The tribunal ruled that the investor did not have a head office in Luxembourg and had abused its rights to “give the impression that it had a Luxembourg head office”
An ICSID Arbitral Tribunal ordered Kazakhstan to pay Caratube USD 39.2 million in damages, plus USD 1,207,757.44, and well over 10 million USD in interest.
Senior government officials have claimed that the International Centre for Settlement of Investment Disputes (ICSID) overlooked Pakistan’s claim of corruption while deciding in favour of Karkey Karadeniz Elektrik Uretim over a rental power project (RPP) dispute.
Mexico is considering writing into law investor-state dispute settlement provisions contained in the North American Free Trade Agreement (Nafta) to reassure US and Canadian investors in its energy sector.