By Damon Vis-Dunbar 3 April 2009 A dispute related to oil derivatives entered into by Sri Lanka’s state-run petroleum utility has led at least one foreign bank to file arbitration proceedings against the Government of Sri Lanka. The state-run Ceylon Petroleum Corporation (CPC) entered into hedging contracts with a number of foreign and local banks […]
By Damon Vis-Dunbar 2 April 2009 (Note: a correction has been made to this article. An explanation is posted below). A group of European’s with a stake in South Africa’s granite-quarrying sector and the Government of South Africa have agreed to suspend arbitration proceedings* for two months. The claimants—several Italians and a Luxembourg corporation—allege that […]
By Damon Vis-Dunbar 30 March 2009 The American finance company CIT Group has reached a settlement with Argentina, bringing to close ICSID arbitration proceedings which began in 2003. CIT Group had been seeking some US$124 million for alleged violations of the US-Argentina bilateral investment treaty, in one of the many disputes that arose with foreign […]
The Effect of Treaties on Foreign Direct Investment: Bilateral Investment Treaties, Double Taxation Treaties and Investment Flows (Oxford University Press, 2009), edited by Karl P. Sauvant and Lisa E. Sachs. In recent years, the treaties and strategies promoting foreign direct investment (FDI) have changed dramatically. In particular, countries have liberalized their FDI laws and have […]
Por Elizabeth Whitsitt 2 de Marzo, 2009 En un laudo recientemente publicado, un tribunal constituido conforme a una solicitud de arbitraje bajo las reglas de arbitraje de la Comisión de Naciones Unidas para el Derecho Mercantil Internacional (CNUDMI) encontró culpable a la República Argentina por los daños infringidos a National Grid p.l.c. por un total […]
Por Damon Vis-Dunbar 3 de marzo 2009 Una ciudadana canadiense fue electa como la nueva secretaria del Centro Internacional de Arreglo de Diferencias Relativas a Inversiones (CIADI) del Banco Mundial, la sede de alto perfil que atiende arbitrajes entre inversor-estado. Meg Kinnear, quien ha trabajado como abogada para el Gobierno canadiense desde 1984, dejará su […]
By Damon Vis-Dunbar 23 March 2009 A South African judicial ruling has opened the door for two plaintiffs to seek compensation for alleged expropriation of their mineral rights, in a case that echoes the complaints made by European investors in a pending international arbitration against South Africa under bilateral investment treaties. The judgment* comes in response […]
6 March 2009 judgment of the Hight Court of South Africa (North and South Gauteng High Court, Pretoria) in Agri South Africa v the Minister of Minerals and Energy And Annis Mohr Van Rooyen v the Minister of Minerals and Energy
By Fernando Cabrera Diaz 16 March 2009 An ad-hoc committee formed under the rules of the International Centre for Settlement of Investment Disputes (ICSID) has ordered Argentina to put up US$75 million in escrow as a condition of a continued stay in the enforcement of an award. Under ICSID rules a party seeking the annulment […]
By Lauge Skovgaard Poulsen and Damon Vis-Dunbar 16 March 2009 Pakistan inked the first ever bilateral investment treaty (BIT) with the government of West Germany 50 years ago, before going on to accumulate one of the largest portfolios of BITs held by a developing country: some 47 in total, 35 of which were signed in […]
Por Elizabeth Whitsitt 16 de Febrero 2009 Hace quince años entró en vigencia el Tratado de Libre Comercio de America del Norte (TLCAN) y se convirtió en el primer tratado de comercio regional entre un país en desarrollo (México) y dos naciones desarrolladas (Canadá y los Estados Unidos de Norteamérica). Si bien surgieron un número […]
4 March 2009 Recently Published Regional Trade Agreements: Law, Policy and Practice, By David A. Gantz, Carolina Academic Press, 2009. This volume is designed to introduce the reader to the world of RTAs, for general understanding of the place of RTAs in the global trading system, appreciation of the context and legal content of particular RTAs, and […]
4 March 2009 Dear Sir, The lead article in the March 2009 issue of ITN regarding the election of Ms. Kinnear as ICSID Secretary-General is couched in unfortunate prose. The author seems to advocate a political role for the incoming Secretary-General. Indeed, the article states: “In light of the attention ICSID receives, the role of the […]
The European Court of Justice (ECJ) has ruled that certain clauses in Sweden and Austria’s bilateral investment treaties are incompatible with the European Community (EC) Treaty.
3 March 2009 Recently PublishedLaw and Practice of Investment Treaties: Standards and Treatment, By Andrew Newcombe and Lluís Paradell, Kluwer Law International, 2009. A new book on international investment law published by Kluwer Law International aims to provide a “a systematic, comprehensive and detailed statement of the law, along with applicable principles and policies …” […]
By Damon Vis-Dunbar 3 March 2009 A Canadian national has been elected as the new Secretary-General of the World Bank’s International Centre for Settlement of Investment Disputes (ICSID), the high-profile facility for investor-state arbitrations. Meg Kinnear, who has worked as a lawyer for the Canadian government since 1984, will leave her post as Director General […]
By Damon Vis-Dunbar 27 February 2009 The head of the Canadian Assembly of First Nations Peoples has voiced his support for a group of Canadian investors in a tobacco company who are suing the U.S. government for alleged violations of NAFTA Chapter 11. As ITN reported in January, the claimants – the tobacco company Grand […]
By Fernando Cabrera Diaz 20 February 2009 The Spanish investor Grupo Marsans is behind a claim against Argentina registered by the International Centre for Settlement of Investment Disputes on 30 January 2009. A spokesperson for the Madrid-based Grupo Marsans, Angel Del Rio, said his company had launched those proceedings through a holding company, Teinver S.A, […]
By Elizabeth Whitsitt 16 February 2009 Fifteen years ago the North American Free Trade Agreement (NAFTA) entered into force and became the first regional trade agreement between a developing country (Mexico) and two developed nations (Canada and the United States of America). While a number of criticisms and controversies have arisen with respect to different […]
By Damon Vis-Dunbar 10 February 2009 The majority of European Union Member States want to maintain the network of bilateral investment treaties (BITs) that exist between themselves, despite concerns by the European Commission that these treaties have been superseded by European Community law, according to a memo by the EU’s Economic and Financial Committee (EFC). […]
By Damon Vis-Dunbar 6 February 2009 Faculty at Columbia University in New York have called on U.S. President Barack Obama’s administration to address “imperfections” in the international legal regime that governs foreign investment. In a letter to the President, the academics write: “While the current international investment regime has been heralded as a great success, […]
By Fernando Cabrera Diaz 4 February 2009 Bolivian President Evo Morales has claimed victory in the 25 January 2009 national referendum on a new constitution for the Andean nation. The constitution passed just days after the Bolivian leader announced his government was finally taking control of the Chaco Petroleum Company, as part of the ongoing […]
By Fernando Cabrera and Damon Vis-Dunbar 29 January 2009 The Canadian tobacco manufacturer Grand River Enterprises Six Nations and the United State have filed memorials in a long-running NAFTA Chapter 11 dispute. The arbitration proceedings, which began in April of 2004, have been delayed several times due to challenges to jurisdiction and to one of […]
By Damon Vis-Dunbar 22 January 2009 The United Kingdom has formally declined to release a notice of arbitration delivered by an Indian citizen under the UK-India bilateral investment treaty, explaining that it would likely “prejudice relations between the United Kingdom and an international organisation; UNCITRAL.” UNCITRAL is a United Nations body responsible for international business […]
By Damon Vis-Dunbar 20 January 2009 The tribunal hearing a dispute between the Railroad Development Corporation (RDC) and Guatemala under the Dominican Republic – Central America – United States Free Trade Agreement (DR-CAFTA) has declined to clarify its 17 November 2008 decision on jurisdiction, following a petition by Guatemala. Guatemala had contested the tribunal’s jurisdiction […]
By Damon Vis-Dunbar 16 January 2009 The Illinois-based Continental Casualty Company has moved to annul an ICSID award that was largely in favour of the Republic of Argentina. In a 5 September 2008 ruling, Continental Casualty was awarded US$2.8 million, a small part of the US$112 million that the firm claimed from Argentina after its […]
By Damon Vis-Dunbar 15 January 2009 A Canadian pharmaceutical company delivered a notice of arbitration to the United States government in December 2008 under NAFTA’s Chapter 11 on investment. The US$8 million claim is rooted in the complicated legislation that governs how generic medications can be introduced to the U.S. market. Apotex Inc., which claims […]
Por Damon Vis-Dunbar 23 de Diciembre de 2008 Argentina ha rechazado el pedido de Siemens de suspender el procedimiento del Centro Internacional de Arreglo de Diferencias Relativas a Inversiones (CIADI) donde un comité está considerando la solicitud de Argentina de revisar un laudo dictado en 2007, después de que la firma alemana asumiera que había […]
Por Fernando Cabrera Díaz 23 de Diciembre de 2008 La República de Perú se ha defendido con éxito en contra de una demanda iniciada por la firma Aguaytia Energy LLC (AEL) con sede en Delaware. AEL ha reclamado US$142 millones en compensación por lo que según alega fue la violación de un acuerdo de estabilización […]
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 […]
By Damon Vis-Dunbar 23 December 2008 Argentina has refused calls by Siemens to suspend proceedings at the International Centre for the Settlement of Investment Disputes (ICSID) in which a committee is considering Argentina’s request to revise a 2007 award, following the admission that the firm’s Argentinean subsidiary paid government officials in order to obtain a lucrative […]
Por Fernando Cabrera Díaz 9 de Diciembre, 2008 El 1-2 de diciembre Noticias sobre Tratados de Inversión asistió a un seminario de dos días sobre arbitraje internacional en Quito, Ecuador, auspiciado por la Procuraduría General de Ecuador. El seminario se enfocó en el arbitraje internacional de inversión y su relación con la soberanía estatal. Se […]
By Damon Vis-Dunbar 12 December 2008 A Canadian mining company and its American subsidiary have threatened the government of El Salvador with a lawsuit after it failed to receive regulatory approval to begin digging for gold and silver in an area some 65 km from San Salvador. The proposed mine has drawn intense opposition from […]
As an arbitrator and one who does not have any connection with the Brazilian legal system, I can more particularly identify with the views of Weiler and de Oliveira. I can understand the confidence that Brazilians may have in their own courts when faced with the issue of resolving international investment disputes and the question […]
By Fernando Cabrera Diaz 9 December 2008 On 1-2 December Investment Treaty News attended a two-day seminar on international arbitration in Quito, Ecuador, hosted by Ecuador’s Attorney General’s Office. The seminar focused on international investment arbitration and its relation to state sovereignty. Opinions from different sides of the debate were voiced, including from Ecuadorean government […]
Por Elizabeth Whitsitt y Damon Vis-Dunbar 30 de Noviembre de 2008 En 1991, Brasil inició uno de los programas de privatización más grandes del mundo, vendiendo más de US$100 mil millones en activos. Diecisiete años más tarde, y con un Producto Interno Bruto (PIB) que califica como número diez en el mundo, Brasil es un […]
Por Damon Vis-Dunbar 26 de Noviembre 2008 El primer arbitraje de inversión a ser iniciado bajo el Tratado de Libre Comercio entre la República Dominicana – América Central – Estados Unidos (TLCAC-RD) sigue avanzando después de que el Tribunal rechazara en noviembre una objeción a su jurisdicción presentada por Guatemala. Railroad Development Corporation (RDC), la […]
By Fernando Cabrera Diaz 30 November 2008 The government of Argentina is driving ahead with its plan to expropriate the country’s largest airline from its Spanish owners in the face of a threatened US$1 billion arbitration claim. The Madrid-based Grupo Marsans had agreed to sell the troubled Aerolineas Argentinas to the government in July, but […]
By Damon Vis-Dunbar 28 November 2008 An English court case reveals that an Indian citizen is quietly pursuing an investment-treaty claim against the United Kingdom under the India-UK bilateral investment treaty. Ashok Sancheti, a London-based lawyer of Indian nationality, brought the UK to arbitration in 2006 under the 1995 BIT. This is the only pending investment-treaty […]
The government of Ecuador will be hosting a seminar on International Arbitration and Administrative Law from 1-2 December 2008 in Quito. The seminar, which is intended to help build capacity within Ecuador’s in-house legal team, will cover a variety of topics, including the impact of international investment treaties on state regulatory authorities, International Chamber of […]
By Damon Vis-Dunbar 26 November 2008 The first investment arbitration to be launched under the Dominican Republic – Central America – United States Free Trade Agreement (DR-CAFTA) is moving forward after the Tribunal dismissed Guatemala’s objection to jurisdiction in November. The Railroad Development Corporation (RDC), a U.S. company that won a public bid through its […]
By Damon Vis-Dunbar 21 November 2008 Tanzania is losing large amounts of money from foreign investment in the mining sector due to low royalty rates and generous tax exemptions, while contracts with so-called stabilization clauses have locked the government into this tax regime for up to 50 years, says a report published by a consortium […]
By Damon Vis-Dunbar 13 November 2008 The Canadian government has been sent two letters from outdoor tour companies signaling intent to sue for alleged breaches of the North American Free Trade Agreement. Both outfitters complain that their businesses suffered when the Province of Quebec changed the rules for distributing fishing licenses. The two businesses led […]
On 2-4 November 2008, the International Institute for Sustainable Development, the South Centre, and the Moroccan Department of Investment held the 2nd Annual Forum of Developing Country Investment Negotiators in Marrakech, Morocco. The First Annual Forum of Developing Country Investment Negotiators was held in Singapore on 1-2 October 2007, and was attended by over 30 negotiators […]
By Fernando Cabrera Diaz and Damon Vis-Dunbar 29 October 2008 A tribunal has been constituted in an arbitration that pits a group of Canadian investors against the government of Costa Rica. The claimants—Vancouver-based Quadrant Pacific Growth Fund L.P. and Conasco Holdings Inc—allege that Costa Rican authorities failed to protect their orange plantations from peasants who […]
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. […]
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 […]
By Damon Vis-Dunbar 23 October 2008 One of the world’s largest chemical manufacturers may sue the Canadian government over the ban of a lawn pesticide in the Province of Quebec. The Canadian government revealed on 21 October that, some two months earlier, it was served with a “Notice of Intent” by Dow AgroSciences LLC, a […]
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 […]
By Damon Vis-Dunbar 21 October 2008 Nonparties wishing to intervene in an international arbitration launched by Italian miners against the government of South Africa have been offered a set of procedures to follow. A two-page document, available from the ICSID secretariat, summarizes the allegations made by the Italian miners, outlines the steps that need to […]