The Argentine government said it will try to annul a ruling by the World Bank’s International Centre for Settlement of Investment Disputes (ICSID) in favour of US company CMS Energy Corp.
Romania’s past treatment of foreign investors may soon come back to haunt its new government and an economic plan agreed with Brussels ahead of membership of the European Union. A World Bank arbitration panel, the Icsid, is expected to rule in coming weeks on a lawsuit seeking $350m (€270m, £180m) from the state brought by Noble Ventures, an American investment group.
Decision of ICSID Tribunal (July 17, 2003) in regard to objections to jurisdiction in CMS Gas Transmission Company vs The Republic of Argentina. CMS bases its claim against Argentina on a 1991 Argentina-US Bilateral Investment Treaty (BIT).
Recently, a central bank revoked the license of a bank owned by a foreign investor. The procedure followed conformed to domestic law to the letter, and it did not amount to a denial of due process.
Report authored by the FOCO team
In order to meet the requirements to submit its Las Cristanas dispute to international arbitration, junior explorationist Vanessa Ventures [VV] of Calgary, Alberta, has dropped five appeals to Venezuela’s Supreme Tribunal of Justice.
Bilateral Investment Treaties (BITs) have greatly proliferated in the last two decades, and play an increasingly significant role in global trade and investment protection.
The recent explosion of bilateral investment and trade agreements and investor-state disputes is of growing concern. Many mobilisations against the World Trade Organisation (WTO) aim to stop attempts by industrialised countries to kickstart talks on a multilateral investment agreement at September’s Cancun Ministerial meeting.