The World Bank arbitration court awarded $77 million to Exxon Mobil Corp. in a resubmitted claim worth $1.4 billion over the nationalization of Venezuela’s Cerro Negro and La Ceiba crude projects in 2007.
ICSID Tribunal unanimously ordered Tanzania to pay more than US$109.5million plus costs for the unlawful expropriation of the Ntaka Hill Nickel Project (India).
On 27 July 2023, the German Federal Court of Justice (German FCJ) declared three intra-EU investor-State ICSID arbitrations inadmissible under German arbitration law given their incompatibility with EU law.
Energy companies cannot force European governments into arbitration over compensation demands for investments hit by changing state climate goals, Germany’s highest civil court ruled.
Mexico plans to offer $390 million to US construction company Vulcan Materials for land it holds in the southeast of the country, President Andres Manuel Lopez Obrador said.
Mexico has been hit with three sets of trade arbitration proceedings in the past few days, according to the International Centre for Settlement of Investment Disputes.
Portugal’s Environment Minister Duarte Cordeiro annouced that the country has started withdrawing from the Energy Charter Treaty, in line with a proposal tabled by the European Commission two weeks ago.
One of the most controversial aspects of the hyperglobalization era, investor-state dispute settlement elevates multinational corporations and foreign investors to equal status with national governments.
Honduras is threatening to withdraw from the World Bank’s International Centre for Settlement of Investment Disputes over an $11 billion claim by Honduras Prospera, a US company.