The United States could soon suspend trade benefits for Argentina because of that country’s failure to pay awards in two long-running investment disputes with U.S. companies, a U.S. trade official said on Monday.
Argentina has never threatened to quit ICSID. Its government insists it is open to honouring the awards. The only delay, it says, is that the claimants have not brought their rulings to a local court for collection.
The government of Turkmenistan faces legal action from twenty Turkish construction firms over broken contracts costing them more than $1 billion in losses, a spokesman representing the companies said on Wednesday.
One of the world’s biggest tobacco companies is launching a claim against Uruguay for considering the country’s legislation commercially damaging to the company. Philip Morris corporation has filed a claim at the International Centre for Settlement of Investment Disputes (ICSID), a World Bank branch.
UAE companies that have invested in Egypt may stand to lose millions of dollars as the state runs an investigation into alleged corruption by former government officials who sold land and assets to investors below market prices, lawyers say.
Damac Properties is to fight the conviction of its chairman on Egyptian corruption charges by filing a case with the International Center for Settlement of Investment Disputes (ICSID), the company announced yesterday.
French media conglomerate Vivendi (VIV.FR) Tuesday said the International Centre for Settlement of Investment Disputes, or ICSID, reaffirmed its original ruling and financial award in favour of the company in a long-running dispute with Argentina.
In a decision with implications for the national sovereignty of member states under US trade pacts, a World Bank tribunal has approved a Canadian mining company’s controversial lawsuit against the government of El Salvador.