Mitchell v. Democratic Republic of the Congo

ICSID Reports ◽  
2021 ◽  
Vol 19 ◽  
pp. 85-109
Keyword(s):  
Economic Development ◽  
Professional Services ◽  
The State ◽  
Relevant Factor ◽  
Content Type ◽  
Host State ◽  
Investment Treaty ◽  
Significant Burden ◽  
Arbitration Proceeding ◽  
Republic Of The Congo

85Jurisdiction — Investment — Professional services — ICSID Convention, Article 25(1) — Whether legal services qualified as an investment — Whether a contribution to the economic development of the host State was required for there to be an investmentExpropriation — Measures tantamount to expropriation — Whether international law or national law was applied to determine whether an expropriation had occurred under the BIT — Whether measures resulting in the total loss of clients may constitute measures tantamount to expropriationRemedies — Damages — Expropriation — Fair market value — Capitalised earnings approach — Whether the investor was entitled to compensation based on a projection into the future of income from the previous years — Whether the investor was entitled to compensation including projected income on accounts held outside the host State — Whether the capitalisation rate was appropriate to the economic and political circumstances of the host State — Whether the period of future compensation reflected the claimant’s inability to return to the host StateCounterclaim — Nuisance — Reputational damage — Whether the host State was entitled to reputational damages resulting from an investment treaty claimAnnulment — Stay of enforcement — ICSID Convention, Article 52(5) — Whether potential difficulties for the State in recouping the amount of the Award in case of annulment were likely — Whether other State budgetary priorities are a relevant factor in deciding whether to grant a stay — Whether the lack of urgency of recovery of the award by an investor was a relevant factor in deciding whether to grant a stay — Whether the seriousness of the grounds invoked in the annulment proceedings is a relevant factor in deciding whether to grant a stayAnnulment — Stay of enforcement — ICSID Convention, Article 52(5) — Whether the posting of a bank guarantee in the amount of the award was a condition for a stay of enforcement — Whether the principle that the State was obliged to comply with its international obligations is a sufficient basis for deciding whether to require the posting of a guarantee as a condition for a stay of enforcement — Whether the State needed to prove that the posting of a guarantee would be a significant burden to avoid being required to post a guaranteeAnnulment — Manifest excess of powers — ICSID Convention, Article 52(1)(b) — Whether the tribunal exceeded its powers in accepting jurisdiction ratione materiae over professional services — Whether the tribunal exceeded its powers by failing to apply a provision of the BIT that was not specifically adduced in the arbitration proceeding86Annulment — Investment — Professional services — ICSID Convention, Article 25(1) — Salini test — Whether the existence of a contribution to the economic development of the host State was an essential characteristic of an investmentAnnulment — ICSID Convention, Article 52(1)(e) — Whether the tribunal failed to state reasons in accepting jurisdiction ratione materiae over professional services — Whether the tribunal failed to state reasons with respect to its failure to apply certain provisions of the BIT that were not adduced in the arbitration proceeding — Whether the tribunal failed to state reasons with respect to the calculation of the compensation due to the claimant

Abaclat and Others (Case Formerly Known as Giovanna a Beccara and Others) v. Argentine Republic

ICSID Reports ◽  
2021 ◽  
Vol 19 ◽  
pp. 364-423
Keyword(s):  
Economic Development ◽  
Due Process ◽  
Burden Of Proof ◽  
Third Party ◽  
Foreign Investor ◽  
Content Type ◽  
Host State ◽  
Sovereign Bonds ◽  
Investment Treaty ◽  
Made In

364Jurisdiction — Investment — Contract — Whether a dispute arising out of and in relation to sovereign bonds was an investment treaty dispute rather than a mere contractual dispute — Whether forum selection clauses influenced the place where the alleged investment was deemed to have been madeJurisdiction — Investment — Sovereign bonds — Contribution — Interpretation — Whether security entitlements derived from sovereign bonds constituted obligations or public securities within the definition of investment under the BIT — Whether the investors had made contributions leading to the creation of value that the contracting parties intended to protect under the BITJurisdiction — Investment — ICSID Convention, Article 25 — Interpretation — Salini test — Contribution — Whether the Salini test was the right approach to determine whether an investment had been made — Whether protection of security entitlements derived from sovereign bonds was consistent with the spirit and aim of the ICSID Convention — Whether the ICSID Convention sets the outer limits of consent given under the BITJurisdiction — Investment — Sovereign bonds — Legality — Whether the investment was made in compliance with municipal lawJurisdiction — Investment — Sovereign bonds — Territory — Economic development — Whether the investment was made in the territory of the host State — Whether it was sufficient for the invested funds to have supported the host State’s economic development — Whether it was necessary for investments of a purely financial nature to be linked to a specific economic enterprise or operation taking place in the territory of the host StateJurisdiction — Foreign investor — Nationality — Timing — Whether the investors held the nationality of the home State — Whether natural and juridical persons met certain requirements prior to the registration of the request for arbitrationJurisdiction — Foreign investor — Mass claim — Burden of proof — Whether the investors bore the burden to prove each of them met the requirements of jurisdictionJurisdiction — Foreign investor — Sovereign bonds — ICSID Convention, Article 25 — Whether a party that has purchased security entitlements derived from sovereign bonds through layers of intermediaries may still be classified as the party having made an investmentJurisdiction — Consent — Fraud — Whether the State may invoke the investor’s allegedly fraudulent consent to challenge the validity of the agreement to arbitrate the dispute365Jurisdiction — Consent — Mass claim — Procedure — Whether specific consent was required in regard to the procedure for arbitration in the form of collective proceedings or collective mass claimsJurisdiction — Consent — Prior consultation — Domestic litigation requirement — Whether prior consultation and domestic litigation requirements in the dispute resolution clause of a BIT were relevant to whether the host State consented to arbitrationAdmissibility — Mass claim — ICSID Convention — Denial of justice — Whether the mass aspect of a dispute was admissible under the current ICSID framework — Whether to deny the admissibility of mass claims would be a denial of justiceAdmissibility — Prior consultation — Domestic litigation requirement — Whether the failure to meet the requirements of prior consultation and domestic litigation rendered the claims inadmissible — Whether municipal courts would have resolved the dispute within 18 monthsProcedure — Mass claim — ICSID Convention — ICSID Arbitration Rules — Interpretation — Whether the silence of the ICSID framework in respect of collective proceedings was to be interpreted as a gap — Whether a tribunal may adapt the ICSID Arbitration Rules to enable the group examination of claims in accordance with the object and purpose of the ICSID Convention — Whether the claims of multiple claimants were identical or sufficiently homogeneous to allow for their group examination — Whether group examination would meet standards of due processProcedure — Withdrawal — Mass claim — ICSID Institution Rule 8 — Whether certain investors had withdrawn their consent prior to registration of the request for arbitrationProcedure — Discontinuance — Mass claim — ICSID Arbitration Rule 44 — Whether the request of certain investors for discontinuance should be granted — Whether discontinuance of some investors required the termination of the arbitrationAdmissibility — Abuse of rights — Agent — ICSID Arbitration Rule 18 — Whether the ulterior interests of a third party acting as agent in the arbitration constituted an abuse of rights by the investorsProcedure — Evidence — ICSID Arbitration Rule 25 — Request for arbitration — ICSID Convention, Article 36(2) — Whether updated annexes to the request for arbitration containing information related to each investor were admissible — Whether the introduction of evidence violated the requirements of the request for arbitration by unilaterally updating the identity of the parties366 Costs — Discontinuance — Whether investors who discontinued their participation in the proceeding should bear their own legal costs and a share of the arbitration costsInterpretation — ICSID Convention — Policy — Whether policy considerations were relevant to determine whether the tribunal had jurisdiction over claims arising from sovereign bonds — Whether policy considerations were relevant to determine whether mass claims were admissible

Deutsche Bank AG v. Democratic Socialist Republic of Sri Lanka

ICSID Reports ◽  
2021 ◽  
Vol 19 ◽  
pp. 446-484
Keyword(s):  
Due Process ◽  
The State ◽  
State Responsibility ◽  
Responsibility Attribution ◽  
Content Type ◽  
Host State ◽  
Fair And Equitable Treatment ◽  
Municipal Law ◽  
Equitable Treatment ◽  
Debt Recovery

446Jurisdiction — Investment — Derivative transactions — Interpretation — Claims to money used to create an economic value — Claims to money associated with an investment — Whether a hedging agreement constituted an investment under the BITJurisdiction — Investment — Territorial requirement — Derivative transactions — Whether a hedging agreement satisfied the condition of territorial nexus to the host StateJurisdiction — Investment — ICSID Convention, Article 25 — Interpretation — Derivative transactions — Salini test — Contribution to economic development — Regularity of profit and return — Whether a hedging agreement constituted an investment — Whether all five elements of the Salini test were legal criteria for an investment under ICSID jurisdictionJurisdiction — Investment — ICSID Convention, Article 25 — Interpretation — Derivative transactions — Ordinary commercial transaction — Contingent liability — Whether a hedging agreement was an ordinary commercial transaction or a contingent liabilityJurisdiction — Contract — State-owned entity — Municipal law — Whether a hedging agreement was void because the transaction was outside a State-owned entity’s statutory authorityState responsibility — Attribution — Judicial acts — ILC Articles on State Responsibility, Article 4 — Whether a superior court was an organ of the host StateState responsibility — Attribution — Central bank — ILC Articles on State Responsibility, Article 4 — Whether a central bank was an organ of the host StateState responsibility — Attribution — State-owned entity — ILC Articles on State Responsibility, Article 4 — ILC Articles on State Responsibility, Article 5 — ILC Articles on State Responsibility, Article 8 — Whether a State-owned entity was an organ of the State — Whether actions of a State-owned entity were attributable to the State as an exercise of governmental authority — Whether a State-owned entity was acting under instructions or the direction and control of the StateFair and equitable treatment — Judicial acts — Due process — Interim order — Political motive — Whether court orders violated the standard of fair and equitable treatment — Whether public statements of a senior judge evidenced the political motive of court ordersFair and equitable treatment — Autonomous standard — Interpretation — Minimum standard of treatment — Whether the standard of fair and equitable treatment was materially different from customary international law447Fair and equitable treatment — Government investigation — Due process — Bad faith — Transparency — Whether a central bank’s investigation violated the standard of fair and equitable treatmentExpropriation — Indirect expropriation — Contract — Derivative transaction — Substantial deprivation — Debt recovery — Municipal law — Whether the subsistence of a contractual debt and the possibility to claim under the chosen law of a third State prevented a finding of expropriation — Whether the possibility of recovery in a third State was to be assessed as a prerequisite in the cause of action of expropriation or as a matter of causation and quantumExpropriation — Indirect expropriation — Contract — Substantial deprivation — Legitimate regulatory authority — Proportionality — Whether an interference with contractual rights was an exercise of the host State’s legitimate regulatory authority — Whether the regulatory measures were proportionateRemedies — Damages — Causation — Contract — Debt recovery — Whether the claimant suffered damages if it had the possibility to recover a contractual debt in the courts of a third StateCosts — Indemnity — Egregious breach — Bad faith — Whether the egregious nature of the host State’s breaches of its international obligations meant the claimant was entitled to full recovery of its costs, legal fees and expenses

The possibilities of community redevelopment with Islamic finance

2019 ◽  
Vol 10 (2) ◽  
pp. 259-273
Author(s):  
Daniel Hummel ◽  
Ayesha Tahir Hashmi
Keyword(s):  
Economic Development ◽  
Local Economic Development ◽  
The State ◽  
Islamic Finance ◽  
Future Research ◽  
Tax Increment Financing ◽  
Content Type ◽  
The Usa ◽  
Political Economic ◽  
Practical Implications

Purpose The purpose of this paper is to explore the application of a profit and loss sharing approach to tax increment financing (TIF) districts in the USA. Design/methodology/approach A survey based on this approach was distributed to representatives of community redevelopment authorities (CRAs) in the State of Florida to ascertain practitioner feedback. Findings Although a majority of the respondents did not feel it was possible for political, economic and legal reasons, some did feel that it was a practical, reasonable and sustainable approach to financing projects for economic development. Some responses were correlated, with others indicating that certain beliefs framed their answers to the questions. Research limitations/implications The surveys were only distributed to CRAs in the State of Florida. Future research will need to include other CRAs in other states to make the findings more generalizable. In addition, the results are merely descriptive and are not an assessment of a successful application. Practical implications The need for more development in blighted areas of many cities across the USA will put emphasis on innovative approaches in financing this. The growth of Islamic finance in the USA and the regulatory framework for it might open a doorway for its application in this area. Originality/value This is the first attempt to apply an Islamic financing methodology to local economic development in the USA, with practitioner feedback.

Resigning Slovene premier aims to limit election loss

2018 ◽  
Keyword(s):  
At Risk ◽  
Economic Development ◽  
The State ◽  
Public Funds ◽  
Content Type ◽  
Parliamentary Elections ◽  
Railway Line ◽  
Infrastructure Project

Significance The proximate reason is the Supreme Court’s decision that the Cerar government’s referendum campaign backing a second railway line between the state-owned port of Koper and the transport hub of Divaca breached Slovenia’s constitution by spending public funds. More broadly, Cerar is seeking to strengthen his party’s weak position ahead of upcoming parliamentary elections, although it is probably too late to regain much ground. Impacts An infrastructure project of strategic importance to Slovenia’s long-term economic development is now at risk of rejection by voters. That would complicate relations with Hungary, which backs a new line to Koper, its nearest maritime outlet. Cerar’s resignation has temporarily halted strikes by teachers exploiting government weakness ahead of elections to press for higher pay.

Deterrence effects, socio-economic development, police revenge and homicides in Rio de Janeiro

2018 ◽  
Vol 45 (10) ◽  
pp. 1406-1423 ◽  
Author(s):  
Gabriel Caldas Montes ◽  
Gabriel Oliveira Lins
Keyword(s):  
Economic Development ◽  
Panel Data ◽  
Rio De Janeiro ◽  
Panel Data Analysis ◽  
Dynamic Panel Data ◽  
The State ◽  
Content Type ◽  
Development Indicators ◽  
Data Framework ◽  
Socio Economic Development

Purpose Due to the high levels of crime in Rio de Janeiro, the purpose of this paper is twofold. The first one is to analyze the effects of deterrence variables (such as the adoption of Pacifying Police Units (UPPs) and incarcerations) on violence in the municipalities of the State of Rio de Janeiro, as well as to verify the existence of “revenge effect.” The second is to analyze the effects of socio-economic development on violence, using development indicators. Design/methodology/approach Besides usual OLS method for panel data analysis, the study makes use of dynamic panel data framework through D-GMM and S-GMM. The estimates are based on a sample of 82 municipalities of Rio de Janeiro, and the period runs from 2003 to 2013. As dependent variables, the estimates use violent deaths (i.e. aggregation of intentional homicides and armed robberies followed by death) and homicides resulting from opposition to police intervention (i.e. civilians killed as a result of police actions against criminals – “opposition deaths”). Findings The estimates indicate that incarceration presents marginal capacity to reduce violence. Regarding the findings for the adoption of UPPs, the evidence suggests that this project increased violence and, therefore, the possibility of displacement of violence to other regions of the State. With respect to the effect of police deaths over violence, the results are unprecedented and suggest the existence of a “revenge effect.” Besides, the study points to the importance of socio-economic development to reduce violence. Originality/value Once the study analyzes the effects of incarceration and UPPs, it contributes to the literature by providing new evidence on the ability of anti-crime policies of reducing (or not) violence. In addition, when considering the death of policemen in the estimates, the study shows an unprecedented way, the effect that these deaths cause over violence (the so-called “revenge effect”). Moreover, the study considers the impacts of the development of employment and income, health and education on violence. When analyzing these development indicators, the study contributes with the literature that looks for non-police alternatives to control crime.

AES Corporation and Tau Power BV v. Republic of Kazakhstan

ICSID Reports ◽  
2021 ◽  
Vol 19 ◽  
pp. 610-629
Keyword(s):  
Public Interest ◽  
Competition Law ◽  
The State ◽  
Content Type ◽  
Legislative Reform ◽  
Legitimate Expectation ◽  
Investment Treaty ◽  
Fair And Equitable Treatment ◽  
Municipal Law ◽  
Equitable Treatment

610Jurisdiction — Consent — Revocation — Municipal law — ICSID Convention, Article 25 — Whether a State may revoke consent to arbitration by repealing municipal lawJurisdiction — Investment — ICSID Convention, Article 25 — Municipal law — Whether investments were excluded from jurisdiction by express exceptions under municipal lawJurisdiction — Consent — Temporality — Municipal law — Whether the revocation of consent to arbitration through the repeal of municipal law affected investments made prior to repealAdmissibility — Fork-in-the-road clause — Judicial act — Competition law — Whether claims for breach of competition law before municipal courts were the same as the investment treaty claimsAdmissibility — Domestic litigation requirement — Whether the exhaustion of local remedies was required — Whether the question was best left to the merits stageContract — Legitimate expectation — Legal stability — Competition law — Whether an agreement between the claimants and the State gave rise to a legitimate expectation that the State would not amend competition lawMunicipal law — Stabilisation clause — Legitimate expectation — Legal stability — Adverse effect — Whether the claimants had a legitimate expectation to be protected by a stabilisation clause that had been repealed — Whether the claimants had a legitimate expectation to be protected against legislative reform — Whether the claimants demonstrated any adverse effect from legislative reform — Whether it was predictable that the State would undertake reform of its competition lawFair and equitable treatment — Legitimate expectation — Arbitrariness — Denial of justice — Legal stability — Whether changes to competition law were in breach of the investment treaties — Whether alleged harassment and coercion were in breach of the standard of fair and equitable treatment — Whether the claimants were denied justice in the application of competition law by municipal courtsUmbrella clause — Municipal law — Contract — Legal stability — Whether a breach of municipal law could give rise to an investment treaty breach — Whether there was a breach of municipal law — Whether the State agreed not to reform competition lawFair and equitable treatment — Legitimate expectation — Free transfer — Proportionality — Public interest — Whether the claimants had an expectation to make and have the right to dispose of a reasonable return on their 611investment — Whether the requirement to reinvest all profits was in breach of legitimate expectations — Whether the measure was a proportionate response in the public interestRemedies — Restitution — Whether restitution was a feasible remedy in the circumstancesRemedies — Damages — Burden of proof — Quantum — Whether the claimants had established the scope of damage they suffered as a result of treaty breachRemedies — Damages — Future damages — Whether the claim for future loss was premature

Manajemen Ekonomi Outopilot: Kegagalan Negara Mencari Identitas?

Liquidity ◽  
2018 ◽  
Vol 1 (2) ◽  
pp. 142-152
Author(s):  
Mukhaer Pakkanna
Keyword(s):  
Economic Development ◽  
National Economy ◽  
The State ◽  
Political Democracy ◽  
Economic Democracy ◽  
Quality Of Democracy ◽  
Economic Disparities ◽  
National Economic ◽  
Production And Distribution

Political democracy should be equivalent to the economic development of the quality of democracy, economic democracy if not upright, even the owner of the ruling power and money, which is parallel to force global corporatocracy. Consequently, the economic oligarchy preservation reinforces control of production and distribution from upstream to downstream and power monopoly of the market. The implication, increasingly sharp economic disparities, exclusive owner of the money and power become fertile, and the end could jeopardize the harmony of the national economy. The loss of national economic identity that makes people feel lost the “pilot of the state”. What happens then is the autopilot state. Viewing unclear direction of the economy, the national economy should clarify the true figure.

A model of the analysis of the dynamics and structure of socio-economic development (an example of the set of the largest Polish cities in the years 1998–2015)

2019 ◽  
Vol 63 (1) ◽  
pp. 25-37
Author(s):  
Lidia Mierzejewska ◽  
Jerzy Parysek
Keyword(s):  
Principal Component Analysis ◽  
Economic Development ◽  
Development Process ◽  
Principal Component ◽  
The State ◽  
Geographical Research ◽  
Development Policies ◽  
Socio Economic Development ◽  
Development Processes ◽  
State Of Affairs

Abstract The complexity of the reality studied by geographical research requires applying such methods which allow describing the state of affairs and ongoing changes in the best possible way. This study aims to present a model of research on selected aspects of the dynamics and structure of socio-economic development. The idea was to determine whether we deal with the process of reducing or widening the differences in terms of individual features. The article primarily pursues a methodological goal, and to a lesser extent an empirical one. The methodological objective of the paper was to propose and verify a multi-aspect approach to the study of development processes. The analyses carried out reveal that in terms of the features taken into account in the set of 24 of the largest Polish cities the dominating processes are those increasing differences between cities, which are unfavourable in the context of the adopted development policies aiming at reducing the existing disparities. In relation to the methodological objective, the results of the conducted research confirm the rationale of the application of the measures of dynamics and the feature variance to determine the character (dynamics and structure) of the socio-economic development process of cities. Comparatively less effective, especially for interpretation, is the application of principal component analysis and a multivariate classification, which is mainly the result of differences in the variance of particular features.

IMPACT OF GOVERNMENT DEBT ON FINANCIAL SECURITY OF UKRAINE

2017 ◽  
Author(s):  
Olena Pikaliuk ◽  
◽  
Dmitry Kovalenko ◽  
Keyword(s):  
Economic Development ◽  
Public Debt ◽  
Positive Impact ◽  
The State ◽  
Financial Security ◽  
State Budget ◽  
The Public ◽  
Debt Security ◽  
The Stability ◽  
The Impact

One of the main criteria for economic development is the size of the public debt and its dynamics. The article considers the impact of public debt on the financial security of Ukraine. The views of scientists on the essence of public debt and financial security of the state are substantiated. An analysis of the dynamics and structure of public debt of Ukraine for 2014-2019. It is proved that one of the main criteria for economic development is the size of public debt and its dynamics. State budget deficit, attracting and using loans to cover it have led to the formation and significant growth of public debt in Ukraine. The volume of public debt indicates an increase in the debt security of the state, which is a component of financial security. Therefore, the issue of the impact of public debt on the financial security of Ukraine is becoming increasingly relevant. The constant growth and large amounts of debt make it necessary to study it, which will have a positive impact on economic processes that will ensure the stability of the financial system and enhance its security.

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