Greek investors claim that they were discriminated against and lost millions in the bail-in of Cypriot bank deposits some four years and have launched legal action against Cyprus.
An arbitration tribunal has ordered Ecuador to pay a ConocoPhillips’ wholly-owned subsidiary nearly $380 million and ordered the company to pay Ecuador $42 million in response to the Republic’s counterclaim
What makes ISDS divisive is it exposes governments to potentially expensive private arbitration by foreign corporations who feel that environmental protection measures impede their business.
The latest award on jurisdiction conflicts with the ruling of a Dutch court which overturned an earlier award of US$50 billion in favour of the former majority shareholders of Yukos.
International arbitration within the investor-state-dispute settlement (ISDS) mechanism has become a powerful weapon exploited by MNCs to circumvent national regulations and bully governments