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Who has benefited financially from investment treaty arbitration?

13 Jan 2016

Medium: 4 Small: 4 Unknown: 13 Super wealthy individual: 5 Other individual: 20 3. The Yukos cases As noted in the appendix, three Yukos cases that led to a combined award of USD50 billion are reported separately from the above data due to the sheer size of the overall order of compensation and to assist the reader in drawing his or her own conclusions. [...] At the time of the Yukos bankruptcy in 2005, MENATEP controlled 51% of Yukos shares through YUL and Hulley and an additional 10% through Veteran Petroleum Trust (a trust established by VPL under the laws of the state of Jersey).5 Effectively, a group of six Russian oligarchs including Khodorkovsky controlled 62% of Yukos through the off-shore vehicles YUL, Hulley, and VPL at the material times.6 B [...] The concept of forum-shopping here included situations where the historical base or nationality of the ultimate owner in a claimant group differed from that of the opposite state under the relevant treaty used for the ISDS claim. [...] The most relevant fields in the dataset for this paper were: claimant nationality, date and outcome of award on jurisdiction, date and outcome of award on merits, amount awarded (converted to USD as of the date of the award), and damages awarded with and without pre-award interest (calculated, where applicable, using the interest rate and date range stipulated by the tribunal). [...] The main source of awards and other decisions was italaw.com supplemented by official websites of the International Centre for Settlement of Investment Disputes (ICSID), the Permanent Court of Arbitration (PCA), the Stockholm Chamber of Commerce (SCC), and the federal governments of Canada, Mexico, and the United States.
compensation corporations international commercial arbitration wealth isds investor-state arbitration

Authors

Van Harten, Gus, Malysheuski, Pavel

Pages
20
Published in
Ottawa, Ontario

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