...Process 8 4: Compensation 9 Investment Treaties 9 Chapter 3: YPF; Yacimientos Petrolíferos Fiscales 13 Short history 13 April 2012 14 Chapter 4: Nationalization of YPF under international law 15 Access to the ICSID 17 Application of the law 18 Ad. 1: Public interest 18 Ad. 2: Discriminatory measures 19 Ad. 3:In accordance with the law (Due process) 20 Ad. 4: Adequate compensation 20 Conclusion 23 Bibliography 24 Introduction On the 16th April 2012 Argentine president Cristina Fernandez de Kirchner stated that her government was going to renationalize 51 per cent of the 58 per cent share of Yacimientos Petrolíferos Fiscales (YPF) owned by Repsol. YPF is the biggest Argentine oil company, since 1999 partly owned by the Spanish multinational Repsol. After months of negotiations the Argentine government accused Repsol of not investing sufficiently in YPF to maintain or recover reserves. Due to Repsol’s alleged neglect towards YPF the country was no longer self-sufficient in fuel. As result Argentina had to import fuel, at a huge expenditure each year, approximately 9 billion US$. On the 3rd of December 2012 Repsol filed a complaint against the Argentine government at the International Centre for the Settlement of Investment Disputes (ICSID). Argentina has many outstanding debts, even if Repsol would win the case with the...
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...the ICJ. * The court hands down a judgment that is adverse to state B. * State B refuses to comply with the judgment. Arbitration 3. There are facts that needs to be emphasized in this situation. * State C and State D are both signatories of the Washington Convention that created the International Center for the settlement of investment disputes (ICSID) * Both have notified ICSID that they consider all types of investment disputes as arbitrable. * Cee Co. is a multinational firm in state C, and state D asked Cee Co. to set up a subsidiary in its territory and promised Cee Co. that it would give it a tax holiday for 20 years. * Cee Co required state D to sign an ICSID arbitration agreement. * But the government of State D changed and has cancelled the tax holiday of Cee Co. * In anticipation of Cee Co. seeking ICSID arbitration, state D has informed ICSID that it no longer considers disputes relating to taxes as being arbitrable. Foreign Sovereign Immunities 4. There are facts that needs to be emphasized in this situation. * Cee Co. obtains an award from ICSID tribunal. * Cee Co. now seeks to enforce the award in a state...
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...------------------------------------------------- Team 129R 5th National Law School International Arbitration Moot Court Competition, 2012 ------------------------------------------------- ------------------------------------------------- In the matter of an Arbitration at, Somali City, Democratic Republic of Calona under the Calona-Nolania Bilateral Investment Treaty ------------------------------------------------- Wayne Electronics.........................................................................................................Claimant v. Democratic Republic of Calona……........................................................................Respondent ------------------------------------------------- (Arb/Cas/12/35) ------------------------------------------------- ------------------------------------------------- Memorandum for Respondent ------------------------------------------------- Table of Contents Table of Abbreviations I Index of Authorities IV Statement of Jurisdiction XI Statement of Facts XII Questions Presented XV Summary of Pleadings XVI Arguments Advanced 1 I. The Tribunal Does Not Have Jurisdiction Over The Claims Brought Before It. 1 A. The undertaking of the Claimant does not amount to an investment. 1 B. The Tribunal does not have jurisdiction over contractual matters. 2 1. The Tribunal does not have jurisdiction over contractual disputes because of an exclusive dispute resolution clause...
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...protect their rights in the investment. First is the ICSID Convention and it stands for the Convention on the Settlement of Investment Disputes, also known as the Washington Convention, which is formulated by the World Bank. The Convention made the establishment on the International Centre for Settlement of Investment Dispute, which is an international organization to solve the investment dispute between the contracting states and the nationals of other Contracting States. The aim of the Center is to “promote an atmosphere of mutual confidence between States and foreign investors conducive to increasing the flow of private international investment.” Otherwise, there are sets of rules about arbitration or conciliation. So after meeting the requirements, foreign investors can be protected efficiently according to the ICSID Convention when the States violate the agreements. Another one is the BITs and it means bilateral investment treaties. The purpose of the BITs is to make a benefit to the State and also for the benefit of an investor, so according to the BITs, the rights of the foreign investors can be protected successfully when the States violate agreements. Bibliography Anthony Connerty, Manual of International Dispute Resolution (Commonwealth Secretariat 2006) Blackaby, N. et al, Redfern and Hunter on International Arbitration– Student Version (OUP, Oxford 2009). H Street, N.W. ‘ICSID CONVENTION, REGULATIONS AND RULES’ Washington, D.C...
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... Jurisdiction 12 The procedure 14 The advantages of ICSID procedure 17 3.3. Important cases of ICSID arbitration 19 Occidental Petroleum Corporation v the Republic of Ecuador case 19 Phoenix Action Ltd. v. Czech Republic case 21 Vigotop Limited v Hungary case 23 3.4. The Role of Precedent in ICSID Arbitration 25 4. Multilateral Investment Guarantee Agency 28 4.1. General Provisions 28 4.2. MIGA and the settlement of investment disputes 31 Interpretation and Application of the Convention 32 Disputes between the Agency and Members 32 5. Conclusion 35 Bibliography 38 Introduction In my thesis, my topic is foreign investment and the relating regulation system, aimed at increasing economics in the area of international relations. First, I would like to present the definition of foreign investment, since in the past decade, investment, especially foreign direct investment has come to play a major role in the internationalization of business. The most profound effect has been seen in developing countries, where foreign direct investment flows have highly increased. Foreign direct investment is a key element in international economic integration, since it creates direct, constant and long-term relations between economies. Then I am going to summarize the dispute settlement mechanisms of investment agreements, especially the ICSID system, which is the most favorable dispute settlement method in the...
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...down a judgment that is adverse to State B. State B refuses to comply with the judgment. What can State A do to get State B to comply? 3. State C and State D are both signatories of the Washington Convention that created the International Center for the Settlement of Investment Disputes (ICSID). Both have notified ICSID that they consider all types of investment disputes as arbitrable. Cee Co. is a multinational firm incorporated in State C. State D asked Cee Co. to set up a subsidiary in its territory and promised Cee Co. that it would give it a tax holiday (i.e., not charge it any local taxes)for a period of 20 years. Cee Co. agreed, but it required State D to sign an ICSID arbitration agreement. The government in State D has changed, and the new government has cancelled all tax holidays granted to foreign firms, including Cee Co. In anticipation of Cee Co. seeking ICSID arbitration, State D has informed ICSID that it no longer considers disputes relating to taxes as being arbitrable. Cee Co. does ask ICSID to convene an arbitration tribunal. Does the tribunal have jurisdiction to proceed? Explain. 4. In the preceding question, assume that Cee Co. obtains an award from the ICSID tribunal. Cee Co. now seeks to enforce the...
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...3/7/2016 CHAPTER 3 Disputes involving private parties International disputes must either be heard • • DISPUTE RESOLUTION in a domestic system using domestic law (with the consent of both parties) unless the dispute is between 2 states (then an international tribunal/court can be convened). The law of the forum, where the dispute is being heard, will supply the procedural rules that will allow it to review the substantive matter (legal issues at stake). Disputes involving a private individual or company usually end up in a domestic court of a state. 3-1 © 2009 Pearson Education, Inc publishing as Prentice Hall Disputes between states 3-2 © 2009 Pearson Education, Inc publishing as Prentice Hall Are taken to an international tribunal, such as the ICJ (International Court of Justice) or the dispute resolution panel of the World Trade Organization (if both states are members) and the matter involves a trade in goods issue. The International Criminal Court (ICC) is a court of last resort which tries persons accused of the most serious crimes against humanity (crimes such as genocide). Settlement of Disputes in International Tribunals International Court of Justice International Criminal Court World Trade Organization Dispute Settlement Procedures 3-3 © 2009 Pearson Education, Inc publishing as Prentice Hall 4 © 2009 Pearson Education, Inc publishing as Prentice Hall 1 3/7/2016 ICJ...
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...institutions to handle, while an ad hoc one is conducted independently without such an organization and according to the rules specified by the parties and their attorneys. Ad hoc, or unadministered, arbitration is flexible, relatively cheap and fast way of dispute settlement – if the parties co-operate. When parties are not able to co-operate, the assistance of an institution to move the arbitration forward is necessary. One reason for the growth of arbitration is that there are now many arbitral bodies, and parties can select one that is best suited to their needs. Some organizations welcome any type of dispute. In contrast, there are organizations that specialize in particular types of disputes, such as those involving investments (e.g. ICSID) or that focus on a particular topic, such as...
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...International commercial arbitration is an alternative dispute resolution mechanism of solving disputes arises out of international trade and commerce. It has been vastly developed as one of the most efficient and preferable method of commercial dispute resolution internationally and resulting in the involvement of parties from around the globe that come from different legal systems. Now a day’s developing countries institutions are increasingly entering the IP market, and multiparty, multinational IP relationships are becoming more common, and even essential to socio-economic development. Through transactions involving these relationships scientific, technical, entrepreneurial, creative, and traditional knowledge is exchanged. This leads to increase a large number and type of international disputes. For resolving these disputes the arbitration mechanism is adopted as it resolve disputes (commercial or political) quickly through practical solutions rather than relying on the inflexible and lengthy processes of national litigation that the existing systems had to offer. In modern times, with the rapid growth and expansion of international business transactions Commercial arbitration is an efficacious alternative dispute resolution technique in business community. Though, it is a private, cost-effective and prompt method of resolving cross-border disputes, which makes the parties to opt for this mechanism over domestic litigation. But at the same time it is not a “neutral”...
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...Describe the various agencies of the World Bank Group and their missions. The World Bank Group is composed of five agencies: • the International Bank for Reconstruction and Development (IBRD) • the International Development Association (IDA) • the International Finance Corporation (IFC) • the Multilateral Investment Guarantee Agency (MIGA) • The International Center for Settlement of Investment Disputes (ICSID). In general, the World Bank Groups’ mission is to help with long-term growth in developing countries by providing funding for infrastructure, education, health and other necessary building blocks to establish a productive economy. The IBRD is the initial institution of the World Bank when it was establish after World War II to assist in the reconstruction of Europe and Asia. Today it has the stated goal to improve poverty in “middle-income countries’ and creditworthy poorer nations through sustainable development. They accomplish this through financial assistance (loans) as well as provide analysis and advice. The International Development Association (IDA) provides interest-free loans and grants to the world’s poorest countries. Similar to the IBRD the IDA promote economic growth by financing infrastructure, agriculture, health, education and similar activities, except the IDA services those countries which fall below the scope of the IBRD. The International Finance Corporation (IFC) supports development in the private sector by providing loans, offering management...
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...Write a 3-5 page papner describing the application of interest arbitration with regard to public sector employment. Within the assignment describe a recent high profile bargaining process between a union and a public sector employment organization (hospital, police, air traffic controllers, and teachers) in which issues were not resolved and the unresolved issues were sent to an impartial arbitrator for a final decision. Do you agree with the final ruling? Please support your stance with academic research. Please support your assignment with research and submit in APA format. Additionally, please submit your assignment in a paper format with a list of references (using APA standards) at the end of the assignment. Application of Interest Arbitration with Regard to Public Sector Organization Schuyler McKenzie One of the most popular method of solving disputes is through arbitration. American Arbitration Association (AAA) is the most popular arbitration in the world, as it has over 800 employees in 35 offices worldwide and represents over 8,000 arbitrators and mediators worldwide. Arbitration is actually an extremely old form of settling disputes between people, businesses, as well as between nations. The process itself is a private method of adjudication, which uses at least one arbitrator to resolve the dispute. Several companies have resulted to using arbitrational clauses within their contracts, as they have become more plentiful...
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...INTERNATIONAL FINANCIAL INSTITUTIONS • 1 Types o 1.1 Multilateral development bank o 1.2 Bretton Woods institutions o 1.3 Regional development banks o 1.4 Bilateral development banks and agencies o 1.5 Other regional financial institutions International financial institutions (IFIs) are financial institutions that have been established (or chartered) by more than one country, and hence are subjects ofinternational law. Their owners or shareholders are generally national governments, although other international institutions and other organizations occasionally figure as shareholders. The most prominent IFIs are creations of multiple nations, although some bilateral financial institutions (created by two countries) exist and are technically IFIs. Many of these are multilateral development banks (MDB). TYPES Multilateral development bank A multilateral development bank (MDB) is an institution, created by a group of countries, that provides financing and professional advising for the purpose of development. MDBs have large memberships including both developed donor countries and developing borrower countries. MDBs finance projects in the form of long-term loans at market rates, very-long-term loans (also known as credits) below market rates, and through grants. The following are usually classified as the main MDBs: • World Bank • European Investment Bank(EIB) • Asian Development Bank (ADB) • European Bank for Reconstruction and Development (EBRD) • Inter-American...
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...Inside Petrobras, opinion on how to respond to Ecuador’s actions was divided. One group was inclined to rely on the Brazilian government to assist in fashioning a broader political solution, similar to what happened in 2006 in response to the Bolivian government’s changes to Petrobras’s gas exploration and development contracts with that country. Another group advocated that, as a public company, Petrobras should act accordingly and seek compensation through international arbitration, perhaps at the International Center for Settlement of Investment Disputes (“ICSID”). (See Exhibit 2 for ICSID’s member States.) Petrobras When founded in 1953, Petrobras, Brazil's state-controlled oil company, was a vital symbol of national pride. "The oil is ours" was an oft-repeated slogan. The company was incorporated as a mixed-capital company1 with a government-granted monopoly for all crude oil and gas production, refining and distribution in Brazil. In 1997, Brazil enacted the so-called “Petroleum Law” to end the oil monopoly and open the oil and gas markets in Brazil to foreign investment. Restrictions on ownership by non-governmental entities of shares in Petrobras were lifted and foreign ownership of shares was permitted. In response to these changes, in August 2000, Petrobras was partially privatized through a listing of its shares (ADRs*) on the NYSE. As part of the company’s new strategy, it also sought additional opportunities to expand abroad. Petrobras’ International Expansion ...
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...Chapter 1: Globalization International Business consists of business transactions between parties from more than one country. Areas that change as you cross borders: boundaries, currencies, cultures, legal systems, availability of resources, and skills & knowledge. International Business Activities: • Exporting and importing: countries can depend heavily on exports, e.g. Netherlands 83%. You can import and export services (invisible traders) or goods (visible trade). Most secure way to test if your good can be well received by another culture. • International investments: Two options. Foreign Direct Investment opens a store in the host country with the same operating system that you use: in your home country. Foreign Portfolio Investment: buying financial assets in another firm in the country. • International licensing: a foreign company gets exclusive rights to use your intellectual property for a specific time in exchange for a royalty. • International franchising: it is a specialized form of international licensing. You not only use the brand and the products, but also keep the same form of operations. For example, Tim Hortons. • International management contract: not very common, but can be used by big companies. Send managers to another country for a specific period of time. Example Disney Paris and Disney USA. Phases of Development (going global): • Domestic Phase: (aka Product oriented phase) focused on development of the product. • Multidomestic phase:...
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...9/26/12 World Bank Statement of September 25, 2012 on Padma Bridge English Español Français ﻋﺭﺑﻲ Русский Search GO ABOUT DATA RESEARCH LEARNING NEWS PROJECTS & OPERATIONS PUBLICATIONS COUNTRIES TOPICS News & Views This page in: English PRESS RELEASE MOST POPULAR World Bank Statement of September 25, 2012 on Padma Bridge September 25, 2012 World Bank Statement of September 20, 2012 on Padma Bridge Rethink Role of State in Finance, says World Bank WASHINGTON, September 25, 2012—The World Bank today issued the following statement concerning the Padma bridge project in Bangladesh: Media reports have quoted senior Bangladeshi government officials misrepresenting the World Bank’s position concerning the Padma Multipurpose Bridge Project. We feel obliged to issue the following clarifications: The Bank has shared repeatedly with the Government of Bangladesh credible evidence of corruption involving senior public officials related to the financing of the Padma bridge. This led the World Bank to cancel the US$1.2 billion credit in the absence of a credible response by the government. On September 20, 2012 the government agreed: MEDIA CONTACTS In Washington Angela Walker tel : (202) 4730626 awalker1@worldbank.org Statement by Dr. Jim Yong Kim, President of the World Bank Group World Bank Appoints Kaushik Basu Chief Economist Severe Droughts Drive Food Prices Higher, Threatening the Poor RESOURCES World Bank in Bangladesh...
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