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.
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As contemplated by the agreement between the parties, World Duty Free sought to have this dispute resolved by a panel of arbitrators convened under the auspices of the International Center for the Settlement of Investment Disputes. In the course of those proceedings Ali voluntarily provided the information about the circumstances under which his investment agreement came into being.
In the event that these differences cannot be resolved amicably, governments and property owners often resort to dispute resolution methods that are (1) contained in bilateral investment treaties [BITs]; and (2) available to signatories of the ICSID Convention (Franck, 2007; He & Sappideen, 2013; International Center for the Settlement of Investment Disputes, 1965).
DAMAC also further dropped two claims recently made to the International Center for the Settlement of Investment Disputes challenging attempts made by the International Criminal Court (ICC) to fine and imprison the company's president, Hussein Sagwani.
The International Center for the Settlement of Investment Disputes (ICSID) will decide later on Thursday whether or not to hear on its merits a case filed by Libananco Holdings Co.
PNG is also a member of the International Center for the Settlement of Investment Disputes and the New York Convention of 1958 on the recognition and enforcement of foreign arbitral awards.
The International Center for the Settlement of Investment Disputes (ICSID) ordered the Philippine government to pay P800 million to Baggerwerken Decloedt En Zoon (BDC) for scrapping the P18.7-billion Laguna Lake Rehabilitation Project (LLRP) in 2011.
The International Center for the Settlement of Investment Disputes (ICSID) started to listen to the parties at the World Bank building in Paris on Tuesday.
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