Hague arbitration court to consider case brought by oligarch Igor Kolomoisky against Russia - TOL.org.
The Permanent Court of Arbitration in The Hague has said it will consider a case against Russia by Ukrainian businessman and sometime politician Igor Kolomoisky who claims he was deprived of his right to operate a passenger terminal at a Crimean airport after Russia annexed the peninsula.
Misen Energy AB (publ) (“Misen”) has submitted an investment dispute notice to the Government of Ukraine under the Ukrainian Swedish Bilateral Investment Treaty (“BIT”). Misen notified Ukraine that a dispute has arisen between it and Ukraine concerning Misen’s investment in Ukraine, and invited Ukraine to resolve the dispute by consultation and negotiation.
Investor–State arbitration: highest number of new cases ever. $8 million spent on lawyers and arbitrators in an average case
In 2012, 58 new known investor–State dispute settlement (ISDS) cases were initiated (stated in the 2013 World Investment Report by UNCTAD). This brings the total number of known cases to 514 and the total number of countries that have responded to one or more ISDS cases to 95. The 58 cases constitute the highest number of known ISDS claims ever filed in one year and confirm foreign investors’ increased inclination to resort to investor–State arbitration.
UNCTAD's annual review of investor-State dispute settlement (ISDS) cases, part of the IIA Issues Notes series, provides up-to-date and country-specific information about ISDS developments in 2010.
2010 saw the lowest number of new treaty-based ISDS cases filed under international investment agreements since 2001. The number of known new cases was 25, bringing the total of all known cases to 390 by the end of the year. However, as most arbitration forums do not maintain a public registry of claims, the actual number of cases could potentially be higher. In 2010, Grenada and Uruguay saw the first claims directed at them, with one case each. As a result, the cumulative total of countries that have responded to investment treaty arbitration rose to 83.
There are 49 ICSID claims lodged against Argentina and only 10 against Ukraine. Who is talking about inappropriate investment climate?
An overview of the investment disputes settlement mechanism under ICSID Convention
One of the chief impediments to foreign investment in Ukraine as well as in other developing countries has been the investor’s perception that, in the event of disputes with the host state, they would find themselves without an effective legal remedy. Investors may no longer realistically rely on their own governments to espouse their claims, at least promptly and successfully, under traditional avenues of diplomatic protection. Investors who proceeded alone against host states, feared discrimination in the local courts. Legal disputes between individuals or corporations were normally settled before domestic courts. States may settle their legal disputes before the International Court of Justice. However, in mixed disputes, especially arising from international investment relationships, no appropriate forum was seen to exist.