Pakistan risks losing valuable real estate properties in the United States and France after a court was moved to enforce an international arbitration decision involving a cancelled mining concession.
The companies say they were unjustly stopped from extracting the minerals. Islamabad on the other hand argues that the project was beset with irregularities and the country wasn’t getting a good deal. “It’s hard to say exactly how much Pakistan will pay because every case is different. But surely what we have seen in the past is that investors try to go after a country’s assets abroad.” Such cases are decided under Investor State Dispute Settlement , a mechanism created by the rich countries to protect the foreign investment of their companies.
Successive Pakistani governments have considered selling the iconic Roosevelt Hotel, located at prime Manhattan location, to raise funds that can rescue the ailing airline. The hotel, itself hit by losses, was shut down in October. Lawyers representing Pakistan have asked ICSID to dismiss the penalty. A final decision regarding the possible annulment is expected in May 2021. .
Pakistan was dragged into the arbitration case on the basis of a bilateral investment treaty that it had signed with Australia in 1998.
It's more of a corrupt regimes that make national level contracts to siphon off wealth thru these contracts and with the connivance of Multinationals THAN merely ' international arbitration system is tilted in favour of multinational companies '
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