Foreign investors say the tax hikes under the new code will deter further investment and have threatened to challenge some parts of the regulation in arbitration.
Bangladesh has about 30 BITs of which those with international arbitration provisions tilt to protect corporate interests more than the national interest of Bangladesh as reflected in the Saipem, Chevron, and Niko arbitrations.
The ICSID has rejected Zimbabwe’s application to annul an US$195 million award to a German family whose property was expropriated under the controversial land reform programme.
Ukraine’s Oschadbank has been awarded $1.3 billion by an international arbitration court in respect of the bank’s claims against Russia to compensate for loss of business and assets in Crimea following Moscow’s annexation of the peninsula in 2014.
Venezuela made an partial payment of a settlement designed to resolve a $1.2 billion arbitration award to a bankrupt Canadian gold miner that’s laying claim to the assets of the parent of refiner Citgo Holding Inc. if it’s not paid in full.
The Hague-based Permanent Court of Arbitration has awarded South American Silver $18.7 million for amounts invested and another $9 million in interest for its Malku Khota concession, which the Bolivian government revoked in 2012.
A reasonable ICSID Tribunal would have followed the paths of previous arbitral decisions in determining the liability of a host state under the Full Protection and Security obligation, the Ampal Tribunal did not.