Activists are challenging rules that grant corporations the right to sue governments.
A proposal for a new form of international arbitration, with states abandoning sovereign rights to commercial dispute litigation in favor of resolution by arbitration, has provoked wide public interest and is now being drafted into an international model treaty.
A shareholder from the United Kingdom of the company Progas Pakistan has initiated international arbitration proceedings of $573 million against Pakistan for alleged expropriation of its LPG infrastructure in Karachi and the government has decided to vigorously contest the case.
Most trade lawyers across the country are lauding Canada’s ratification of the International Centre for Settlement of Investment Disputes Convention. But they glaze over the serious and far-reaching effects for Canadian public policy.
Tthe Harper government recently committed Canada to ratify the ICSID Convention.
The International Centre for Settlement of Investment Disputes (ICSID), in Washington, DC, will hear a case by Israeli investors seeking more than 100 billion forints (EUR 337m) in damages from the state of Hungary because of a failed casino investment, daily Magyar Nemzet said on its website on Saturday.
The federal government, which is facing financial crisis and seeking loans from IMF and other financial institutes, is willing to pay Rs90 million to a Pakistani law firm to plead its case in an international court.
Argentina has agreed to settle five separate investment treaty arbitration claims at a cost of around USD 500 million, in an historic departure from the Latin American state’s refusal to comply with awards made by international investment treaty arbitration bodies.
Canada has confirmed its ratification of the World Bank’s ICSID Convention by depositing its “Instrument of Ratification” with the International Centre for Settlement of Investment Disputes on Nov. 1, 2013.
Pakistan has landed in hot waters following the provisional decision of ICSID (international court for settlement of investment disputes) announced on October 16 which says that government of Pakistan should allow the Karkey’s vessel based power generation unit to move from Karachi port, as Supreme Court’s verdict is quite vivid that says that unless and until Karkey gives $ 128 million to Pakistan it cannot be allowed to leave the port, Pakistan Observer has learnt reliably.
Giving official reaction to the claim of Turkish firm Karkey Karadeniz ElektrikUretim regarding release of a power vessel, a senior official in the Attorney General’s office on Tuesday said that the World Bank-affiliated International Centre for Settlement of Investment Disputes (ICSID) had rejected Turkish company’s Rental Power Project (RPP) Karkey claim against Pakistan.
Frustrated with the BITs and its arbitration, a growing number of governments have retreated from the system.
The Turkish power firm Karkey Karadeniz Elektrik Uretim (KKEU) has approached the Washington based International Centre for Settlement of Investment Disputes (ICSID) against Pakistan’s water and power ministry and also served a Rs33billion damage notice on the ministry, sources said on Wednesday.
Sanum Investments Limited ("Sanum") had seemingly found a winning formula with its hospitality and entertainment enterprises in Lao PDR, until the Government arbitrarily revoked licences, cancelled concessions, imposed wrongful tax penalties and, most significantly, forcibly took control of its highly lucrative Thanaleng Slot Club.
Concerns about objectivity and accountability of investment dispute arbitrators have prompted calls for tougher ethical guidelines as caseloads have exploded.
Latin American states are the only ones in the world that have decided to withdraw from the ICSID Convention. It is also the only region in the world considering the necessity to find an alternative to ICSID mechanism.
A Turkish power generation company has filed a case against the Pakistan government at ICSID for compensation of losses worth 700 million dollars
A new paper from the Democracy Center sheds an urgent public light on the system of international investment rules and arbitration tribunals that is being used by corporations to undermine citizen and government action on a range of urgent social and environmental issues.
Dispute settlements between investors and states saw 62 new cases initiated last year, the highest number of known treaty-based disputes filed in a year, according to a report by the United Nations Conference on Trade and Development (Unctad) in March.
Dispute settlements between investors and states saw 62 new cases initiated last year, the highest number of known treaty-based disputes filed in a year, according to a report by the United Nations Conference on Trade and Development (Unctad)