International Centre for Settlement of Investment Disputes

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International Centre for Settlement of Investment Disputes

Also called ICSID. An organization under the World Bank Group that serves as an arbitration board for disputes involving investment treaties. That is, when member countries disagree on the interpretation of an investment treaty applying to both of them, they may refer the matter to ICSID. More than 150 countries belong to ICSID. It was established in 1966 and is based in Washington, D.C.
References in periodicals archive ?
In November 2017, the ICSID rejected Pakistan's more than one dozen allegations of corruption in Reko Diq case.
The chief minister reiterated that wrong decisions and polices of the former Balochistan governments caused the province to pay $6bn penalty as imposed by the ICSID.
Although Pakistan has enacted the New York Convention and the ICSID convention for enforcement of foreign arbitral awards, this does not ensure smooth enforcement within Pakistan.
The International Center for Settlement of Investment Disputes (ICSID) imposed a penalty of 5.8bn on Pakistan in the RekoDiq case.
The company had filed claims for international arbitration before the ICSID in 2012 after the Balochistan government rejected a leasing request from the company.
Moreover, official sources claim that since the discovery of the evidence, Pakistan is going to rigorously pursue the case at ICSID to get the decision reversed and turned in favour of Pakistan, with the approval of Prime Minister Imran Khan.
In conjunction with an amended settlement agreement, Venezuela agreed to pay Gold USD1.032bn to satisfy its ICSID Award (including interest) and to purchase its mining data related to the Brisas Project.
The ICSID tribunal ruled in 2013 that the expropriation of ConocoPhillips' substantial investments in the Hamaca and Petrozuata heavy crude oil projects and the offshore Corocoro development project violated international law.
Following losing the case after International Centre for Settlement of Investment Disputes (ICSID) has ordered Pakistan to pay penalties of $4 billion to TCC of Australia in RekoDiq case and other huge amounts including $780 million to Turkish firm M/s Karkey other rental projects ad IPPs.
Typically, ISDS is offered in conjunction with a choice of forum between the International Centre for the Settlement of Investment Disputes (ICSID) and the United Nations Commission for International Trade Law Rules (UNCITRAL) administered by the Permanent Court of Arbitration (PCA) or an ad hoc tribunal.