Current Arbitral Practice Relating to Political and Socio-political Circumstances in Host Developing Countries and Countries in Transition: FET Standard in Context

Islam, Rumana

doi:10.1007/978-981-13-2125-2_5

Rumana Islam³

Part of the book series: International Law and the Global South ((ILGS))

1037 Accesses

Abstract

The issue of political stability , socio-political circumstances in host developing countries and the social, political and economic transitory nature of countries in transition are vital aspects for creating an investor-friendly atmosphere in those developing countries . A critical examination of some selected arbitral awards discussed in this chapter demonstrates that these particular political, socio-political and transitory status of these host developing countries form a significant contextual background for the investor-state dispute against these countries. However, a close examination of these arbitral awards covering the wide range of approaches that these tribunals have adopted will reveal that, in dealing with these political, socio-political and transitory issues, the current investment tribunal has largely been inconsistent and inadequate in their approaches. These contextual background of the host developing countries had both direct and indirect effects that led to the disputes in questions and the tribunals on several occasions have acknowledged and addressed the difficulties of these countries due to those political, socio-political and transitory circumstances in relation FET obligation of the host developing country, and it is concluded that, overall, the current tribunals give minimal importance to the political, socio-political and transitory circumstances in relation to the alleged breach of the FET standard against those host developing countries .

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Notes

1.
See, e.g., Tsurutani (1968).
2.
For wide range of such issues, see, e.g., Przeworski et al. (2000), Barracca (2007).
3.
See, e.g., Levis (1979), Alesina and Perotti (1996), Fatehi-Sedeh and Safizadeh (1989).
4.
See, e.g., Feng (2001), Khalid Saeed (1986), Schneider and Frey (1985), Rodrik (1991).
5.
See, e.g., Levis (1979), Rivoli and Brewer (1998), Doces (2010).
6.
Bayindir Insaat Turizm Ticaret ve Sanayi AS versus Pakistan, ICSID Case No. ARB/03/29 Award, 27 August 2009.
7.
Ibid., Paras 96–100.
8.
Ibid., Paras 194–195.
9.
Ibid., Para 194.
10.
Ibid., Para 192. The Tribunal cited Saluka versus Czech Republic, Partial Award, 17 March 2006, and Duke Energy Electroquil Partners and Electroquil SA versus Republic of Ecuador, ICSID Case No. ARB/04/19, Award 18 August, 2008.
11.
Kriebaum (2013, p. 337).
12.
Bayindir supra note 6, Para 193.
13.
Ibid., Paras 177–179.
14.
Técnicas Medioambientales Tecmed , S.A versus United Mexican States, ICSID Case No. ARB(AF)/00/02, Award 29 May 2000, 43 International Legal Materials (2004) 133. For discussion on Tecmed , see Part 5.3.4.
15.
Bayindir supra note 6, Para 177.
16.
Ibid., Para 197.
17.
Ibid., Para 199.
18.
See, e.g., Ibid., Paras 458 and 482.
19.
For an account of Pakistan’s political situation during General Mushraff’s regime, see, e.g., Nasr (2004), Nelson (2009), Fair (2011), Malik (2001), Ghias (2010).
20.
For a detailed account of Pakistan’s political instability see, e.g., Talbot (2009), Sayeed (1959), Zaidi (2005), Yasmeen (1994), Shah (2003), Kukreja (2005), Malik (2002), Jan (1999), Bray (1997).
21.
For a criticism of the Award, see, e.g., Alcitepe and McHugh (2009).
22.
See, e.g., Toto Costruzioni Generali S.p.A versus The Republic of Lebanon, ICSID Case No. ARB/07/12, Award, 7 June 2012.
23.
For an account of the political crisis in Lebanon see, e.g., Evron (2013), Weinberger (1986), Hiro (1993).
24.
Toto supra note 22.
25.
Italy–Lebanon BIT, 1997 webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/1688 last accessed 24 June 2018.
26.
See, e.g., Toto supra note 22, Paras 100–102.
27.
Ibid., Paras 206, 200.
28.
Parkerings-Compagniet AS versus Lithuania, ICSID Case No. ARB/05/8, Award, 11 September 2007.
29.
Toto supra note 22, Para 245.
30.
Ibid., Para 245. For a summary of the war, see, e.g., O’Balance (1998).
31.
American Manufacturing & Trading versus Republic of Zaire (AMT), ICSID Case No. ARB/93/1, Award, 21 February 1997.
32.
Ibid., Para 1.05. Treaty concerning the Reciprocal Encouragement and Protection of Investment , United States–Zaire, 1984, webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/828 last accessed 24 June 2018.
33.
See AMT supra note 31, Paras 6.04 and 6.05.
34.
Ibid., Para 7.17.
35.
Ibid., Paras 6.06–6.08.
36.
Ibid., Para 7.12.
37.
Ibid., Paras 7.14–7.15.
38.
Ibid., Para 7.13.
39.
See e.g., Ibid., Paras 7.14–7.15.
40.
Ibid., Para 3.06
41.
Ibid., Paras 7.13, 7.15.
42.
See, e.g., Ibid., Paras 7.14–7.15.
43.
See Separate Individual Declaration by Arbitrator Mr. Kéba Mbaye in AMT supra note 31, webpage https://www.italaw.com/sites/default/files/case-documents/ita0029_0.pdf last accessed 24 June 2018.
44.
Also see, e.g., Gallus (2005, p. 729).
45.
See, e.g., Nzongola-Ntalaja (2004).
46.
See, e.g., Young (1978).
47.
See, e.g., Prunier (2008).
48.
For a detail account of Congo’s political crisis see, e.g., Ndikumana and Emizet (2005), Vlassenroot and Raeymaekers (2004), Tull (2003), Beock (2005), Orogun (2002), Turner (2007).
49.
See, e.g., Ndikumana and Emizet supra note 48; Saskia et al. (2002), Willame (1972), Eaton (2006).
50.
For an account of political instability and crisis in developing countries and their relevance to foreign investments see, e.g., Asiedu (2002, 2006), Onimode (1988), Mamdani (2002, 2009), Grindle (1996), Mazrui (1980), Diamond et al. (1990).
51.
See, e.g., Pantechniki SA Contractors and Engineers versus Albania, ICSID Case No. ARB/07/21, Award, 30 July 2009.
52.
For further detail on the issue, see, e.g., Smith (1999), Vickers and Pettifer (2000), Favretto and Kokkinides (1997) webpage http://archive.li/GnHr0 last accessed 29 May 2018; also see Sands (2006, pp. 117–142).
53.
Pantechniki supra note 51.
54.
Greece–Albania BIT, 1991 located at webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/15 last accessed 29 April 2018.
55.
Pantechniki supra note 5, Paras 28 and 85.
56.
Ibid., Para 82.
57.
Ibid., Para 76.
58.
Ibid.
59.
Ibid.
60.
See, e.g., Lack of resources threatens water and sanitation supplies in developing countries —UN News webpage https://news.un.org/en/story/2012/04/408532-lack-resources-threatens-water-and-sanitation-supplies-developing-countries-un#.U33Q7b5wYdU last accessed 27 June 2018; Hillman and Jenkner (2004); Potential benefits for developing countries —Design options for a UNEO, Institute for International and European Environmental Policy webpage https://www.ecologic.eu/sites/files/download/projekte/200-249/221-01/221-01-report.pdf last accessed 29 April 2018; Crook (1992).
61.
Muchlinski (2006, p. 538).
62.
See, e.g., Smith (1999), Favretto and Kokkinides (1997).
63.
Mamidoil Jetoil Greek Petroleum Products Societe S.A. v. Republic of Albania, ICSID Case No. ARB/11/24, Award 30 March 2015
64.
Greece-Albania BIT 1991, webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/15 last accessed 25 June 2018.
65.
Energy Charter Treaty 1994, for text of the treaty see webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/2427 last accessed 25 June 2018.
66.
See Separate Opinion by Steven A. Hammond in Mamidoil supra note 63, pp. 26–36. For full text of Separate Opinion by Steven A. Hammond see webpage https://www.italaw.com/sites/default/files/case-documents/italaw4235.pdf last accessed 25 June 2018.
67.
Mamidoil supra note 63, Para 691–735.
68.
Ibid., Para 723.
69.
Ibid., Para 724.
70.
Ibid., Para 614
71.
Ibid., Para 625
72.
Ibid., Para 625
73.
EDF (Services) Limited versus Romania, ICSID Case No. ARB/05/13, Award, 8 October 2009.
74.
UK–Romania BIT, 1995, for full text of the treaty, see webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/2218 last accessed 25 June 2018.
75.
EDF supra note 73, Para 301.
76.
Ibid., Para 216.
77.
Ibid., Para 217.
78.
Ibid., Para 217.
79.
Ibid., Para 217.
80.
Ibid., Para 218.
81.
Ibid., Para 219.
82.
For further information on Mexico’s sugar industry and its particular socio-political dynamics see, e.g., Lara and Rich (2003), Fox (1994).
83.
See, e.g., GAMI Investments Inc., versus The United Mexican States (GAMI), NAFTA Arbitration under the UNCITRAL Arbitration Rules, Final Award, 15 November 2004, (2005) 44 International Legal Materials 545.
84.
Ibid., Para 24.
85.
See, e.g., Ibid., Paras 44–115.
86.
Ibid.
87.
Ibid., Para 45.
88.
Ibid., Para 46.
89.
Ibid., Para 47.
90.
See e.g., Ibid., Para 47.
91.
See, e.g., Wilson (1990), Andersson (2002, pp. 91–168).
92.
See, e.g., Gritsenko (2013, p. 346).
93.
GAMI supra note 83, Para 93.
94.
Ibid., Para 94.
95.
See, e.g., SD Myers versus Government of Canada, Partial Award, 12 November 2000, 40 International Legal Materials 1408.
96.
See, e.g., Ibid., Para 261 cited in GAMI supra note 83, Para 93.
97.
GAMI supra note 83, Para 103.
98.
See, e.g., Ibid., Paras 91, 94 and 97.
99.
Waste Management Inc. versus United Mexican States (No.2) ICSID Case No. ARB(AF)/00/3, Award April 30 2004, 43 International Legal Materials (2004) 967, Para 109, cited in GAMI supra note 83, Para 96.
100.
GAMI supra note 83, Para 97.
101.
Ibid., Para 103.
102.
Ibid., Paras 104, 108 and 110.
103.
Ibid., Para 94.
104.
Gritsenko (2013, p. 346).
105.
Tecmed supra note 14.
106.
Hazardous Materials, Waste and Activities Division of the National Ecology Institute of Mexico, and agency of the Mexican Federal Government within the Ministry of the Environment, Natural Resources and Fisheries.
107.
Spain-Mexico BIT, 1996, for full text of the treaty, see webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/5618 last accessed 25 June 2018. Spain-Mexico BIT 1996 was terminated in 2008 and was replaced by Spain-Mexico BIT 2006, for full text of 2006 BIT see webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/5621 last accessed 25 June 2018.
108.
See, e.g., Tecmed supra note 14, Para 46.
109.
Ibid., Para 49.
110.
Ibid., Para 144.
111.
Ibid., Para 144.
112.
Ibid., Para 154.
113.
See, e.g., CMS Gas Transmission Company versus The Argentine Republic, ICSID Case No. ARB/01/8, Award 12 May 2005 44 International Legal Materials (2005) 1205, Para 279; Occidental Exploration and Production Company versus Republic of Ecuador, LCIA No. UN 3467, Award 1 July 2004, Para 185; LG & E Energy Corp, LG & E Capital Corp and LG &E International Inc. versus Argentina Republic, ICSID Case No. ARB/02/1, Decision on Liability Award 3 October 2006, 46 International Legal Materials (2007) 36, Paras 102 and 127, 128; National Grid PLC versus Argentina Republic, Award, 3 November 2008, Para 173; MTD Equity Sdn. Bhd. And MTD Chile S.A versus Republic of Chile, ICSID Case No. ARB/01/7, Award 25 May 2004, 12 ICSID Reports 6, Para 114; Saluka supra note 10, Para 302.
114.
See, e.g., Wheeler (2001), Schneider and Frey (1985), Clapp (1998), Rothgeb (1996).
115.
Franck (2008, p. 438).
116.
See, e.g., Duke Energy supra note 10.
117.
Ibid.
118.
US–Ecuador BIT, 1993 for text of the treaty see webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/1065 last accessed 12 June 2018.
119.
Duke Energy supra note 10, Para 340.
120.
Ibid., Para 340.
121.
Ibid. Also see, e.g., Hofbauer and Knalir (2010, p. 901).
122.
Duke Energy supra note 10, Para 491.
123.
See, e.g., CMS supra note 113, Para 279; Occidental supra note 113, Para 185; LG& E (Decision on Liability ) supra note 113, Paras 102 and 127, 128; National Grid supra note 113, Para 173; MTD Equity supra note 113, Para 114; Saluka supra note 10, Para 302.
124.
Azurix versus Argentine Republic, ICSID Case No. ARB/01/12, Award 14 July 2006.
125.
Ibid.
126.
Ibid., Para 375.
127.
Franck (2009, p. 444).
128.
Methanex Corporation vs. USA (UNCITRAL) (NAFTA ), Award, 3 August 2005.
129.
Ibid., Part IV, Chapter B, Para 38.
130.
Ibid., Part IV, Chapter C, Para 14
131.
Kläger (2011, p. 193).
132.
Ibid.
133.
Muchlinski (2006, pp. 551–552).
134.
Tecmed supra note 14, Para 144.
135.
See, e.g., Hill (2005), Agh (1991), Zaslavsky (1992), Sokol (2001), Suny (1993).
136.
See, e.g., Lankes and Venables (1996), Kinoshita and Campos (2003).
137.
See, e.g., Brada et al. (2006).
138.
Parkerings-Compagniet AS versus Lithuania, ICSID Case No. ARB/05/8, Award, 11 September 2007.
139.
Agreement between the Government of the Republic of Lithuania and the Government of the Kingdom of Norway on the Promotion and Mutual Protection of Investments (Lithuania–Norway BIT, 1992), for text of the treaty see webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/1917 last accessed 20 May 2018.
140.
Parkerings supra note 138, Para 197.
141.
Ibid., Paras 198 and 272.
142.
Ibid., Para 198.
143.
Ibid., Paras 271–279.
144.
Ibid., Para 277.
145.
Ibid., Para 278.
146.
Ibid., Para 306.
147.
Ibid., Para 335.
148.
Ibid., Para 332.
149.
Ibid., Para 338.
150.
Ibid., Para 465 (b).
151.
William Nagel versus Czech (2003), 13 ICSID Reports 33, Award, 9 September.
152.
UK–Czech and Slovak Federal Republic BIT, 1990, for text of the treaty see webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/993 last accessed 25 June 2018.
153.
See, e.g., Nagel supra note 151, Paras 297–329.
154.
Ibid., Para 286.
155.
Ibid., Para 293.
156.
Ibid., Para 296.
157.
Ibid., Para 335.
158.
Ibid., Para 326.
159.
Ibid., Para 271.
160.
Generation Ukraine, Inc. versus Ukraine (Generation Ukraine), ICSID Case No. ARB/00/9, Award, 16 September 2003.
161.
US–Ukraine BIT, 1994, for text of the treaty see webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/2366 last accessed 25 June 2018.
162.
Generation Ukraine supra note 160, Para 20.37.
163.
Ibid., Para 20.37.
164.
Newcombe and Paradell (2009, pp. 288–289).
165.
Generation Ukraine supra note 160, Para 20.38.
166.
Tokios Tokelés versus Ukraine, ICSID Case No. ARB/02/18, Award, 26 July 2007.
167.
Ibid.
168.
Ukraine–Lithuania BIT, 1994, for text of the treaty see webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/5033 last accessed 20 May 2018.
169.
Tokios Tokelés supra note 166, Para 147.
170.
See, e.g., Ibid., Paras 7–11.
171.
Ibid., Para 7.
172.
Ibid., Para 8.
173.
Alex Genin, Eastern Credit Limited, Inc and AS Baltoil versus The Republic of Estonia, ICSID Case No. ARB/99/2, Award, 25 June 2001.
174.
US–Estonia BIT, 1994, for text of the treaty see webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/1161 last accessed 25 June 2018.
175.
Genin supra note 173, Para 361.
176.
Ibid., Para 352.
177.
Ibid., Para 355.
178.
Ibid., Para 364.
179.
Ibid., Para 365.
180.
Ibid., Paras 345–347.
181.
Ibid., Para 357.
182.
Ibid., Para 348.
183.
Romson (2011, p. 47). For criticism of this view, see, e.g., Hobér (2007, p. 255).
184.
Muchlinski (2006, p. 541).
185.
Ibid.
186.
See, e.g., Genin supra note 173, Paras 352, 355, 361, 364 and 365.
187.
Ibid., Para 361.
188.
Ibid., Para 362.
189.
Ibid., Para 361.
190.
Joseph Charles Lemire versus Ukraine, ICSID Case No. ARB/06/18, Decision on Jurisdiction, 14 January 2010.
191.
US–Ukraine BIT, 1994, for the text of the treaty see webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/2366 last accessed 25 June 2018.
192.
Lemire (Decision on Jurisdiction) supra note 190, Para 422.
193.
Ibid., Para 239.
194.
Ibid., Para 267.
195.
Ibid., Para 284.
196.
Ibid., Para 285.
197.
Ibid., Para 239.
198.
Dissenting Opinion of Dr. Jürgen Voss in Lemire (Decision on Jurisdiction) supra note 190. For Dissenting Opinion of Dr. Jürgen Voss see webpage https://www.italaw.com/sites/default/files/case-documents/ita0455.pdf last accessed 22 May 2018.
199.
Ibid., Paras 115–120.
200.
Ibid., Paras 129–130.
201.
Ibid., Para 132.
202.
Lemire (Decision on Jurisdiction) supra note 190.
203.
Joesph Charles Lemire versus Ukraine, ICSID Case No. ARB/06/18, Award, 28 March 2011.
204.
Gritsenko (2013, p. 350). Also see, e.g., Lemire (Award) supra note 203, Paras 216–226.
205.
Lemire (Award) supra note 203, Para 280.
206.
Ibid., Para 249.
207.
Ibid.
208.
Ibid., Para 303.
209.
Ibid., Para 304.
210.
Ibid., Para 305.
211.
Ibid., Para 306.
212.
Ibid.
213.
Gritsenko (2013, p. 351).
214.
Alpha Projectholding GmbH versus Ukraine, ICSID Case No. ARB/07/16, Award, 8 November 2010.
215.
Austria–Ukraine BIT, 1996, for text of the treaty see webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/223 (only available in German) last accessed 20 May 2018.
216.
Alpha supra note 214, Para 420.
217.
Ibid., Para 320.
218.
The leading banks in London use the London Interbank Offered Rate (LIBOR) to estimate the average interest rate that they would be charged if borrowing from other banks. For an overview of LIBOR, see, e.g., Robonato (2002).
219.
Alpha supra note 214, Para 514.
220.
Kardassopoulos and Fuchs vs. Georgia, ICSID Case Nos. ARB/05/18 and ARB/07/15, Award, 3 March 2010.
221.
Georgia–Greece BIT, 1996, for text of the treaty see webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/1318 last accessed 20 May 2018.
222.
Georgia–Israel BIT, 1995 webpage http://investmentpolicyhub.unctad.org/Download/TreatyFile/1320 last accessed 20 May 2018.
223.
See, e.g., Kardassopoulos supra note 220, Para 420.
224.
See, e.g., Ibid., Paras 428–452.
225.
Ibid., Paras 419–420.
226.
In this connection, a particular dictum from Maffezini is worth mentioning. Maffezini involved the actions of developed host country Spain, but the tribunal emphasised that ‘Bilateral Investment Treaties are not insurance policies against bad judgements’. See, e.g., Emilio Agustín Maffezini versus The Kingdom of Spain, Award 13 November 2000, 5 ICSID Report 419, Para 64. Similar expression given in MTD Equity citing Maffezini, see, e.g., MTD Equity supra note 113, Para 178.

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Department of Law, University of Dhaka, Dhaka, Bangladesh
Rumana Islam

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Islam, R. (2018). Current Arbitral Practice Relating to Political and Socio-political Circumstances in Host Developing Countries and Countries in Transition: FET Standard in Context. In: The Fair and Equitable Treatment (FET) Standard in International Investment Arbitration. International Law and the Global South. Springer, Singapore. https://doi.org/10.1007/978-981-13-2125-2_5

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DOI: https://doi.org/10.1007/978-981-13-2125-2_5
Published: 19 September 2018
Publisher Name: Springer, Singapore
Print ISBN: 978-981-13-2124-5
Online ISBN: 978-981-13-2125-2
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