Investors in Finland’s largest power distributor Caruna are taking the Nordic country to arbitration, the Finnish foreign ministry said, due to the Finnish Energy Authority’s attempt to curb rising power transmission prices for ordinary consumers.
In its claim, Aqua Power is demanding $500 million for lost business revenue over the past four years and for the value of its current projects within Tanzania.
Odyssey Marine Exploration, a deep-sea mining company based in Florida, sued Mexico after rejecting environmental permits for a phosphate mining project off the coast of the state of Baja California Sur.
One of Latin America’s poorest countries faces a wave of claims from foreign investors seeking billions of dollars. Chief among them is an American company looking to build a semi-autonomous “startup city.”
From the perspective of investment-affected communities, foreign investments arise out of a partnership between the investor and the state. Impacted people are often not consulted or involved in project establishment or development.
In August 2023, Volga-Dnepr filed a motion of intent to initiate the dispute with Canada under a 1989 treaty that Ottawa penned with the then-Soviet Union, which included a investor-state dispute settlement system.