India is believed to have challenged in a court in The Hague an arbitration tribunal verdict that overturned its demand for ₹10,247 crore in back taxes from Cairn Energy Plc — the second time in three months that it has refused to accept an international award against retrospective tax.
Malawi has become the 167th country to accede to New York Convention which governs the recognition and enforcement of arbitral awards made in other countries.
The Egyptian Ministry of Petroleum and Mineral Resources announced the entry into force of the agreement related to the Damietta Liquefaction Plant, and the settlement of all claims.
India has time till mid-April to file an appeal against an international arbitration tribunal ordering it to repay UK’s Cairn Energy Plc USD 1.2 billion-plus interest and cost, but the challenge can only be on limited grounds such as procedure not being followed.
A plurilateral “interpretative statements,” whereby governments endorse joint statements clarifying and defining their positions on contentious clauses in their existing investment treaties would be a practical, flexible and low-cost option.
Nigeria has unleashed one of the most spectacular legal attacks on one of its key oil and gas investors, to an extent previously unseen in the country’s more than 60 years of hydrocarbon production.
Only 21% of cases administered by ICSID involve African investors, however, this may change with the introduction of AfCFTA, and we may begin to see more disputes involving African investors and African states.
The continued existence of ISDS in numerous treaties is a testament to the enormous influence and power wielded by transnational capital over governments the world over.