Building international investment law : the first 50 years of ICSID / edited by Meg Kinnear, Geraldine R. Fischer, Jara Mínguez Almeida, Luisa Fernanda Torres, Mairée Uran Bidegain.
2016
K3830 .B85 2016 (Map It)
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Title
Building international investment law : the first 50 years of ICSID / edited by Meg Kinnear, Geraldine R. Fischer, Jara Mínguez Almeida, Luisa Fernanda Torres, Mairée Uran Bidegain.
Published
Alphen aan den Rijn, the Netherlands : Kluwer Law International, [2016]
Distributed
Frederick, MD : Aspen Publishers ; Biggleswade, United Kingdom : Turpin Distribution Services
Copyright
©2016
Call Number
K3830 .B85 2016
ISBN
9789041161338
9041161333
9041161333
Description
lii, 723 pages ; 25 cm
System Control No.
(OCoLC)933586983
Bibliography, etc. Note
Includes bibliographical references and index.
Record Appears in
Variant Title
Building international investment law, the first 50 years of the International Centre for Settlement of Investment Disputes
Added Author
Added Corporate Author
Table of Contents
Editors
v
Contributors
vii
Preface
li
Part I General Principles
1
ch. 1
Applicable Law under the ICSID Convention: The Tortured History of the Interpretation of Article 42
3
I.
Introduction / Mahnoush H. Arsanjani W. Michael Reisman
3
II.
The Cases / Mahnoush H. Arsanjani W. Michael Reisman
4
III.
Implications for International Investment Law / Mahnoush H. Arsanjani W. Michael Reisman
9
IV.
Conclusion / Mahnoush H. Arsanjani W. Michael Reisman
11
ch. 2
Rules of Interpretation and Investment Arbitration / Mahnoush H. Arsanjani W. Michael Reisman
13
I.
Introduction / Laurence Boisson de Chazournes
13
II.
The International Law Rules of Interpretation in Light of the Cemex v. Venezuela Case / Laurence Boisson de Chazournes
17
A.
The CEMEX v. Venezuela Case / Laurence Boisson de Chazournes
17
B.
The International Canons of Interpretation Applied to Unilateral Declarations of States / Laurence Boisson de Chazournes
18
C.
Effet Utile and the Interpretation of Unilateral Declarations / Laurence Boisson de Chazournes
21
III.
The Contribution of the Cemex v. Venezuela Decision to the Development of Investment Law / Laurence Boisson de Chazournes
22
IV.
Conclusion / Laurence Boisson de Chazournes
23
ch. 3
The Use of the ILC's Attribution Rules in Investment Arbitration / Laurence Boisson de Chazournes
27
I.
Introduction / Paul Mertenskotter James Crawford
27
II.
The Role of ILC Article 4(2) / Paul Mertenskotter James Crawford
28
A.
Is a Classification of an Entity as a State Organ under Domestic Law Dispositive? / Paul Mertenskotter James Crawford
28
B.
De Facto Organs of the State / Paul Mertenskotter James Crawford
29
III.
Applicability of the ILC Articles to Umbrella Clause Determinations / Paul Mertenskotter James Crawford
30
A.
First Position: The ILC Articles Determine the Question / Paul Mertenskotter James Crawford
31
B.
Second Position: A Question for International Law, but Not the ILC Articles / Paul Mertenskotter James Crawford
32
C.
Third Position: A Question for the Proper Law of the Contract / Paul Mertenskotter James Crawford
34
IV.
Corruption and Attribution under ILC Article 7 / Paul Mertenskotter James Crawford
35
V.
Conclusion / Paul Mertenskotter James Crawford
42
ch. 4
On Burden and Standard of Proof / Paul Mertenskotter James Crawford
43
I.
Introduction / Gary B. Born
43
II.
The Burden of Proof in Investment Arbitration / Gary B. Born
44
A.
Burden of Proof with regard to the Merits / Gary B. Born
44
B.
The Burden of Proof in Relation to Jurisdiction / Gary B. Born
48
III.
Standard of Proof in Investment Arbitration / Gary B. Born
50
IV.
Conclusion / Gary B. Born
53
ch. 5
Res Judicata / Gary B. Born
55
I.
Introduction / Paula F. Henin Charles N. Brower
55
II.
The Case / Paula F. Henin Charles N. Brower
60
A.
ConocoPhillips v. Venezuela / Paula F. Henin Charles N. Brower
60
B.
ConocoPhillips v. Venezuela in Context / Paula F. Henin Charles N. Brower
65
III.
Conocophillips v. Venezuela's Impact and Contribution to the Development of Investment Law / Paula F. Henin Charles N. Brower
66
IV.
Conclusion / Paula F. Henin Charles N. Brower
69
ch. 6
Precedent & Jurisprudence Constante / Paula F. Henin Charles N. Brower
71
I.
Introduction / Guled Yusuf Abdulqawi Ahmed Yusuf
71
II.
The Case / Guled Yusuf Abdulqawi Ahmed Yusuf
73
III.
AES v. Argentina's Impact and Contribution to the Development of Investment Law / Guled Yusuf Abdulqawi Ahmed Yusuf
77
IV.
Conclusion / Guled Yusuf Abdulqawi Ahmed Yusuf
80
Part II Jurisdiction / Guled Yusuf Abdulqawi Ahmed Yusuf
83
ch. 7
The Tipping Point / Guled Yusuf Abdulqawi Ahmed Yusuf
85
I.
Introduction / Jan Paulsson
85
II.
The Case: SPP v. Egypt / Jan Paulsson
87
III.
The Implications / Jan Paulsson
90
IV.
Prospects / Jan Paulsson
94
ch. 8
The Long March towards a Jurisprudence Constante on the Notion of Investment / Jan Paulsson
97
I.
Introduction / Yas Banifatemi Emmanuel Gaillard
97
II.
The Case / Yas Banifatemi Emmanuel Gaillard
99
III.
Impact and Contribution of Salini v. Morocco to the Development of Investment Law / Yas Banifatemi Emmanuel Gaillard
104
A.
Investment as an Objective Requirement under the ICSID Convention: The Dissociation by Salini of the Requirement of Investment under Article 25(1) from Party Consent under the Applicable Investment Treaty / Yas Banifatemi Emmanuel Gaillard
105
B.
Investment Defined: The Introduction of a True Definition by Salini / Yas Banifatemi Emmanuel Gaillard
111
1.
The Competing Methodologies for the Determination of an Investment / Yas Banifatemi Emmanuel Gaillard
111
a.
The Intuitive Approach / Yas Banifatemi Emmanuel Gaillard
112
b.
The Deductive Approach / Yas Banifatemi Emmanuel Gaillard
113
2.
The Factors to Be Taken into Account to Assess an Investment / Yas Banifatemi Emmanuel Gaillard
114
a.
The Salini Test: The Reason for Four Criteria / Emmanuel Gaillard Yas Banifatemi
115
b.
Evolving from Four to Three Criteria / Yas Banifatemi Emmanuel Gaillard
117
c.
Three - Not Four, Five or Six Criteria / Yas Banifatemi Emmanuel Gaillard
119
IV.
Conclusion / Yas Banifatemi Emmanuel Gaillard
124
ch. 9
Legality of Investment / Yas Banifatemi Emmanuel Gaillard
127
I.
Introduction / Jean Kalicki Mallory Silberman Dmitri Evseev
127
II.
The Cases / Jean Kalicki Mallory Silberman Dmitri Evseev
128
A.
Fraport v. Philippines I / Jean Kalicki Mallory Silberman Dmitri Evseev
128
B.
Fraport v. Philippines II / Jean Kalicki Mallory Silberman Dmitri Evseev
130
III.
Fraport v. Philippines I and Fraport v. Philippines II in Context / Jean Kalicki Mallory Silberman Dmitri Evseev
131
A.
Does a Legality Requirement Exist? / Mallory Silberman Dmitri Evseev Jean Kalicki
132
1.
Express Legality Requirement / Jean Kalicki Mallory Silberman Dmitri Evseev
132
2.
Implicit Legality Requirement / Jean Kalicki Mallory Silberman Dmitri Evseev
133
B.
Has There Been a Violation of the Legality Obligation? / Jean Kalicki Mallory Silberman Dmitri Evseev
134
1.
Illegal or Intentionally Wrongful Investor Conduct / Jean Kalicki Mallory Silberman Dmitri Evseev
135
a.
Investments That Are Inherently Illegal / Jean Kalicki Mallory Silberman Dmitri Evseev
135
b.
Illegal or Wrongful Procurement of an Otherwise Valid Investment / Jean Kalicki Mallory Silberman Dmitri Evseev
135
2.
Materiality / Jean Kalicki Mallory Silberman Dmitri Evseev
136
C.
Is the Respondent Estopped from Claiming Breach of the Legality Requirement? / Jean Kalicki Mallory Silberman Dmitri Evseev
138
IV.
Conclusion / Jean Kalicki Mallory Silberman Dmitri Evseev
139
ch. 10
Criteria to Determine Investor Nationality (Juridical Persons) / Jean Kalicki Mallory Silberman Dmitri Evseev
141
I.
Introduction / Nhu-Hoang Tran Thang, Pierre Tercier
141
II.
The Case / Nhu-Hoang Tran Thang, Pierre Tercier
142
A.
Overview: General Principles of International Law / Nhu-Hoang Tran Thang, Pierre Tercier
142
B.
Tokios Tokeles v. Ukraine and Professor Weil's Dissenting Opinion / Nhu-Hoang Tran Thang, Pierre Tercier
143
III.
Tokios Tokeles v. Ukraine's Impact and Contribution to the Development of Investment Law / Nhu-Hoang Tran Thang, Pierre Tercier
147
IV.
Conclusion / Nhu-Hoang Tran Thang, Pierre Tercier
152
ch. 11
Criteria to Determine Investor Nationality (Natural Persons) / Nhu-Hoang Tran Thang, Pierre Tercier
153
I.
Introduction / Christoph Schreuer
153
II.
The Case / Christoph Schreuer
154
A.
Soufraki v. UAE / Christoph Schreuer
154
B.
Soufraki v. UAE in Context / Christoph Schreuer
156
III.
Soufraki v. UAE's Impact and Contribution to the Development of Investment Law / Christoph Schreuer
157
A.
Governing Law on Nationality / Christoph Schreuer
157
B.
The Tribunal's Power to Decide / Christoph Schreuer
158
C.
Probative Value of Documents / Christoph Schreuer
160
IV.
Conclusion / Christoph Schreuer
161
ch. 12
Continuous Nationality Rule in Investor-State Arbitration / Christoph Schreuer
163
I.
The Different Role of Nationality for Diplomatic Protection Claims and Investment Treaty Claims / Piero Bernardini
163
II.
The Case / Piero Bernardini
168
A.
Loewen v. US, ICSID Case No. ARB(AF)/98/3 / Piero Bernardini
168
B.
Loewen v. US in Context / Piero Bernardini
169
III.
Loewen's Impact on the Development of International Investment Law / Piero Bernardini
170
A.
Through the Prism of Legal Scholars / Piero Bernardini
170
B.
Through the Prism of Other Investment Treaty Cases / Piero Bernardini
170
C.
Through the Prism of the ICSID Convention / Piero Bernardini
172
IV.
Conclusion / Piero Bernardini
173
ch. 13
Restructuring Investments to Achieve Investment Treaty Protection / Piero Bernardini
175
I.
Introduction / Stephen Jagusch Anthony Sinclair Manthi Wickramasooriya
175
II.
Nationality Planning in Context / Stephen Jagusch Anthony Sinclair Manthi Wickramasooriya
176
A.
Breadth of Jurisdictional Offer / Stephen Jagusch Anthony Sinclair Manthi Wickramasooriya
176
B.
Most-Favored Nation Treatment Clauses / Stephen Jagusch Anthony Sinclair Manthi Wickramasooriya
177
C.
Denial of Benefits Clauses / Stephen Jagusch Anthony Sinclair Manthi Wickramasooriya
178
D.
Temporal Limits on Jurisdiction / Stephen Jagusch Anthony Sinclair Manthi Wickramasooriya
179
III.
The Case Study: Mobil v. Venezuela / Stephen Jagusch Anthony Sinclair Manthi Wickramasooriya
180
IV.
The Key Emerging Principles / Stephen Jagusch Anthony Sinclair Manthi Wickramasooriya
185
A.
The Legitimacy of Planning to Achieve Treaty Coverage Generally / Stephen Jagusch Anthony Sinclair Manthi Wickramasooriya
185
B.
Pre-existing or Future Disputes / Stephen Jagusch Anthony Sinclair Manthi Wickramasooriya
186
C.
Future Disputes within the Claimant's Reasonable Contemplation / Stephen Jagusch Anthony Sinclair Manthi Wickramasooriya
188
V.
Conclusion / Stephen Jagusch Anthony Sinclair Manthi Wickramasooriya
190
ch. 14
The Meaning of "Foreign Control" under Article 25(2) (B) of the ICSID Convention / Stephen Jagusch Anthony Sinclair Manthi Wickramasooriya
191
I.
Introduction / V.V. Veeder Andrew Legg
191
II.
The Case / V.V. Veeder Andrew Legg
193
III.
The Impact and Contribution of the ICSID Convention's "Travaux" / V.V. Veeder Andrew Legg
195
IV.
Conclusion / V.V. Veeder Andrew Legg
202
ch. 15
Indirect Shareholder Claims / V.V. Veeder Andrew Legg
203
I.
Introduction / Gabriel Bottini
203
II.
Prior Decisions by Investment Tribunals / Gabriel Bottini
205
III.
The Case / Gabriel Bottini
207
A.
The Decision on Jurisdiction / Gabriel Bottini
207
B.
The Award and the Decision on Annulment / Gabriel Bottini
213
IV.
CMS v. Argentina's Impact on the Development of Investment Law / Gabriel Bottini
215
V.
Conclusion / Gabriel Bottini
218
ch. 16
Preconditions to Arbitration and Consent of States to ICSID Jurisdiction / Gabriel Bottini
219
I.
Introduction / Pierre-Marie Dupuy
219
II.
The Case / Pierre-Marie Dupuy
221
A.
Wintershall v. Argentina / Pierre-Marie Dupuy
221
B.
Wintershall v. Argentina in Context / Pierre-Marie Dupuy
222
1.
General Philosophy of the Award with regard to Its Own Jurisdiction / Pierre-Marie Dupuy
223
2.
The Mandatory and Jurisdictional Feature of the 18-Month Requirement / Pierre-Marie Dupuy
224
3.
The Relationship between the 18-Month Requirement and Exhaustion of Local Remedies / Pierre-Marie Dupuy
225
4.
The Way the Award Approaches the Futility Test / Pierre-Marie Dupuy
226
III.
The Wintershall v. Argentina Case: Impact and Contribution to the Development of Investment Law / Pierre-Marie Dupuy
227
A.
A Brief Review of the ICJ's Case Law with regard to Preconditions as Elements of Consent to Jurisdiction / Pierre-Marie Dupuy
227
B.
Legal Nature of Preconditions: Mandatory or Not? Jurisdictional or Admissibility Issues? / Pierre-Marie Dupuy
229
1.
The Distinction between Admissibility and Jurisdictional Issues / Pierre-Marie Dupuy
229
2.
The Distinction Applied / Pierre-Marie Dupuy
231
C.
The Futility Test / Pierre-Marie Dupuy
233
IV.
General Conclusion / Pierre-Marie Dupuy
234
ch. 17
Waiver of Local Remedies and Limitation Periods / Pierre-Marie Dupuy
237
I.
Introduction / Andrea K. Bjorklund
237
II.
Waivers of Local Remedies / Andrea K. Bjorklund
238
A.
The Case (Waiver of Local Remedies): Waste Management v. Mexico I / Andrea K. Bjorklund
238
B.
Waste Management v. Mexico I: Impact and Contribution to the Development of Investment Law / Andrea K. Bjorklund
241
III.
Limitation Periods / Andrea K. Bjorklund
244
A.
The Case (Limitation Periods): Grand River v. US / Andrea K. Bjorklund
244
B.
Grand River v. US: Impact and Contribution to the Development of Investment Law / Andrea K. Bjorklund
247
IV.
Conclusion / Andrea K. Bjorklund
250
ch. 18
Maffezini v. Plama: Reflections on the Jurisprudential Schism in the Application of Most-Favored-Nation Clauses to Matters of Dispute Settlement / Andrea K. Bjorklund
251
I.
Introduction: Precedent Games in the Tower and the Arena / Stephan W. Schill
251
II.
The Protagonists of the Jurisprudential Split / Stephan W. Schill
253
A.
Maffezini v. Spain / Stephan W. Schill
253
B.
Plama v. Bulgaria / Stephan W. Schill
255
C.
Maffezini v. Spain and Plama v. Bulgaria: Two Visions of International Investment Law / Stephan W. Schill
256
III.
The Impact of Maffezini v. Spain and Plama v. Bulgaria on the Development of International Investment Law / Stephan W. Schill
259
A.
From Jurisprudential Split to Jurisprudential Schism / Stephan W. Schill
259
B.
Emerging Consensus on Basic Rules of Interpreting MFN Clauses / Stephan W. Schill
261
C.
The Challenges of the Jurisprudential Schism for International Investment Law Generally / Stephan W. Schill
262
IV.
Conclusion: From Precedent Game to Appointment Game / Stephan W. Schill
264
Part III Standards of Protection / Stephan W. Schill
267
ch. 19
The Minimum Standard of Treatment, Glamis Gold, and Neer's Enduring Influence / Stephan W. Schill
269
I.
Introduction / Jeremy K. Sharpe
269
II.
The Case / Jeremy K. Sharpe
270
A.
Glamis v. US and Neer's Resurgence / Jeremy K. Sharpe
270
B.
Glamis v. US in Context / Jeremy K. Sharpe
275
III.
Glamis v. US's Impact and Contribution to the Development of Investment Law / Jeremy K. Sharpe
276
IV.
Conclusion / Jeremy K. Sharpe
280
ch. 20
Fair and Equitable Treatment: Legitimate Expectations and Transparency / Jeremy K. Sharpe
283
I.
Introduction / Lucy Reed Simon Consedine
283
II.
The Case / Simon Consedine Lucy Reed
284
A.
Tecnicas Medioambientales Tecmed, S.A. v. United Mexican States / Lucy Reed Simon Consedine
284
1.
Indirect Expropriation / Lucy Reed Simon Consedine
284
2.
FET and Legitimate Expectations / Lucy Reed Simon Consedine
285
3.
Damages / Simon Consedine Lucy Reed
286
B.
Tecmed v. Mexico in Context / Lucy Reed Simon Consedine
287
III.
Tecmed's Impact and Contribution to the Development of Investment Law / Simon Consedine Lucy Reed
289
A.
Tecmed v. Mexico's Progeny / Lucy Reed Simon Consedine
289
B.
Resistance to Tecmed v. Mexico and Legitimate Expectations / Lucy Reed Simon Consedine
290
C.
Tecmed v. Mexico Today / Lucy Reed Simon Consedine
292
D.
Transparency / Lucy Reed Simon Consedine
293
IV.
Conclusion / Simon Consedine Lucy Reed
294
ch. 21
Fair and Equitable Treatment: Denial of Justice / Lucy Reed Simon Consedine
295
I.
Introduction / Margrete Stevens Doak Bishop
295
II.
The Case / Margrete Stevens Doak Bishop
296
A.
Mondev v. US / Margrete Stevens Doak Bishop
296
1.
The Dismissal of LPA's Contract Claim against the City / Doak Bishop Margrete Stevens
299
2.
The SJC's Failure to Remand the Contract Claim / Margrete Stevens Doak Bishop
300
3.
The SJC's Failure to Consider whether It Retrospectively Applied a New Rule / Margrete Stevens Doak Bishop
300
4.
The Boston Redevelopments Authority's Statutory Immunity / Margrete Stevens Doak Bishop
300
B.
Mondev v. US in Context / Margrete Stevens Doak Bishop
301
III.
Mondev v. US's Impact and Contribution to the Development of Investment Law / Margrete Stevens Doak Bishop
303
IV.
Conclusion / Margrete Stevens Doak Bishop
305
ch. 22
Arbitrary and Discriminatory Treatment / Margrete Stevens Doak Bishop
307
I.
Introduction / Vaughan Lowe
307
II.
The Case / Vaughan Lowe
308
A.
Lemire v. Ukraine / Vaughan Lowe
308
B.
Lemire v. Ukraine in Context / Vaughan Lowe
309
III.
Lemire v. Ukraine's Impact and Contribution to the Development of Investment Law / Vaughan Lowe
310
A.
Relationship with FET / Vaughan Lowe
310
B.
Discrimination / Vaughan Lowe
310
C.
Arbitrariness / Vaughan Lowe
312
D.
Relationship with Other Concepts / Vaughan Lowe
313
1.
Legitimate Expectations / Vaughan Lowe
313
2.
Transparency / Vaughan Lowe
314
3.
Independence / Vaughan Lowe
315
4.
Systemic and Transactional Deficiencies / Vaughan Lowe
316
5.
Balancing State Rights / Vaughan Lowe
317
IV.
Conclusion / Vaughan Lowe
317
ch. 23
The Evolution of the Full Protection and Security Standard / Vaughan Lowe
319
I.
Introduction / Stanimir A. Alexandrov
319
II.
Landmark Cases regarding Full Protection and Security: AAPL v. Sri Lanka & Azurix v. Argentina / Stanimir A. Alexandrov
320
A.
AAPL v. Sri Lanka / Stanimir A. Alexandrov
320
B.
From AAPL to Azurix: The Full Protection and Security Standard Evolves / Stanimir A. Alexandrov
322
1.
The Adoption of AAPL's Due Diligence Standard / Stanimir A. Alexandrov
322
2.
The Standard Expands to Legal Security / Stanimir A. Alexandrov
323
C.
Azurix v. Argentina / Stanimir A. Alexandrov
324
D.
The Post-Azurix v. Argentina Standard / Stanimir A. Alexandrov
326
III.
Conclusion / Stanimir A. Alexandrov
329
ch. 24
Property Rights as the Object of an Expropriation / Stanimir A. Alexandrov
331
I.
Introduction / Zachary Douglas
331
II.
The Distinction between Contract and Property / Zachary Douglas
331
III.
The Norwegian Shipowners' Claim / Zachary Douglas
333
IV.
Defining the Proper Object of an Expropriation / Zachary Douglas
335
A.
Not All Intangible Rights or Interests Are Capable of Expropriation / Zachary Douglas
335
B.
The Characterization of the Rights as Property or Contract Has Consequences in Terms of Jurisdiction and Applicable Law / Zachary Douglas
336
C.
The Object of an Expropriation Cannot Be the Value of Contracts or Property / Zachary Douglas
341
V.
Emmis v. Hungary / Zachary Douglas
344
VI.
Conclusion / Zachary Douglas
347
ch. 25
Indirect Expropriation / Zachary Douglas
349
I.
Introduction / L. Yves Fortier, Stephen L. Drymer
349
II.
First Definitions: IUSCT / L. Yves Fortier, Stephen L. Drymer
351
III.
The Cases: Seminal ICSID Definitions in Santa Elena v. Costa Rica, Tecmed v. Mexico and Generation Ukraine v. Ukraine / L. Yves Fortier, Stephen L. Drymer
353
IV.
The Cases' Impact and Contribution to the Development of Investment Law: An Indirect Expropriation Checklist - Or, Once More unto the Breach / L. Yves Fortier, Stephen L. Drymer
355
V.
Conclusion / L. Yves Fortier, Stephen L. Drymer
357
ch. 26
Effective Means to Assert Claims and Enforce Rights / L. Yves Fortier, Stephen L. Drymer
359
I.
Introduction / Oscar M. Garibaldi
359
II.
Duke Energy v. Ecuador / Oscar M. Garibaldi
361
III.
The Earlier Cases / Oscar M. Garibaldi
364
A.
Petrobart v. Kyrgyz Republic / Oscar M. Garibaldi
364
B.
Amto v. Ukraine / Oscar M. Garibaldi
365
IV.
The Later Cases / Oscar M. Garibaldi
368
A.
Chevron v. Ecuador / Oscar M. Garibaldi
368
B.
White Industries v. India / Oscar M. Garibaldi
371
V.
Conclusion / Oscar M. Garibaldi
373
ch. 27
The Umbrella Clause / Oscar M. Garibaldi
375
I.
Introduction / Andrés Rigo Sureda
375
II.
The Cases / Andrés Rigo Sureda
376
A.
Brief Description of the Pakistan Case and Its Holdings / Andrés Rigo Sureda
376
B.
Brief Description of the Philippines Case and Its Holdings / Andrés Rigo Sureda
377
C.
The Two Cases in Context / Andrés Rigo Sureda
379
III.
The Pakistan and Philippines SGS Cases' Impact and Contribution to the Development of Investment Law / Andrés Rigo Sureda
380
IV.
Conclusions / Andrés Rigo Sureda
387
ch. 28
National Treatment / Andrés Rigo Sureda
389
I.
Introduction / August Reinisch
389
II.
The Case / August Reinisch
391
III.
Bayindir v. Pakistan's Impact and Contribution to the Development of Investment Law / August Reinisch
394
IV.
Conclusion / August Reinisch
397
ch. 29
Most-Favored-Nation Treatment: Substantive Protection / August Reinisch
399
I.
Introduction / David D. Caron Esmé Shirlow
399
II.
The Case / Esmé Shirlow David D. Caron
401
A.
MTD v. Chile / David D. Caron Esmé Shirlow
401
1.
The Tribunal's Award / David D. Caron Esmé Shirlow
402
2.
The Annulment Proceeding / David D. Caron Esmé Shirlow
403
B.
MTD v. Chile in Context / David D. Caron Esmé Shirlow
403
III.
MTD v. Chile's Impact and Contribution to the Development of Investment Law / David D. Caron Esmé Shirlow
405
A.
Patterns of Usage: MFN Clauses as Substantive Protection Standards / David D. Caron Esmé Shirlow
405
B.
The Role of Express Exceptions in the Treaty in Interpretation of the Scope of MFN Standards as Substantive Protection Obligations / David D. Caron Esmé Shirlow
408
C.
The Role of the Wording of the MFN Clause in Interpretation of Its Scope as a Substantive Protection Standard / David D. Caron Esmé Shirlow
409
D.
The Relevance of Constraints in the Comparator Treaty / David D. Caron Esmé Shirlow
412
IV.
Conclusion / David D. Caron Esmé Shirlow
413
ch. 30
Performance Requirements / David D. Caron Esmé Shirlow
415
I.
Introduction / Barton Legum Ioana Petculescu
415
II.
The Case / Barton Legum Ioana Petculescu
418
A.
Mobil v. Canada's Approach to Performance Requirements / Barton Legum Ioana Petculescu
418
1.
Factual Background of the Case / Barton Legum Ioana Petculescu
418
2.
Unanimous Finding That the Measure Was a Prohibited Performance Requirement / Barton Legum Ioana Petculescu
419
3.
Majority Finding No Exemption under NAFTA Article 1108 / Barton Legum Ioana Petculescu
420
B.
An Important Contribution to the Evolution of NAFTA Case Law / Barton Legum Ioana Petculescu
421
III.
Mobil v. Canada's Impact and Contribution to the Development of Investment Law / Barton Legum Ioana Petculescu
424
A.
Expansion of Performance Requirement Prohibitions in Recent Treaty Practice / Barton Legum Ioana Petculescu
424
1.
NAFTA-Like Prohibitions / Barton Legum Ioana Petculescu
424
2.
Provisions Incorporating the 1994 TRIMs Agreement Prohibition / Barton Legum Ioana Petculescu
426
B.
Little Discussion of Performance Requirements outside of the NAFTA Context / Barton Legum Ioana Petculescu
427
IV.
Conclusion / Barton Legum Ioana Petculescu
428
Part IV Exceptions, Defenses and Counterclaims / Barton Legum Ioana Petculescu
431
ch. 31
The Consequences of Corruption in Investor-State Arbitration / Barton Legum Ioana Petculescu
433
I.
Introduction / Carolyn B. Lamm Andrea J. Menaker
433
II.
The World Duty Free v. Kenya Case / Carolyn B. Lamm Andrea J. Menaker
436
A.
Factual Background / Carolyn B. Lamm Andrea J. Menaker
436
B.
The Tribunal's Analysis / Carolyn B. Lamm Andrea J. Menaker
437
1.
Whether the Admitted Facts Constituted Corruption / Carolyn B. Lamm Andrea J. Menaker
437
2.
Whether the Contract Was "Obtained by" Corruption / Carolyn B. Lamm Andrea J. Menaker
438
3.
Consequences under Applicable Law and "Transnational Public Policy" / Carolyn B. Lamm Andrea J. Menaker
438
4.
The Implications of the President's Participation / Carolyn B. Lamm Andrea J. Menaker
439
5.
Issues Excluded from Consideration: Jurisdiction and Burden and Standard of Proof / Carolyn B. Lamm Andrea J. Menaker
440
III.
Investor-State Tribunals' Subsequent Development of Corruption Jurisprudence / Carolyn B. Lamm Andrea J. Menaker
441
A.
Niko Resources v. Bangladesh / Carolyn B. Lamm Andrea J. Menaker
441
B.
Metal-Tech v. Uzbekistan / Carolyn B. Lamm Andrea J. Menaker
442
IV.
Conclusion / Carolyn B. Lamm Andrea J. Menaker
445
ch. 32
Police Powers or the State's Right to Regulate / Carolyn B. Lamm Andrea J. Menaker
447
I.
Introduction / Alain Pellet
447
II.
The Case / Alain Pellet
450
A.
The Context of the Chemtura v. Canada Case / Alain Pellet
450
1.
The Origins and Early Challenges to the Police Powers Doctrine / Alain Pellet
450
2.
The Recognition of the Police Powers Doctrine in Modern Investment Arbitration Law / Alain Pellet
454
B.
The Chemtura v. Canada Case / Alain Pellet
455
III.
Chemtura v. Canada's Impact and Contribution to the Development of Investment Law / Alain Pellet
457
A.
The Relatively Limited Scope of the Doctrine / Alain Pellet
457
B.
The Search for a Truly Balanced Conception of the Police Powers Doctrine / Alain Pellet
458
C.
An Uncertain Test / Alain Pellet
460
IV.
Conclusion / Alain Pellet
461
ch. 33
Denial of Benefits after Plama v. Bulgaria / Alain Pellet
463
I.
Introduction / Mark Feldman
463
II.
Denial of Benefits and the ICSID Convention / Mark Feldman
464
III.
The Case / Mark Feldman
466
A.
Plama v. Bulgaria: The Dispute / Mark Feldman
466
B.
The Plama Tribunal's Interpretation of ECT Article 17(1) / Mark Feldman
467
1.
Denial of Benefits as a Merits Issue / Mark Feldman
467
2.
The "Retrospective" Application of ECT Article 17(1) / Mark Feldman
468
IV.
Plama v. Bulgaria's Impact and Contribution to the Development of Investment Law: Denial of Benefits after Plama v. Bulgaria / Mark Feldman
469
A.
The Plama v. Bulgaria/ECT Line of Denial of Benefits Jurisprudence / Mark Feldman
470
B.
The Non-ECT Line of Denial of Benefits Jurisprudence / Mark Feldman
470
C.
Plama v. Bulgaria's Flawed "Retrospective" Analysis / Mark Feldman
471
V.
Conclusion / Mark Feldman
474
ch. 34
Defenses Based on Necessity under Customary International Law and on Emergency Clauses in Bilateral Investment Treaties / Mark Feldman
477
I.
Introduction / Peter Tomka
477
II.
The Case / Peter Tomka
479
A.
LG&E v. Argentina / Peter Tomka
479
B.
LG&E v Argentina in Context / Peter Tomka
480
III.
LG&E v. Argentina's Impact and Contribution to the Development of Investment Law / Peter Tomka
483
A.
The Interpretation of Article XI / Peter Tomka
485
B.
Threats to "Essential" Interests / Peter Tomka
487
C.
"Necessary" Measures / Peter Tomka
489
D.
Contribution to the State of Necessity / Peter Tomka
490
E.
Consequences of Necessity / Peter Tomka
491
IV.
Conclusion / Peter Tomka
492
ch. 35
Countermeasures and Investment Arbitration / Peter Tomka
495
I.
Introduction / Donald McRae
495
II.
The Corn Products v. Mexico Case / Donald McRae
496
III.
The Countermeasures Problem / Donald McRae
498
IV.
The Broader Contribution of Corn Products v. Mexico / Donald McRae
500
A.
The Nature of Investors' Rights / Donald McRae
500
B.
The Meaning and Limits of Lex Specialis / Donald McRae
501
V.
Conclusions / Donald McRae
503
ch. 36
Counterclaims / Donald McRae
505
I.
Introduction / Anne K. Hoffmann
505
II.
The Case / Anne K. Hoffmann
506
A.
Roussalis v. Romania / Anne K. Hoffmann
506
B.
Roussalis v. Romania in Context / Anne K. Hoffmann
506
1.
The Issue of Consent / Anne K. Hoffmann
508
2.
The Connection between Claim and Counterclaim / Anne K. Hoffmann
511
III.
Impact and Contribution of Roussalis v. Romania to the Development of Investment Law / Anne K. Hoffmann
512
IV.
Conclusion / Anne K. Hoffmann
518
Part V Valuation and Cost Considerations / Anne K. Hoffmann
521
ch. 37
Assessing Damages: Valuation Standards / Anne K. Hoffmann
523
I.
Introduction / John Y. Gotanda
523
II.
The Case / John Y. Gotanda
524
III.
ADC v. Hungary: Impact and Contribution to the Development of Investment Law / John Y. Gotanda
527
A.
Significance of the Award / John Y. Gotanda
527
B.
Impact of the Award / John Y. Gotanda
529
IV.
Conclusion / John Y. Gotanda
531
ch. 38
The Impact of Contributory Investor Conduct: Only with Difficulty Commensurable / John Y. Gotanda
533
I.
Introduction / Mark Kantor
533
II.
The Cases / Mark Kantor
535
A.
MTD v. Chile / Mark Kantor
535
1.
The Rulings / Mark Kantor
536
2.
Background and Context / Mark Kantor
536
B.
Occidental v. Ecuador / Mark Kantor
538
1.
The Rulings / Mark Kantor
538
2.
Background and Context / Mark Kantor
539
C.
The Yukos Awards / Mark Kantor
541
1.
The Rulings / Mark Kantor
542
2.
Background and Context / Mark Kantor
542
III.
The Cases' Impact and Contribution to the Development of Investment Law / Mark Kantor
552
IV.
Conclusions / Mark Kantor
553
ch. 39
Allocation of Costs / Mark Kantor
555
I.
Introduction / Donald Francis Donovan
555
II.
The Case / Donald Francis Donovan
556
A.
Libananco v. Turkey / Donald Francis Donovan
556
B.
Libananco v. Turkey in Context / Donald Francis Donovan
558
III.
The Impact and Contribution of Libananco v. Turkey on the Development of Investment Law / Donald Francis Donovan
560
IV.
Conclusion / Donald Francis Donovan
564
ch. 40
Security for Costs: Authority of the Tribunal and Third-Party Funding / Donald Francis Donovan
567
I.
Introduction / Eduardo Zuleta
567
II.
The Case / Eduardo Zuleta
569
A.
The Facts of the Case and the Parties' Arguments / Eduardo Zuleta
569
B.
The Decision / Eduardo Zuleta
572
1.
Whether the Tribunal Has the Power to Order Security for Costs / Eduardo Zuleta
572
2.
What Are the Rights to Be Preserved by the Provisional Measures / Eduardo Zuleta
573
3.
Whether There Are Exceptional Circumstances / Eduardo Zuleta
574
a.
Necessity of the Measure / Eduardo Zuleta
574
b.
Urgency of the Measure / Eduardo Zuleta
576
III.
The Development of Investment Law on Two Key Issues: Powers of the Tribunal and Third-Party Funding / Eduardo Zuleta
577
IV.
Conclusion / Eduardo Zuleta
581
Part VI Procedural and Other Matters / Eduardo Zuleta
583
ch. 41
The Role of Dissenting Opinions / Eduardo Zuleta
585
I.
Introduction / Albert Jan van den Berg
585
II.
The Case / Albert Jan van den Berg
586
III.
The Weil Dissent's Impact and Contribution to the Development of International Investment Law / Albert Jan van den Berg
589
IV.
A Matter of Treaty Interpretation, Not Abuse of Rights / Albert Jan van den Berg
591
V.
Conclusion / Albert Jan van den Berg
592
ch. 42
ICSID Arbitration Rule 41(5) Objections / Albert Jan van den Berg
593
I.
Introduction / Antonio R. Parra
593
II.
The Decision of the Tribunal in the MOL Case / Antonio R. Parra
596
III.
Conclusion / Antonio R. Parra
598
ch. 43
Consolidation and Parallel Proceedings / Antonio R. Parra
601
I.
Introduction / Eduardo Silva Romero
601
II.
The Case / Eduardo Silva Romero
603
A.
Corn Products International v. Mexico / Eduardo Silva Romero
603
B.
Corn Products International v. Mexico in Context / Eduardo Silva Romero
604
1.
The First Known Application of NAFTA Article 1126 / Eduardo Silva Romero
604
C.
The First Time Consolidation Arises in an ICSID-Administered Case / Eduardo Silva Romero
606
III.
Corn Products International v. Mexico's Impact and Contribution to the Development of Investment Law / Eduardo Silva Romero
607
A.
A Different Approach by a Different Tribunal? / Eduardo Silva Romero
607
B.
Significance and Impact of Corn Products International v. Mexico: De facto Consolidations / Eduardo Silva Romero
609
IV.
Conclusion / Eduardo Silva Romero
611
ch. 44
And Others: Mass Claims in ICSID Arbitration / Eduardo Silva Romero
613
I.
Introduction / Veijo Heiskanen
613
II.
The Case / Veijo Heiskanen
615
A.
Abaclat and Others v. Argentina / Veijo Heiskanen
615
B.
Abaclat v. Argentina in Context / Veijo Heiskanen
616
III.
Abaclat v. Argentina's Impact and Contribution to the Development of Investment Law / Veijo Heiskanen
620
IV.
Conclusion / Veijo Heiskanen
624
ch. 45
Interim/Provisional Measures / Veijo Heiskanen
627
I.
Introduction / Brigitte Stern
627
A.
Overview of Provisional Measures / Brigitte Stern
627
B.
The Importance of Provisional Measures in Relation to the ICSID System and Investor-State Arbitration / Brigitte Stern
630
1.
The Binding Character / Brigitte Stern
630
2.
The Specificity of the Balancing of Interest and the Proportionality Test / Brigitte Stern
631
II.
The Case / Brigitte Stern
632
A.
Occidental v. Ecuador / Brigitte Stern
632
1.
The Facts / Brigitte Stern
632
2.
The Parties' Arguments / Brigitte Stern
633
3.
The Tribunal's Analysis / Brigitte Stern
633
B.
Occidental v. Ecuador in Context / Brigitte Stern
634
1.
The Test Followed by the Tribunal / Brigitte Stern
634
2.
The Rights Protected by Provisional Measures / Brigitte Stern
634
3.
The Two Requests for Provisional Measures / Brigitte Stern
634
a.
Request of Provisional Measures on the Basis of a Right to Specific Performance / Brigitte Stern
635
b.
Request for Provisional Measures on the Basis of the Right to Non-aggravation of the Dispute / Brigitte Stern
636
III.
Occidental v. Ecuador's Impact and Contribution to the Development of Investment Law / Brigitte Stern
636
A.
The Preservation of "Theoretically Existing Rights" via Provisional Measures / Brigitte Stern
636
B.
The Impossibility to Claim Specific Performance Pursuant to a State's Termination of the Disputed Contract in the Exercise of Its Sovereign Powers / Brigitte Stern
638
IV.
Conclusion / Brigitte Stern
640
ch. 46
Quo Vadis Disqualification? / Brigitte Stern
641
I.
Introduction / Marc Lalonde
641
II.
The Standard under ICSID to Disqualify Arbitrators / Marc Lalonde
645
III.
The Case: Blue Bank v. Venezuela / Marc Lalonde
648
IV.
Blue Bank v. Venezuela's Impact and Contribution to the Development of Investment Law / Marc Lalonde
650
V.
Conclusion / Marc Lalonde
652
ch. 47
Conflict of Interest for Arbitrators and/or Counsel / Marc Lalonde
655
I.
Introduction / Philippe Sands
655
II.
The Case / Philippe Sands
656
A.
Urbaser v. Argentina / Philippe Sands
656
B.
The Context / Philippe Sands
659
III.
Impact and Contribution to International Investment Law / Philippe Sands
659
A.
Saint-Gobain v. Venezuela / Philippe Sands
660
B.
Perenco v. Ecuador / Philippe Sands
661
C.
Hrvatska v. Slovenia / Philippe Sands
662
D.
Rompetrol v. Romania / Philippe Sands
663
E.
Assessment / Philippe Sands
664
F.
The Court of Arbitration for Sport ("CAS") / Philippe Sands
666
G.
In Defense of the Current System / Philippe Sands
666
IV.
Conclusion / Philippe Sands
667
ch. 48
A Case for Transparency in Investment Arbitration / Philippe Sands
669
I.
Introduction / Toby Landau Romesh Weeramantry
669
II.
Aguas del Tunari v. Bolivia / Toby Landau Romesh Weeramantry
670
A.
Factual Background / Toby Landau Romesh Weeramantry
670
B.
Procedural History / Toby Landau Romesh Weeramantry
671
C.
The Petition / Toby Landau Romesh Weeramantry
672
D.
The Arbitral Tribunal's Response / Toby Landau Romesh Weeramantry
674
III.
Aguas del Tunari v. Bolivia and the Development of Investment Law / Toby Landau Romesh Weeramantry
675
A.
The Demand for Transparency / Toby Landau Romesh Weeramantry
675
B.
Responses / Toby Landau Romesh Weeramantry
679
1.
ICSID / Toby Landau Romesh Weeramantry
680
2.
NAFTA / Toby Landau Romesh Weeramantry
680
3.
Other Treaties / Toby Landau Romesh Weeramantry
681
4.
The UNCITRAL Rules and Mauritius Convention / Toby Landau Romesh Weeramantry
681
IV.
Conclusion / Toby Landau Romesh Weeramantry
682
ch. 49
Amicus Curiae in ICSID Arbitration / Toby Landau Romesh Weeramantry
685
I.
Introduction / J. Christopher Thomas
685
II.
The Case / J. Christopher Thomas
692
III.
Aguas Argentinas' Impact and Contribution to the Development of Investment Law / J. Christopher Thomas
696
IV.
Conclusion / J. Christopher Thomas
696
ch. 50
Annulment / J. Christopher Thomas
699
I.
Introduction / Hi-Taek Shin
699
II.
The Cases / Hi-Taek Shin
701
A.
Klöckner v. Cameroon I / Hi-Taek Shin
701
B.
Wena v. Egypt / Hi-Taek Shin
702
C.
Holdings of Klöckner v. Cameroon I and Wena v. Egypt Annulment Decisions / Hi-Taek Shin
702
1.
Limited Nature of Annulment Proceedings / Hi-Taek Shin
702
2.
The Interpretation of Specific Grounds for Annulment / Hi-Taek Shin
703
a.
Manifest Excess of Powers Relating to Jurisdiction / Hi-Taek Shin
703
b.
Manifest Excess of Powers Relating to the Applicable Law / Hi-Taek Shin
703
c.
Serious Departure from a Fundamental Rule of Procedure / Hi-Taek Shin
704
d.
Failure to State the Reasons on Which the Award Is Based / Hi-Taek Shin
704
e.
Discretion of Ad Hoc Committees / Hi-Taek Shin
706
D.
Klöckner v. Cameroon I and Wena v. Egypt Annulment Decisions in Context / Hi-Taek Shin
706
III.
Klöckner v. Cameroon I and Wena v. Egypt's Impact and Contribution to the Development of Investment Law / Hi-Taek Shin
706
A.
Limited Nature of Annulment Proceedings / Hi-Taek Shin
706
B.
The Interpretation of Specific Grounds for Annulment / Hi-Taek Shin
707
1.
Manifest Excess of Powers Relating to Jurisdiction / Hi-Taek Shin
707
2.
Manifest Excess of Powers Relating to the Applicable Law / Hi-Taek Shin
708
3.
Serious Departure from a Fundamental Rule of Procedure / Hi-Taek Shin
710
4.
Failure to State the Reasons on Which the Award Is Based / Hi-Taek Shin
710
5.
Discretion of Ad Hoc Committees / Hi-Taek Shin
712
IV.
Conclusion / Hi-Taek Shin
712
Index / Hi-Taek Shin
715