Axiata Group’s UK subsidiary and Nepal mobile unit filed a request for arbitration with the International Centre for the Settlement of Investment Disputes, regarding a capital gains tax bill levied by Nepali authorities.
The company’s Canadian and British subsidiaries have already announced their intention to initiate arbitration proceedings against Armenia in accordance with bilateral agreements if the matter is not resolved.
The annulment committee has dismissed Churchill’s application for annulment of the award for the dispute arising out of the revocation of the mining licenses that made up the East Kutai Coal Project in East Kalimantan.
UK investors could seek to move their investments to jurisdiction such as Singapore and Hong Kong where they can take advantage of investment treaty protection, if a potential new Labour govenment were to nationalise public services.
Despite debates about crisis in investment treaty arbitration, most emerging market economies are concluding BITs that provide for ISDS and emerging market multinational companies appear to welcome ISDS.
India has a faced a number of claims from foreign investors over the years under the BIT regime. It is presently engaged in over 20 investor-State disputes, with a number of them revolving around retrospective tax claims.