Latin America

Latin America countries have signed over 650 trade agreements. They have been the most targeted by investor-state disputes (ISDS). About 35% of all ICSID arbitration cases have involved a Latin American state.

Argentina itself has faced almost 60 ISDS disputes, about 9% of all cases, making it the most targeted state globally. Venezuela, Mexico and Ecuador have been among the ten most frequent respondents in the world.

Well-known cases such as Chevron vs. Ecuador or Pac Rim vs. El Salvador have originated in significant environmental damages caused by corporations. Philip Morris is currently suing Uruguay over its anti-tobacco law.

Besides, Chile, Mexico and Peru are party to the Trans-Pacific Partnership (TPP) with nine other Pacific Rim states. Its investment chapter has revealed the inclusion of ISDS provisions that would undermine public health, the environment and other public-interest ‘safeguards’.

The most well-known cases include:

• Chevron (US) vs. Ecuador: in 2013, an arbitration court ordered Ecuador to pay Chevron US$106 for breach of contract (Ecuador-United States BIT invoked). Meanwhile in a separate case, Ecuador’s highest court fined the oil giant US$9.5 billion for dumping billions of gallons of toxic waste into the rainforest. Both cases are unresolved.

Occidental Petroleum Corporation “Oxy” (US) vs. Ecuador: in 2012 Ecuador was ordered to pay US$1.77 billion to the investor, an oil exploration and production company, for breach of contract. Sentence was reduced to US$1 billion in November 2015 (Ecuador-United States BIT invoked).

• National Grid PLC (United Kingdom) vs. Argentina: about US$50 million awarded in 2008 to the investor, a multinational electricity and gas utility company (Argentine-United Kingdom BIT invoked).

(October 2015)

Eleve | 23-Jun-2017
El Estado argentino enfrenta su primer juicio en el exterior por la nacionalización de las AFJP.
Newburgh Gazette | 23-Jun-2017
Chevron is victorious after the Supreme Court declined to hear a case made against the company by a NY lawyer representing Ecuadorian villagers.
National Law Review | 23-Jun-2017
Venezuela is taking its fight over a $1.4 billion arbitral award to the District of Columbia’s federal court of appeals.
Entorno Inteligente | 19-Jun-2017
La empresa minera canadiense Gold Reserve dijo que Venezuela le pagó $40 millones de dólares y que, en los próximos dos años, cancelará el resto de su deuda de aproximadamente que suman 1.032 millones de dólares.
Latin America Herald Tribune | 19-Jun-2017
Gold Reserve Inc. reports that it has received a $40 million payment on its $800 million judgment that it won at the World Bank’s International Center for the Settlement of Investment Disputes (ICSID) in 2014.
Electricidad | 16-Jun-2017
La hidroeléctrica intentó cobrar garantías por US$ 76 millones, pero fue bloqueada por tribunal. Asunto se resolverá bajo el ICC.
La República | 13-Jun-2017
A pesar de que en julio del 2016 se desestimó una demanda de 800 millones de dólares, The Renco Group volvió a demandar al Perú. Ministerio de Economía aprobó contratación de abogados.
Entorno Inteligente | 31-May-2017
La multimillonaria demanda con la que Gas Natural Fenosa pretende que el Estado colombiano le pague supuestos daños por la liquidación de Electricaribe no es la única que avanza contra la Nación en tribunales de arbitramento internacionales.
El País | 29-May-2017
El diputado socialista Roberto Chiazzaro expuso en Ecuador sobre los tratados bilaterales de inversión y los "elevados" riesgos que asumen los países cuando proceden a su firma.
CIAR Global | 29-May-2017
Jochem Bernard Buse, fundador holandés de la empresa panameña de inversión Panamá Wall Street SA, ha presentado una demanda de arbitraje en el Centro Internacional de Arreglo de Diferencias relativas a Inversiones, Ciadi, contra Panamá invocando el Tratado Bilateral de Inversiones Panamá-Holanda.

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