Pakistan has suffered at the hands of an unaccountable and defective dispute resolution mechanism at the hands of the ICSID, and following the examples of India, South Africa and Brazil, should never have become a part of the ICSID.
The Pakistan government has decided to challenge the award ICSID award that includes $4.08 billion penalty and $1.87 billion interest.
The International Center for Settlement of Investment Disputes (ICSID) of World Bank has rendered almost $6 billion (Rs950 billion) award against Pakistan in Reko Diq case.
Qatar International Court and Dispute Resolution Center (QICDRC) on Sunday entered into a pact with a World Bank body as part of plans to enhance its profile in the global judicial system and establish itself as a hub for dispute resolution.
The Cristina Fernández de Kirchner administration nationalised the airline in 2008, paying a symbolic one peso (30 US cents).
The ICSID Convention, which entered into force in 1966, establishes the institutional and legal framework for foreign investment dispute settlement.
The proposed amendments signal an effort to improve the procedural rules governing ICSID arbitration, but fail to appropriately address many concerns expressed and fall short of promoting meaningful reform of investor–state dispute settlement (ISDS).
National and international civil society organizations rebuffed the ICSID’s refusal to accept an Amicus Curiae within the process of the ongoing international arbitration brought forth by Canadian mining company Eco Oro Minerals Corp. against Colombia.
The very operational narratives of ICSID arbitrators inculcate an inherent bias towards foreign investors, who are overwhelmingly from European and North America.
The United Mexican States deposited its Instrument of Ratification of the Convention on the Settlement of Investment Disputes between States and Nationals of Other States with the World Bank.
The Freedom of Investment Roundtable considered a Secretariat paper on appointing authorities and the selection of arbitrators in ISDS
Shocking information from insiders tells us that the authorities are about to make a payment to the International Settlement of Investment Disputes of nearly US dollars 500,000 as a prepay for the three litigations.
Recent declarations made by members of the newly elected government of Ecuador reveal a reversal of its predecessor’s decision to denounce and withdrawal from the ICSID Convention, as well as all of Ecuador’s bilateral investment treaties
The EC claimed intra-EU investment treaty arbitration is in breach of EU law. If the CJEU were to confirm the decision of the EC, the application of the ICSID Convention within the EU would be seriously endangered.
Virtually all international investment disputes that are initiated against it may be subject to the conciliation and arbitration rules established in the Convention.
Mexico’s Secretary of the Economy signed theConvention on the Settlement of Investment Disputes between states and nationals of other states.
The recent Eiser v. Spain ICSID award is yet another example of a state being condemned to pay a large monetary sum merely because an investor has been economically disadvantaged by a reasonable and necessary regulatory change.
Update to Allen & Overy 2012 study shows increases on all metrics but, importantly, tribunals taking more nuanced and rigorous approach to parties’ costs
In a series of recent awards, ICSID tribunals have adopted contrasting (and apparently irreconcilable) approaches to Venezuela’s denunciation of the ICSID Convention.
This first part begins with a review of the law governing entering and denouncing the ICSID Convention, as well as of an important debate on the effects of withdrawing from it.