On June 11, 2020, an ICSID ad hoc committee issued a unanimous decision to annul a €128 million award against Spain in its entirety.
The ICSID has lifted the suspension on the execution of the €290 million award NextEra obtained a year ago.
Pakistan’s chances of having its $6 billion penalty in the Reko Diq case annulled have received a boost with a committee of the International Centre for Settlement of Investment Disputes (ICSID).
In 2019, arbitration finance has figured in at least 20 ICSID arbitrations. The ability to finance the pursuit of unpaid arbitration awards is perceived as the most significant benefit of arbitration finance to companies.
The basis of a claim in ISDS is always the applicable international investment agreement. There would always be differences and inconsistencies with an appellate mechanism.
Pakistan has asked a US federal court to pause an Australian copper company’s bid to enforce a $6 billion arbitral award while it looks to have the award nixed.
Romanian and US environmental justice activists demonstrated in Washington, DC, outside a World Bank tribunal hearing on a case brought by Canadian-based Gabriel Resources.
In amending the current rules, the ICSID aims to ultimately make the procedure less paper-intensive by using technology for the digital transmission of documents and case procedures.
Thanks to the World Bank’s flawed and corrupt investment arbitration process, the rich are making a fortune at the expense of poor countries.
The signing of an investment treaty involves a unilateral loss of sovereignty on the part of the host state, which is ultimately deemed necessary to attract foreign capital.
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.