The BRICS Group was born in the century XXI with renewed expectations of changes in the world order through greater participation of the Global South. However, what we have witnessed so far is the consolidation of a new/old unequal world order.
Developing countries, including India, should build capacity instead of playing the victim as the structure of international arbitration was heavily biased towards the developed countries, a top Finance Ministry official said.
That concern is a real and serious one, but there is also a more direct and crude problem: parties (or their lawyers) bribing, or making backdoor deals with, the arbitrators to secure a favorable outcome.
Crystallex — owed $1.4 billion for the expropriation of its Venezuela mining subsidiary — has moved U.S. Federal Court in Delaware to seize Petroleos de Venezuela Holding, the parent company of PDVSA’s American unit Citgo Holding.