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Icsid Review-Foreign Investment Law Journal April 29, 2004 : Dissenting Opinion

By Weil, M. Prosper

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Book Id: WPLBN0000068638
Format Type: PDF eBook
File Size: 0.2 MB
Reproduction Date: 2005
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Title: Icsid Review-Foreign Investment Law Journal April 29, 2004 : Dissenting Opinion  
Author: Weil, M. Prosper
Language: English
Subject: Economics, Finance & business, World Bank.
Collections: Economics Publications Collection
Publication Date:
Publisher: The World Bank


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Weil, M. P. (n.d.). Icsid Review-Foreign Investment Law Journal April 29, 2004 : Dissenting Opinion. Retrieved from


The chairman of an arbitral tribunal dissenting from a decision drafted by his two colleagues: this is not a frequent occurrence. If I have decided to dissent, it is because the approach taken by the Tribunal on the issue of principle raised in this case for the first time in ICSID?s history is in my view at odds with the object and purpose of the ICSID Convention and might jeopardize the future of the institution. In other words, my dissent does not relate to any particular aspect of this brilliantly drafted Decision, or to any particular assessment of the facts, but rather to what I would call the philosophy of the Decision. I would fail in my duty if I were to conceal my doubts out of friendship for my colleagues. -- 2. The ICSID system rests on the Convention on the Settlement of Investment Disputes between States and Nationals of other States signed on March 18, 1965 (hereafter: the Convention), which had been formulated by the Executive Directors of the World Bank and to which both Lithuania and Ukraine are parties. The object and purpose of the Convention are set out in the Report of the Executive Directors on the Convention as well as in the provisions of the Convention itself. -- 3. The Report of the Executive Directors on the Convention explains that the creation of ICSID was ?designed to facilitate the settlement of disputes between States and foreign investors? with a view to ?stimulating a larger flow of private international capital into those countries which wish to attract it.? -- 1 The Report explains that, while ?investment disputes are as a rule settled under the laws of the country in which the investment concerned is made,? both States and investors frequently consider that it is in their mutual interest to agree to resort to international methods of settlement.? -- 2 It states that ?adherence to the Convention by a country would? stimulate a larger flow of private international investment into territories, which is the primary purpose of the Convention,? -- 3 and adds that ?the broad objective of the Convention is to encourage a larger flow of private international investment.? -- 4 The object of the Convention, so the Report explains, is to ?offer international methods of set-...


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