Foreign firms tend to be treated at least as well by host state governments as comparable domestic firms in the vast majority of cases. There is a political advantage, as opposed to liability, of being a foreign firm.
The Venezuelan Solicitor General’s Office (PGR) said that a request has been analyzed to overturn the arbitrary award issued by the International Center for Settlement of Investment Disputes (Icsid)
The annulment committee formed by the World Bank’s ICSID has ruled that Venezuela must pay oil services company Tidewater $37 million for the expropriation of its ships and rigs in 2009.
While India has been reshaping its arbitration laws and investment climate, the jury is still out on whether these measures will actually help create a more secure legal environment for investors.
Due to inherent systemic issues with specialised and supranational courts, a multilateral investment court would create a high risk on expansive interpretations of investors’ rights.