Las negociaciones para la modernización del Tratado sobre la Carta de la Energía están programadas para comenzar este año y ya se han anunciado una serie de temas para consideración de las partes. Este artículo examina las posibilidades de actualizar la presente formulación del TJE en el TCE y analiza cómo este estándar ha sido interpretado en arbitrajes pasados que involucran controversias relativas a las energías renovables. La autora se expresa a favor de incluir un requisito de diligencia debida, para ayudar a garantizar que los inversores se anticipen a los posibles riesgos que surgen de cambios en el marco regulatorio de los Estados.
El 14 de mayo, la Comisión Europea lanzó un borrador de directrices de negociación estableciendo el enfoque propuesto para “modernizar” el Tratado sobre la Carta de la Energía (TCE).
Tribunal del CIADI concluye que España incumplió sus obligaciones del TCE al no brindar una tasa de retorno razonable
RREEF INFRASTRUCTURE (G.P.) LIMITED Y RREEF PAN-EUROPEAN INFRASTRUCTURE TWO LUX S.A R.L. VS. EL REINO DE ESPAÑA, CASO DEL CIADI NO. ARB/13/30
India viola TBI con Alemania según tribunal de la CNUDMI con respecto a contrato de arrendamiento de espectro electromagnético
DEUTSCHE TELEKOM AG VS. LA REPÚBLICA DE INDIA, CASO DE LA CPA NO. 2014-10
Tribunal del CIADI constituido en virtud de cláusula de NMF declara a Turkmenistán culpable por violación de TJE por exigir a inversores que presenten un “smeta”, cálculo de gastos requerido por el derecho de Turkmenistán
GARANTI KOZA LLP VS. TURKMENISTÁN, CASO DEL CIADI NO. ARB/11/20
ANTIN INFRASTRUCTURE SERVICES LUXEMBOURG S.À.R.L. Y ANTIN ENERGIA TERMOSOLAR B.V. VS. EL REINO DE ESPAÑA, CASO DEL CIADI NO. ARB/13/31
Conferencia de Alto Nivel de la UNCTAD sobre los AIIs: Avanzando en el Abordaje de los Acuerdos Internacionales de Inversión de la Generación Anterior
Más de 300 expertos se reunieron en Ginebra para hacer un balance de la reforma orientada al desarrollo sostenible del régimen de tratados de inversión y analizar opciones de política para modernizar el inventario existente de tratados de la vieja generación. Los participantes reconocieron que la colaboración multilateral sería clave para abordar el complejo régimen de AII.
En su nuevo libro, Jonathan Bonnitcha, Lauge Poulsen y Michael Waibel desarrollan una estructura coherente para el análisis de políticas de los tratados de inversión que debería atraer interés mientras los gobiernos revisan sus políticas de tratados. Sostiene que los tratados de inversión tal como se aplican actualmente a menudo parecen estar mal adaptados para abordar inquietudes económicas identificables.
Kazakstán culpable por expropiación de inversión de la familia Hourani en segundo round de arbitraje del CIADI
Caratube International Oil Company LLP y Devincci Salah Hourani vs. la República de Kazakstán, Caso del CIADI No. ARB/13/13
El TBI entre Marruecos y Nigeria de 2016: Una Importante Contribución a la Reforma de los Tratados de Inversión
Dos países africanos en desarrollo responden a las críticas al régimen de inversiones. El tratado innovador ofrece protección a los inversores extranjeros sin comprometer la capacidad del Estado anfitrión para regular en el interés público.
Isolux Infrastructure Netherlands B.V. c. el Reino de España, Caso de la CCE Nro. V2013/153
Teinver S.A., Transportes de Cercanías S.A. y Autobuses Urbanos del Sur S.A. vs. La República Argentina, Caso del CIADI No. ARB/09/1
Eiser Infrastructure Limited y Energía Solar Luxembourg S.à r.l. vs. el Reino de España, Caso del CIADI No. ARB/13/36
WNC c. Chequia: tribunal desestima demanda de expropiación y decide que no posee jurisdicción sobre todas las otras demandas
WNC Factoring Limited vs. La República Checa, Caso de la CPA No. 2014-34
Otro Conflicto Normativo: Cómo se Relacionan el BEPS y la Tributación Internacional con los Tratados de Inversión
El proyecto de reforma de la Base Fiscal y el Traslado de Beneficios (BEPS) liderado por la OCDE trata las medidas corporativas con el fin de trasladar los beneficios a países de escala o nula tributación. Pero la ley de inversiones puede obstaculizar la implementación de esta reforma tan necesitada en el derecho tributario internacional.
Tribunal de la CCE desestima demandas entabladas por empresa británica y sus accionistas contra la República Checa
Anglia Auto Accessories Ltd. vs. La República Checa (Caso de la CCE No. V 2014/181) e Ivan Peter Busta and James Peter Busta vs. La República Checa (Caso de la CCE No. V 2015/014)
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 […]
Windstream Energy LLC v. Government of Canada, PCA Case No. 2013-22 An arbitral tribunal under Chapter 11 of the North American Free Trade Agreement (NAFTA) has reached the award stage. Although dismissing the discrimination and indirect expropriation claims, the tribunal upheld the claim of failure to provide fair and equitable treatment (FET), and ordered Canada […]
Peter A. Allard v. The Government of Barbados, PCA Case No. 2012-06 On June 27, 2016, a tribunal under the auspices of the Permanent Court of Arbitration (PCA) dismissed all claims by Canadian businessman Peter A. Allard against Barbados under the Canada–Barbados bilateral investment treaty (BIT) and the Arbitration Rules of the United Nations Commission […]
The Government of India has proposed a Joint Interpretative Statement to its bilateral investment treaty (BIT) partners. The statement clarifies key substantive and procedural provisions, bringing them more in line with India’s new foreign investment policy.
(English) During the 10th Annual Forum of Developing Country Investment Negotiators, held in Colombo, Sri Lanka, from November 7 to 10, representatives from Brazil and India announced that they had recently initialled a bilateral investment agreement (BIT).
Ecuador’s levy on extraordinary oil profits at a 99% rate has breached Murphy’s legitimate expectations, decides PCA tribunal
(English) Murphy Exploration & Production Company – International v. Republic of Ecuador, PCA Case No. 2012-16 (formerly AA 434) – Inaê Siqueira de Oliveira
India has started to send official notices to terminate bilateral investment treaties (BITs) to 57 partner countries with which it has BITs that have already expired or will expire in the near future. Moreover, to the 25 countries with which India has BITs with initial durations expiring from July 2017 onward, India has started to propose signing joint […]
(English) The long-expected final award has been rendered in the high-profile case initiated by tobacco giant Philip Morris in early 2010 against Uruguay over its tobacco control measures.
Philip Morris vs. Uruguay: todas las demandas desestimadas; Uruguay recibirá reembolso por US$7 millones
(English) Philip Morris Brands Sàrl, Philip Morris Products S.A. and Abal Hermanos S.A. v. Oriental Republic of Uruguay, ICSID Case No. ARB/10/7
(English) A tribunal at the International Centre for Settlement of Investment Disputes (ICSID) declared that it lacked jurisdiction in the case of Corona Materials LLC (a U.S. company) against the Dominican Republic.
Venezuela ordered to pay US$1.202 billion plus interest to Canadian mining company Crystallex for FET breach and expropriation
(English) In a 273-page award dated April 4, 2016, a tribunal at the Additional Facility (AF) of the International Centre for Settlement of Investment Disputes (ICSID) ordered Venezuela to pay US$1.202 billion plus interest to Canadian company Crystallex International Corporation (Crystallex).
(English) 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.
(English) Quiborax S.A. and Non-Metallic Minerals S.A. v. Plurinational State of Bolivia (ICSID Case No. ARB/06/2)
(English) UNCITRAL tribunal finds Canada’s environmental assessment breached international minimum standard of treatment and national treatment standard
(English) William Ralph Clayton, William Richard Clayton, Douglas Clayton, Daniel Clayton and Bilcon of Delaware Inc. v. Government of Canada, UNCITRAL
A Distinction Without a Difference? The Interpretation of Fair and Equitable Treatment Under Customary International Law by Investment Tribunals
Broad interpretations of the standard for fair and equitable treatment (FET) by investment tribunals have become a source of increasing controversy. In theory, linking FET to customary international law (CIL), which is formed through the “general and consistent practice of states” that they follow out of a sense of legal obligation (opinio juris), results in a standard of protection that is more deferential to the regulatory authority of governments than the “autonomous” standard. In practice, however, investment tribunals continue to construe even CIL-based FET provisions to impose broad limits on government authority by accepting, without any evidence of state practice or opinio juris, the pronouncements of previous tribunals as definitive evidence of the standard under CIL.
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 […]
Majority declines jurisdiction in claim against Argentina over domestic litigation requirement Daimler Financial Services AG v. Argentine Republic, ICSID Case No. ARB/05/1 Damon Vis-Dunbar A claim against Argentina by a subsidiary of the German automotive firm Daimler A.G. has failed on its merits because the claimant did not first bring the dispute to court in […]
The South African Development Community (SADC) Model Bilateral Investment Treaty Template and Commentary was completed in June 2012 by Member States of the Community. Its completion marks the end of an 18 month process of consultations and drafting among government representatives and is intended as a guide for member states in future investment treaty negotiations.
Claim against Slovakia dismissed, as tribunal complains of poorly presented case Jan Oostergetel and Theodora Laurentius v. The Slovak Republic Damon Vis-Dunbar A tribunal has dismissed a claim by a pair of Dutch investors against the Slovak Republic, finding no evidence that a “financial mafia” colluded with the Slovak government to bankrupt the claimants’ investment. […]
As governments increasingly turn to renewable energy to mitigate climate change, domestic climate-related policies in the form of price support measures such as feed-in tariffs (FiTs) have played an important role in stimulating the much needed investment—public and private, domestic and foreign—in the sector. Feed-in tariffs are characterized by guaranteed electricity purchase prices (set higher […]
[T]he Tribunal must balance the legitimate and reasonable expectations of the Claimants with […] [the] right to regulate the provision of a vital public service. This quote from an investment arbitration tribunal highlights the relationship between international investment law and the regulation of public services. This essay illustrates areas of contention between the requirements of […]
Australia to reject investor-state dispute resolution in TPPA The Australian government will not sign on to investor-state dispute resolution provisions in the Trans-Pacific Partnership Agreement (TPPA), according to an Australian government official. “We have made it clear that we will no longer be seeking investor-state dispute settlement provisions in trade agreements,” said the Australian Minister […]
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 […]
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 […]
Philip Morris v. Uruguay: Will investor-State arbitration send restrictions on tobacco marketing up in smoke?
For nearly two decades, the tobacco industry has used international investment rules to challenge governmentrestrictions on cigarette marketing. In 1994, R.J. Reynolds Tobacco Company threatened to bring a claim under the North American Free Trade Agreement’s (NAFTA) investment chapter as part of its successful lobbying campaign against Canada’s proposed “plain packaging” legislation, which would have […]
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 […]
The problem of moral hazard and its implications for the protection of ‘legitimate expectations’ under the fair and equitable treatment standard
While the concepts of sovereignty, human rights, the environment and the rule of law are often invoked in public debate about international investment treaties (IITs), there is relatively little discussion of the economic effects of such treaties. One of the most powerful legal protections provided by IITs is the protection of foreign investor’s ‘legitimate expectations’ under fair and equitable treatment (FET) provisions, which are common to most IITs. This article draws on economic theory—specifically, the notion of moral hazard—to elucidate some of the problems with broader interpretations of the doctrine of legitimate expectations.
The last two decades have witnessed an exponential increase in arbitral disputes between investors and states under international investment treaties. UNCTAD reports 357 known registered cases by the end of 2009; of those, 202 cases—or 57 percent—were initiated after 2004. Independent investment tribunals now regularly render binding decisions as to whether states have violated investment protection standards guaranteed under various bilateral and multilateral investment treaties—a phenomenon that has turned international investment law into one of the most dynamic fields of public international law.
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 […]
It is no longer a secret that there is a new wave of foreign investment in farmland, predominantly in Africa. An explosion of media reports and a series of studies by the World Bank, Food and Agricultural Organisation (FAO), International Fund for Agricultural Development (IFAD), United Nations Conference on Trade and Development (UNCTAD) and International Institute for Environment and Development (IIED), have confirmed the scale and consequences of this new influx of foreign investment. The World Bank report, by far the most comprehensive, found that reported deals amounted to 45 million hectares in 2009 alone.
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 […]
By Fernando Cabrera Diaz May 11, 2010 An ad hoc tribunal under UNCTIRAL Rules has awarded German investor Walter Bau AG more than 30 million Euros in its claim against Thailand over a tollway concession gone sour. The tribunal found that the failure of Thai authorities to approve toll hikes as contemplated in the concession […]
By Fernando Cabrera Diaz April 8, 2010 An international tribunal has found Ecuador in breach of the Ecuador-United States BIT for the failure of its courts to reach a timely resolution in seven breach-of-contract lawsuits filed by Texaco Petroleum in the early 90s. The tribunal awarded Chevron Corporation, who bought Texaco in 2001, almost US$700 […]
Oil transport company Tidewater Inc. initiates ICSID arbitration against Venezuela over expropriated assets
By Fernando Cabrera Diaz April 8, 2010 New Orleans-based Tidewater Inc. has initiated arbitration against Venezuela at ICSID over the latter’s alleged take-over of 15 of the company’s vessels in May and July of 2009. According to the company these and other seizures of the company’s assets amount to expropriations in violation of Venezuela’s bilateral […]