages and US$10 million in costs to Croatian national electric company

An award rendered on December 17, 2015 by an arbitral tribunal constituted under the auspices of the International Centre for Settlement of Investment Disputes (ICSID) added a new—and apparently final—chapter to a nearly 20-year-old conflict between the governments of Croatia and Slovenia over the supply of electricity generated by the Krško Nuclear Power Plant (Krško NPP), located in Slovenia.

ITN  |  Monday May 16th, 2016

ICSID tribunal orders Zimbabwe to return expropriated farms

In a 318-page award issued July 28, 2015 but only published February 2016, a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) ordered Zimbabwe to return farms it seized without compensation in 2005.

ITN  |  Monday May 16th, 2016

Resources and Events

UNCTAD Global Investment Trends Monitor No. 23

Switzerland’s Investment Treaties: Time for a change

Investment Court System Put To The Test: New EU proposal will perpetuate investors’ attacks on health and environment

IIA Issues Note: Taking stock of IIA reform

Alternative Visions of the International Law on Foreign Investment: Essays in honour of Muthucumaraswamy Sornarajah

Rethinking Bilateral Investment Treaties: Critical issues and policy choices

The WTO and International Investment Law: Converging systems

The Trans-Pacific Partnership, Part I: A deal too far

Sustainability Impacts of Chinese Outward Direct Investment: A review of the literature

Shifting Paradigms in International Investment Law: More balanced, less isolated, increasingly diversified

ITN  |  Monday February 29th, 2016

ICSID tribunal declines jurisdiction in case against Macedonia and orders investor to reimburse 80% of Macedonia’s legal fees and expenses

Guardian Fiduciary Trust Ltd, f/k/a Capital Conservator Savings & Loan Ltd v. Former Yugoslav Republic of Macedonia, ICSID Case No. ARB/12/31 In an award dated September 22, 2015, a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) declined jurisdiction to hear the case initiated by Guardian Fiduciary Trust Ltd (Guardian) against Macedonia […]

ITN  |  Monday February 29th, 2016

Quiborax awarded US$50 million against Bolivia, one-third of initial claim

Quiborax S.A. and Non-Metallic Minerals S.A. v. Plurinational State of Bolivia (ICSID Case No. ARB/06/2) On September 16, 2015, a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) ordered Bolivia to pay approximately US$50 million in compensation for the expropriation of a mining investment. The claimants were Chilean company Quiborax S.A. (Quiborax) […]

ITN  |  Monday February 29th, 2016

Trans-Pacific Partnership agreement signed in Auckland; UN independent expert calls on states to safeguard regulatory space

On February 4, 2016, trade ministers from twelve Pacific Rim nations met in Auckland, New Zealand, to sign the Trans-Pacific Partnership (TPP) agreement. On the eve of the meeting, UN Independent Expert on the promotion of a democratic and equitable international order, Alfred de Zayas, called on governments to issue an interpretative declaration on TPP, reaffirming their […]

ITN  |  Monday February 29th, 2016

Awards and Decisions

ICSID tribunal dismisses final claim for compensation in relation to Hungary’s 2008 termination of power purchase agreement Electrabel S.A. v. Republic of Hungary, ICSID Case No. ARB/07/1 Matthew Levine [*] A Belgian energy company—Electrabel S.A. (Electrabel)—has failed in its final claim under the Energy Charter Treaty (ECT). An International Centre for Settlement of Investment Disputes (ICSID) […]

ITN  |  Monday February 29th, 2016

ICSID tribunal dismisses final claim for compensation in relation to Hungary’s 2008 termination of power purchase agreement

Electrabel S.A. v. Republic of Hungary, ICSID Case No. ARB/07/1 A Belgian energy company—Electrabel S.A. (Electrabel)—has failed in its final claim under the Energy Charter Treaty (ECT). An International Centre for Settlement of Investment Disputes (ICSID) tribunal has found no breach of the ECT’s fair and equitable (FET) treatment standard by Hungary. In 2012 the […]

ITN  |  Monday February 29th, 2016

Tribunal dismisses all claims by U.S. mining investor against Oman

Adel A. Hamadi Al Tamimi v. Sultanate of Oman, ICSID Case No. ARB/11/33 A tribunal at the International Centre for Settlement of Investment Disputes (ICSID) dismissed all claims against Oman, in an award dated November 3, 2015. The claimant was Adel A. Hamadi Al Tamimi, a U.S. investor with controlling majority shareholdings in two mining […]

ITN  |  Monday February 29th, 2016

Ecuador’s audit on investment treaties: CAITISA reports leaked

Three reports by CAITISA, Ecuador’s citizen audit commission on bilateral investment treaties (BITs), were leaked by online newspaper Diagonal on January 24, 2016. CAITISA, formed by experts in foreign investment and international law, was created in 2013 by President Rafael Correa to examine the legitimacy and legality of Ecuador’s BITs and the impact of their application. The commission […]

ITN  |  Monday February 29th, 2016

Standing tribunal included in European Union–Vietnam FTA 

On December 2, 2015, the European Union and Vietnam signed a free trade agreement (FTA), closing three years of negotiations. The text, made public on February 1, 2016, includes the more traditional trade issues, including SPS and TBT, and trade facilitation, but also extends to other issues such as government procurement, competition policy, intellectual property, […]

ITN  |  Monday February 29th, 2016

Germany’s judges and public prosecutors reject proposed investment court system in TTIP

In a statement issued in early February 2016, the German Association of Judges (known by its German acronym, DRB) firmly rejected the proposal published by the European Commission on September 16, 2015 to establish an Investment Court System (ICS) under the Transatlantic Trade and Investment Partnership (TTIP) between the European Union and the United States. The DRB […]

ITN  |  Monday February 29th, 2016

Commission attempts to reopen CETA negotiations with Canada to revisit ISDS

EU officials are said to have requested the new Canadian federal government to revisit the ISDS clause in the Comprehensive Economic and Trade Agreement (CETA), according to reports by CBC News on January 21, 2016. CETA negotiations were announced as concluded in August 2014. The CETA provides for a more traditional-style ISDS mechanism, which is not in line with […]

ITN  |  Monday February 29th, 2016

UNASUR Arbitration Centre one step closer to being established

On January 19, 2016, experts from the Union of South American Nations (UNASUR) met in Montevideo, Uruguay, to finalize agreements regarding the proposed regional centre for the settlement of investment disputes. UNASUR is a regional intergovernmental organization of the 12 South American nations: Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Guyana, Paraguay, Peru, Suriname, Uruguay, and Venezuela. The […]

ITN  |  Monday February 29th, 2016

News in Brief

Trans-Pacific Partnership agreement signed in Auckland; UN independent expert calls on states to safeguard regulatory space On February 4, 2016, trade ministers from twelve Pacific Rim nations met in Auckland, New Zealand, to sign the Trans-Pacific Partnership (TPP) agreement. On the eve of the meeting, UN Independent Expert on the promotion of a democratic and […]

ITN  |  Monday February 29th, 2016

TransCanada initiates NAFTA arbitration against the United States over rejection of Keystone XL pipeline

On January 6, 2016, TransCanada initiated arbitration against the United States for “unreasonably delaying approval” of the proposed Keystone XL pipeline and ultimately denying, in November 2015, the company’s application for the required Presidential Permit. Alleging the United States breached its non-discrimination, expropriation, and fair and equitable treatment commitments under the North American Free Trade […]

ITN  |  Monday February 29th, 2016

European Commission gives in to pressures for increased transparency of TTIP texts

All 751 Members of the European Parliament (MEP) will have comprehensive access to all confidential documents relating to TTIP negotiations. The Parliament announced the agreement with the European Commission on December 2, 2015, after 11 months of negotiations. Under the operational arrangements, MEPs will be able to read the restricted “consolidated texts”—which reflect EU and U.S. compromises—in a […]

ITN  |  Monday February 29th, 2016

Resources and Events

Resources The Mining Policy Framework: Assessing the implementation readiness of member states of the Intergovernmental Forum on Mining, Minerals, Metals and Sustainable Development (IGF) – Synthesis Report By Alec Crawford, Published by IISD, October 2015 IISD, with support from the Canadian Department of Foreign Affairs, Trade and Development (DFATD), worked with three member states of […]

ITN  |  Thursday November 26th, 2015

Resources and Events

Resources The Law of Investment Treaties By Jeswald Salacuse, Published by Oxford University Press, July 2015 The book examines the law of international investment treaties, specifically in relation to its origins, structure, content, and effect, as well as their impact on international investors and investments, and the governments that are parties to them. Since publication […]

ITN  |  Thursday November 26th, 2015

News in Brief

UN Independent Expert Alfred de Zayas recommends abolishing current ISDS regime In a report circulated on August 5, 2015, UN Independent Expert on the promotion of a democratic and equitable international order, Alfred-Maurice de Zayas, recommended that states abolish the existing investor–state dispute settlement (ISDS) system. The full text of the report is contained in […]

ITN  |  Thursday November 26th, 2015

UN Independent Expert Alfred de Zayas recommends abolishing current ISDS regime

In a report circulated on August 5, 2015, UN Independent Expert on the promotion of a democratic and equitable international order, Alfred-Maurice de Zayas, recommended that states abolish the existing investor–state dispute settlement (ISDS) system. The full text of the report is contained in UN document A/70/285. The expert suggests replacing the ISDS regime with an […]

ITN  |  Thursday November 26th, 2015

Investment Court System proposed by European Commission

On September 16, 2015, the European Commission published its proposal on Investment Protection and Resolution of Investment Disputes and Investment Court System. While aimed primarily at the EU–U.S. negotiations for a Transatlantic Trade and Investment Partnership (TTIP), the proposal would replace the investor–state dispute settlement (ISDS) mechanism in all ongoing and future EU investment negotiations. The system would be […]

ITN  |  Thursday November 26th, 2015

Deal reached on Trans-Pacific Partnership

On October 5, 2015, trade ministers reached agreement on the Trans-Pacific Partnership (TPP). The trade and investment agreement includes 12 countries, representing 40 per cent of the global economy: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, United States, and Vietnam. Published on November 5, the text is available at http://www.tpp.mfat.govt.nz/text. Tariff reduction […]

ITN  |  Thursday November 26th, 2015

EU–U.S. negotiations: ISDS on hold and controversy on a leaked EU proposal for the sustainable development chapter; secrecy in TTIP negotiations still a concern

From October 19 to 23, 2015, EU and U.S. officials conducted the 11th round of TTIP negotiations in Miami, United States. The agreement, in negotiation since 2013, aims at liberalizing trade and investment between the two parties, which encompass 850 million people and over half of the world’s economy. Negotiators said “substantial progress” was made in […]

ITN  |  Thursday November 26th, 2015

ICSID tribunal renders interim decision on Ecuador’s environmental counterclaim in long-running dispute

Perenco Ecuador Limited v. Republic of Ecuador, ICSID Case No. ARB/08/6 Perenco Ecuador Limited (Perenco)—a French-owned oil and gas company—and the Republic of Ecuador have been involved in arbitration since 2008 under the France–Ecuador bilateral investment treaty (BIT) and certain concession contracts. An International Centre for Settlement of Investment Disputes (ICSID) arbitration tribunal has issued an Interim Decision on the Environmental Counterclaim (Interim Decision). The Interim Decision includes an […]

ITN  |  Thursday November 26th, 2015

Tribunal largely adopts independent expert’s damages findings in USD 405 million award to previous owners of an Argentine public utility company

Suez, Sociedad General de Aguas de Barcelona S.A., and InterAguas Servicios Integrales del Agua S.A. v. The Argentine Republic, ICSID Case No. ARB/03/17; and AWG Group Ltd. v. The Argentine Republic, UNCITRAL In a combined ICSID and UNCITRAL decision dated April 9, 2015, a unanimous tribunal awarded claimants Suez, Sociedad General de Aguas de Barcelona S.A. […]

ITN  |  Thursday November 26th, 2015

Energorynok had no ownership or control over energy-related economic activity; ECT case against Moldova dismissed

State Enterprise “Energorynok” (Ukraine) v. The Republic of Moldova, SCC Arbitration V (2012/175) Martin Dietrich Brauch A January 29, 2015 award by a tribunal under the Arbitration Institute of the Stockholm Chamber of Commerce has recently become public. The tribunal dismissed the claims by Ukrainian state enterprise Energorynok against Moldova under the Energy Charter Treaty […]

ITN  |  Thursday November 26th, 2015

Awards and Decisions

ICSID tribunal renders interim decision on Ecuador’s environmental counterclaim in long-running dispute Perenco Ecuador Limited v. Republic of Ecuador, ICSID Case No. ARB/08/6 Matthew Levine [*] Perenco Ecuador Limited (Perenco)—a French-owned oil and gas company—and the Republic of Ecuador have been involved in arbitration since 2008 under the France–Ecuador bilateral investment treaty (BIT) and certain concession contracts. An International Centre for Settlement of Investment Disputes […]

ITN  |  Thursday November 26th, 2015

Negotiations Kick Off on a Binding Treaty on Business and Human Rights

The inaugural session of the Open-ended Intergovernmental Working Group for the Elaboration of an International Legally Binding Instrument on Transnational Corporations and Other Business Enterprises (TNCOBEs) with respect to Human Rights (the Working Group) marks the beginning of a process to negotiate a binding treaty on business and human rights. The session took place four […]

ITN  |  Tuesday August 4th, 2015

Resources and Events

Resources The Origins of International Investment Law: Empire, environment and the safeguarding of capital By Kate Miles, Published by Cambridge University Press, July 2015 This book examines the historical evolution of international investment law (IIL), from its origins in the commercial and political expansionism of dominant states during the 17th to early 20th centuries to the continued […]

ITN  |  Tuesday August 4th, 2015

Looking to Venezuela’s Investment Law, majority finds that Venoklim was not a foreign investor and dismisses case against Venezuela; claimant-appointed arbitrator dissents

Venoklim Holding B.V. v. Bolivarian Republic of Venezuela, ICSID Case No. ARB/12/22 The majority of a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) dismissed an expropriation case against Venezuela on jurisdictional grounds, finding that the investor did not qualify as a foreign national under Venezuela’s Investment Law. The award was rendered on […]