Investment Definition

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.

Analysis  |  Tuesday August 4th, 2015

The Brazilian Agreement on Cooperation and Facilitation of Investments (ACFI): A New Formula for International Investment Agreements?

Since the signing of the first Agreement on Cooperation and Facilitation of Investments (ACFI) by Brazil, in March 2015, English translations of the document and analyses of its innovative aspects have been published.[1] The hidden question is: to what extent do Brazil’s ACFIs innovate in the regulation of foreign investments? Alternatives to the current liberal […]

Analysis  |  Thursday May 21st, 2015

The Brazil–Mozambique and Brazil–Angola Cooperation and Investment Facilitation Agreements (CIFAs): A Descriptive Overview

Brazil and Mozambique signed on March 30, 2015 the first Cooperation and Investment Facilitation Agreement (CIFA) based on Brazil’s new model bilateral investment treaty (BIT). The second was signed on April 1, 2015 between Brazil and Angola. Unlike traditional BITs, which are geared towards investor protection, the CIFAs focus primarily on cooperation and investment facilitation. […]

ITN  |  Monday January 14th, 2013

Awards and Decisions

US$1.76 billion dollar award levied against Ecuador in dispute with Occidental; tribunal split over damages   Occidental Petroleum Corporation and Occidental Exploration and Production Company v. The Republic of Ecuador, ICSID Case No. ARB/06/11 Damon Vis-Dunbar The Republic of Ecuador has been ordered to pay US$1,769,625,000 billion in damages—the largest award to be handed down […]

ITN  |  Friday April 13th, 2012

Awards and Decisions

US court vacates award against Argentina BG Group Plc v. Argentina Lise Johnson A US appellate court has vacated an award against Argentina in a decision that may give investors pause before attempting to bypass treaty provisions requiring that they first pursue their claims in the host state’s courts. The long course of the dispute […]

The White Industries Arbitration: Implications for India’s Investment Treaty Program

In November 2011, an arbitral tribunal found the Republic of India guilty of violating the India-Australia bilateral investment treaty (BIT). It is the first known investment-treaty ruling against India, despite the fact that the country has a mammoth portfolio of BITs with more than 70 countries. News of the award broke only in February 2012.[i] […]

Defining an ICSID Investment: Why Economic Development Should be the Core Element

A dispute will only fall within the jurisdiction of the International Centre for Settlement of Investment Disputes (ICSID) if it directly arises out of an ‘investment’, as is provided by Article 25(1) of the Convention for the Settlement of Investment Disputes between States and Nationals of Other States (ICSID Convention). However, not only does the ICSID Convention fail to provide any definition of what constitutes an ‘investment’, the drafters of the ICSID Convention, in fact, made an express decision not to include such a definition. This absence has given rise to interesting issues of interpretation as ICSID tribunals have sought to arrive at an understanding of how the term ‘investment’ should be properly understood for the purposes of the ICSID Convention.

Mission Creep: International Investment Agreements and Sovereign Debt Restructuring

As members of the Eurozone are now acutely aware, the lack of a sovereign debt restructuring regime is one of the most glaring gaps in the international financial architecture. That said, this summer’s decision by a tribunal of the International Centre for Settlement of Investment Disputes (ICSID), which grants a bilateral investment treaty (BIT) jurisdiction […]

ITN  |  Thursday January 12th, 2012

Awards and Decisions

Arbitrator sharply critical of majority decision in Italian bondholder claim against Argentina Abaclat and Others (Case formerly known as Giovanna a Beccara and Others) v. Argentine Republic, ICSID Case No. ARB/07/5 Damon Vis-Dunbar Professor Georges Abi-Saab has delivered a sharply worded dissent against a decision that granted jurisdiction to an ICSID case involving tens of […]

ITN  |  Friday October 7th, 2011

Awards and Decisions

Mass claim in Argentine bond dispute is granted ICSID jurisdiction Abaclat and Others (Case formerly known as Giovanna A Beccara and Others) and The Argentine Republic, Decision on Jurisdiction and Admissibility, ICSID Case No. Arb/07/5 Damon Vis-Dunbar An ICSID tribunal has accepted jurisdiction to hear a claim by tens of thousands of Italians who claim […]

ITN  |  Tuesday July 12th, 2011

Awards and Decisions

Swiss claimant fails jurisdictional stage for not qualifying as an ‘investor’ Alps Finance and Trade AG v. Slovak Republic Damon Vis-Dunbar A claim against the government of Slovakia has failed after a three-member tribunal declined jurisdiction. The tribunal determined that the claimant was not an “investor” as intended by the Switzerland-Slovakia bilateral investment treaty. In […]

ITN  |  Thursday April 7th, 2011

Awards and decisions

UK firm victorious in dispute with Russia, but damages much less than claimed RosInvestCo UK Ltd.  v. The Russian Federation, SCC Case No. Arb. V079/2005 Lise Johnson In an award dated 12 September 2010, the tribunal in RosInvestCo v. Russian Federation issued an award in which it found that the Russian Federation had unlawfully expropriated […]

ITN  |  Thursday December 16th, 2010

Awards and decisions

Georgia loses dispute with Greek and Israeli oil investors Ioannis Kardassopoulos and Ron Fuchs v. The Republic of Georgia (ICSID Case Nos. ARB/05/18 and ARB/07/15) Martin D. Brauch Two oil traders have been awarded more than US$45 million each in damages from the Republic of Georgia in an ICSID award that advances a broad interpretation […]

ITN  |  Thursday September 23rd, 2010

Awards and Decisions

Argentina on the hook for breach of Fair and Equitable Treatment Suez, Sociedad General de Aguas de Barcelona S.A., and Vivendi Universal v. Argentine Republic (ICSID Case No. ARB/03/19) Lise Johnson On 30 July 2010, the ICSID tribunal in Suez, Sociedad General de Aguas de Barcelona S.A., and Vivendi Universal v. Argentina issued a decision […]

ITN  |  Tuesday January 12th, 2010

UNCITRAL Tribunal determines that wheat supply contracts are not “investments” under Swiss-Uzbekistan BIT

By Elizabeth Whitsitt January 13, 2010 Swiss-based firm Romak S.A. has lost a protracted dispute against the Republic of Uzbekistan regarding alleged non-payment for wheat shipments to the country during the mid-1990s. On November 26, 2009 an arbitral tribunal composed of Fernando Mantilla-Serrano, Nicolas Molfessis and Noah Rubins dismissed Romak’s claims against the Republic of […]

ITN  |  Sunday November 1st, 2009

Cementownia claim against Turkey found to be “manifestly ill-founded”

By Elizabeth Whitsitt November 3, 2009 On September 17, 2009 an ICSID tribunal dismissed yet another claim initiated against the Republic of Turkey by an entity, Cementownia “Nowa Huta” S.A. (“Cementownia”), operated by the Uzan family.  As previously reported*, the Uzans are a wealthy Turkish family whose members have been enmeshed in multiple disputes around […]

ITN  |  Sunday November 1st, 2009

ICSID Tribunal Confirms that Allegations of Corruption Must Be Substantiated by “Clear and Convincing Evidence”

By Elizabeth Whitsitt November 3, 2009 On October 8, 2009 an ICSID tribunal, composed of Professor Piero Bernardini, Mr. Arthur W. Rovine, and Mr. Yves Derains, confirmed that allegations of corruption against a state will not be taken lightly.  In dismissing all claims by EDF (Services) Limited (“EDF”) against Romania, the tribunal’s decision affirms that […]

ITN  |  Thursday April 23rd, 2009

Malaysian Historical Salvors jurisdictional award annulled; committee split on question of economic development as criteria of ICSID investments

By Damon Vis-Dunbar 23 April 2009 The members of an ICSID committee hearing an annulment request in Malaysian Historical Salvors v. the Government of Malaysia have come to starkly different conclusions on whether a foreign investment must contribute to the economic development of the host state in order to fall within the ambit of ICSID […]

ITN  |  Monday April 20th, 2009

Tribunal disqualifies "abusive" claim by Phoenix Action against the Czech Republic

By Damon Vis-Dunbar 20 April 2009 A three-member tribunal has disqualified a claim by the Israeli-based Phoenix Action LTD, concluding that its purchase of two Czech companies was solely a pretext for exploiting the Israel-Czech Republic bilateral investment treaty. The jurisdictional award rendered on 15 April 2009 charges Phoenix Action with “an abuse of the […]

ITN  |  Friday January 9th, 2009

Tribunal pierces the corporate veil in jurisdictional decision involving Argentina

By Damon Vis-Dunbar 9 January 2009 Two out of three members of an ICSID tribunal have declined jurisdiction in a claim brought by TSA Spectrum de Argentina S.A. (TSA) against the Argentine Republic under the Netherlands-Argentina bilateral investment treaty, having determined that TSA is not covered by the treaty because it is owned by an […]

ITN  |  Tuesday October 28th, 2008

Société Générale passes jurisdictional hurdle in dispute with Dominican Republic; controversy erupts over press release

By Fernando Diaz Cabrera 28 October 2008 Lawyers for the Dominican Republic have accused a subsidiary of the French financial services company Société Générale of breaking confidentiality rules in an ad-hoc arbitration when it issued a press release announcing that the tribunal had ruled in its favour by rejecting the Dominican Republic’s objections to jurisdiction. […]

ITN  |  Friday October 24th, 2008

Jurisdictional decision sees light of day in dispute between a Greek claimant and Serbia-Montenegro

By Damon Vis-Dunbar 24 October 2008 A previously unpublished 2006 partial award on jurisdiction in an arbitration between a Greek industrial group and the government of Serbia  and Montenegro was released in October 2008, providing a fuller description of the little-publicized dispute. The row relates to a series of contracts between Mytilineos Holdings SA and […]

ITN  |  Wednesday October 22nd, 2008

Czech Republic fails to overturn partial liability award before Paris Court of Appeal

By Suzy H. Nikièma 22 October 2008 The Czech Republic’s effort to overturn a partial award on liability rendered in favour of a Croatian businessman has been rejected by a Paris court of appeal, while a separate challenge to a US$ 1.5 million ruling on damages is still pending. The awards in question arise out […]

Awards  |  Tuesday September 30th, 2008

Plama Consortium Limited v. Republic of Bulgaria: Honesty is the best policy

By Elizabeth Whitsitt 30 September 2008 In a 27 August 2008 decision, a tribunal has concluded that Plama Consortium Limited (PCL), a Cyprus firm, was not entitled to protections afforded under the Energy Charter Treaty (ECT), given that it had fraudulently misrepresented itself when it invested in a privatized refinery, Nova Plama AD. In addition, […]

ITN  |  Wednesday August 13th, 2008

News in Brief: Tribunal declines jurisdiction in African Holding Company of America, INC et Société Africaine de construction au Congo SARL (SAFRICA) v. République Démocratique du Congo

By Suzy H. Nikièma 13 August 2008 An ICSID tribunal has declined jurisdiction in a dispute over a failed construction contract between the Democratic Republic of Congo (DRC) and two U.S. investors. Two members of the three-person tribunal held that the dispute began when the investment was under the control of a Belgium company, therefore […]

ITN  |  Monday August 11th, 2008

TDM Call for Papers: The Notion of Investment – In Search of an Acceptable Definition

Transnational Dispute Management (TDM) is announcing a special issue dedicated to the notion of investment. The theme of the issue is: “The notion of investment: in search of an acceptable definition“. Contributions are invited from prospected authors with unpublished or previously published articles, conference papers, research papers, case studies. The recent arbitration awards where the […]