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International Centre for Settlement of Investment Disputes

By De Maekelt, Tatiana B.

Description
Economics

Excerpt
I. PROCEDURAL BACKGROUND: 1. On December 28, 2001, the International Centre for Settlement of Investment Disputes (?ICSID? or ?Centre?) received from LG&E Energy Corp., LG&E Capital Corp., and LG&E International Inc., juridical persons constituted under the laws of the Commonwealth of Kentucky, United States of America (?Claimants? or ?LG&E?), a Request for Arbitration dated December 21, 2001, against the Argentine Republic (?Respondent?). -- 2. In the Request Claimants assert that they hold investments in gas-distribution licensees in Argentina and that Respondent unilaterally decided to freeze certain automatic semi-annual adjustments, based on changes in the U.S. Producer Price Index (?PPI?), to the tariffs for distribution of natural gas in Argentina. Claimants further assert that in taking these actions, Respondent breached its obligations under the Treaty between the Argentine Republic and the United States of America Concerning the Reciprocal Encouragement and Protection of Investment (?Bilateral Treaty?): (i) by failing to honor commitments made by Respondent when it induced the Claimants (and their predecessors in interest) to make investments in the Argentine gas industry; (ii) by failing to accord fair and equitable treatment to Claimants? investment; (iii) by taking arbitrary measures that discriminate against the Claimants on the basis of their foreign nationality and ownership and that impair the use enjoyment of the Claimants? investment; and (iv) by indirectly expropriating the Claimants? investment without complying with the requirements of the Bilateral Treaty, including due process of law and payment of prompt, adequate, and effective compensation. The Claimants rely in particular on Article II(1), (2) and (6) and Article IV of the Bilateral Treaty. They seek corresponding relief.

Book Id: WPLBN0000219799
Format Type: PDF eBook
File Size: 281.83 KB
Reproduction Date: 2005

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Title:

International Centre for Settlement of Investment Disputes

Author:

De Maekelt, Tatiana B.

Volume:

Language:

English

Subject:

Economics, Finance & business, World Bank.

Collection:

Economics Publications Collection

Subcollection:

Historic
Publication Date:

Publisher:

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