Latin America

Latin American and Caribbean countries have signed almost 700 investment agreements. They have been targeted in almost 300 investor-state disputes.

Argentina has faced almost 62 ISDS cases, about 6% of all cases, making it the world’s most targeted state. Venezuela and Mexico have been among the ten most frequent respondents in the world, with 51 and 33 cases, respectively.

Many key cases such as Renco vs. Peru, Chevron vs. Ecuador or Pac Rim vs. El Salvador have originated in significant environmental damages caused by corporations. Philip Morris took an ISDS case against Uruguay over its anti-tobacco law.

Chile, Mexico and Peru are also party to the Trans-Pacific Partnership (TPP) with eight other Pacific Rim states. The TPP includes an investor-state dispute mechanism that undermines public-interest ‘safeguards’.

The most well-known cases ISDS cases in the region include:

Chevron (US) vs. Ecuador: For 26 years, Texaco, later acquired by Chevron, performed oil operations in Ecuador. Ecuadorian courts found that during that period the company dumped billions of gallons of toxic water and dug hundreds of open-air oil sludge pits in Ecuador’s Amazon, poisoning the communities of some 30,000 Amazon residents. After a legal battle spanning two decades, in November 2013, Ecuador’s highest court ordered the corporation to pay $9.5 billion to provide desperately needed clean-up and health care to afflicted indigenous communities. Chevron challenged the decisions produced by Ecuador’s domestic legal system before an ISDS tribunal. In 2018, the arbitration tribunal held that the $9.5 billion judgment was fraudulent, violated international public policy and should not be recognised or enforced by the courts of other States. The amount of the award has not been established yet. (Ecuador-United States BIT invoked)

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).

Investors vs. Argentina: When Argentina froze its utility rates in response to its 2001-2002 financial crisis, it was hit by over 40 lawsuits from investors, including Suez & Vivendi (France), Sociedad General de Aguas de Barcelona S.A (Spain) and Anglian Water (UK). The ISDS tribunal concluded that Argentina had breached the investors’ right to fair and equitable treatment. By 2014, the country had been ordered to pay a total of US$980 million (various BITs invoked).

(April 2020)

CIAR Global | 8-Mar-2020
A través de un Hecho de Importancia a la Superintendencia del Mercado de Valores (SMV) peruano, la Sociedad Minera Cerro Verde S.A.A., ha informado del inicio de un arbitraje entre Freeport-McMoRan Inc., grupo económico al que pertenece, y el Estado peruano en relación a las operaciones en la mina de cobre Cerro Verde.
América Latina Mejor Sin TLC | 8-Mar-2020
La plataforma ciudadana Ecuador Decide Mejor Sin TLC presentó dos recursos legales para que la corte de ese país no “reinterprete” el artículo constitucional que impide ceder jurisdicción soberana ante reclamos de multinacionales en instancias de arbitraje.
Procuraduría General del Estado - Bolivia | 5-Mar-2020
En abril de 2019, Futuro de Bolivia AFP S.A notificó a Bolivia sobre la existencia de una controversia en el marco de los acuerdos de inversión que el Estado suscribió con la Confederación Suiza y con el Reino de Suecia.
Mining Journal | 4-Mar-2020
Cerro Verde, a partnership between Freeport McMoran and Buenaventura, is to bring a case against Peru related to a taxation dispute at the ICSID under a US-Peru trade agreement.
Infobae | 2-Mar-2020
La minera Cerro Verde, controlada por la estadounidense Freeport-McMoRan, inició un procedimiento internacional de arbitraje contra Perú por una disputa sobre el pago de millonarias regalías.
Ciar Global | 28-Feb-2020
La compañía portuguesa Mota Engil ha notificado al Gobierno paraguayo dos demandas de arbitraje internacional relacionadas con el proyecto Metrobús.
El Comercio | 28-Feb-2020
La Procuraduría General del Estado detalla que de seis arbitrajes en contra de Ecuador por temas de inversiones, cuatro son de firmas norteamericanas.
Radio Canada | 27-Feb-2020
Cosigo Resources réclame 22 milliards de dollars, car elle ne peut pas exploiter de l’or sur un territoire autochtone.
Reuters | 21-Feb-2020
Chinese mining consortium Ecuagoldmining has initiated a dispute with Ecuador’s government over a gold mining project that has been halted by objections from community activists.
Primicias | 21-Feb-2020
El consorcio chino Ecuagoldmining notificó a Ecuador la existencia de una “disputa internacional” según un tratado de protección de inversiones suscrito con China, por falta de garantías para operar el proyecto Río Blanco.

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