Just before Christmas, Canadian copper miner First Quantum, in an ongoing spat with the Panamanian government over royalties, launched two ISDS cases against the state.
The tribunal rejected Bolivia’s objection on jurisdiction and, on the merits, found that Bolivia had breached the FET standard and the prohibition to adopt arbitrary measures. BBVA was awarded USD 94.8 million in damages.
The claimants alleged that Spain had induced foreign investment in renewable energy sources, and then subsequent changes to the regulatory scheme had fundamentally altered and abolished the framework.
France confirmed the decision announced by Macron in October and notified the other signatories of the withdrawal, which will take effect on January 1, 2024.
In a settlement agreement, Guatemala agreed to pay approximately US$46 million to Teco Holdings LLC, in order to conclude the investment arbitration that the company filed against Guatemala in November 2010.
The Energy Charter Treaty protects companies that invest in fossil fuels. A growing number of countries are withdrawing from it, while Switzerland continues to thwart the energy transition.
Turkish businessman Hamdi Akın İpek has lost a legal claim of $7 billion in damages he filed against the Turkish government at the World Bank’s International Centre for Settlement of Investment Disputes .