mining
The award granted WWM over US$ 40 million in damages, in addition to a substantial portion of its legal costs incurred in the proceeding.
Barrick Gold Corp said it had reached a deal to settle a long-running tax dispute between Tanzania and mining group Acacia.
The Adviser to Prime Minister on Finance and the Attorney General for Pakistan are meeting with the company’s board.
Leaked agenda shows Brazil’s environment minister will meet with BASF, Bayer, VW and British fossil fuel and mining interests.
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 government is going to challenge the verdicts of International Centre for Settlement of Investment Disputes (ICSID), said Minister for Power Division.
A World Bank tribunal has ordered Colombia to repay a $19 million fine it levied on Glencore’s coal mining subsidiary Prodeco.
Lydian International’s Amulsar gold project in Armenia may have to go through a fourth environmental review in less than a year.
The Reko Diq mine case shows the overreach of a secretive arbitration system.
Lydian had threatened to go to arbitration if forced to shut it down.
The tribunal determined that Stans prevailed on jurisdiction and on the merits of its claim, awarding Stans a sum of approximately US $24 Million inclusive of damages, interest, and costs.
Tethyan Copper Company (TCC) has approached a court in the United States for enforcement of US$6 billion penalty imposed on Pakistan
TCC is trying to use the $5.9 billion ICSID penalty to scare the Balochistan government into giving it the Reko Diq project.
In June 2000 the government in power signed a joint venture with Pakistan getting 25% and BHP getting bulk 75%. It was in violation of the internationally established practice of sharing half revenues.
UK registered mining company Lydian is using corporate courts to bully the Armenian government into cracking down on public protests that have successfully resisted a gold mine.
The Armenian government is currently being sued by a corporation for two thirds of its entire government budget. If the UK crashes out on 31 October, it could suffer a similar fate.
It is astounding that the Supreme Court judgment is being criticised due to an unfair award by the ICSID tribunal against Pakistan when that judgment is completely defensible.
The question for Pakistan now is what lesson can be learned from events that led to the ICSID Tribunal making a $5.9 billion award against the Government of Pakistan.
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.
Abolishing ISDS won’t solve all of the problems of global economic governance. But it seems a very good place to start.
0 | 20
