In a second international ruling against retroactive cuts in renewables support introduced by the Spanish government in 2013, a Swedish arbitration panel has awarded a Luxembourg-based investment firm €53 million compensation.
The recent Eiser v. Spain ICSID award is yet another example of a state being condemned to pay a large monetary sum merely because an investor has been economically disadvantaged by a reasonable and necessary regulatory change.
Un tribunal arbitral vient de mettre fin au bras de fer qui oppose l’Etat algérien à l’homme d’affaires égyptien Naguib Sawiris. Il a rejeté la réclamation de 4 milliards de dollars émise par ce dernier contre Alger.
Schindler filed a notice of intent for arbitration on July 11. Under the ISD procedure, if the issue is not resolved through settlement in 90 days, the investor can take the case to the international tribunal.
Those with the means to become international wheeler-dealers can access ISDS. The rest of us have to rely on public courts—the same ones that investors say are “inadequate” to handle their needs. That’s not fair, and that’s not right.