An international tribunal has ruled in favor of the Costa Rican government in a legal process in which US investors denounced arbitrary actions in the development of a real estate project in Esterillos beach.
From a statement issued by the Ministry of Foreign Trade:
San Jose.On September 19, 2018, the Government of Costa Rica was notified by the International Center for Settlement of Investment Disputes (ICSID) of the decision adopted by the Arbitral Tribunal in the case of David Richard Aven et al.c.Costa Rica (known as "Las Olas").This arbitration was filed by a group of US investors in 2014, under the Dominican Republic-Central America Free Trade Agreement (CAFTA-DR).
The International Centre for Settlement of Investment Disputes has ruled in favor of El Salvador in the dispute with the mining company OceanaGold, owner of the El Dorado gold mine.
From a press release by OceanaGold Corporation:
(MELBOURNE) OceanaGold Corporation (TSX/ASX/NZX: OGC) (the “Company”) has been advised that the arbitration tribunal constituted by the World Bank’s International Centre for Settlement of Investment Disputes (“ICSID”) has found in favour of the Government of El Salvador (the “Government”) in its dispute with an OceanaGold indirect subsidiary company, Pac Rim Cayman LLC. ICSID granted an award of US$8 million to the Government of El Salvador to cover its legal fees and costs.
At the request of the parties, arbitration and dialogue has been suspended for 30 days in order to reach an agreement over the shareholding structure of the company LaGeo.
From a statement issued by the Government of El Salvador:
Talks to find solutions to disputes between the State of El Salvador and the Italian company ENEL Green Power, over the ownership structure of the company LAGEO SA, de CV, started today in Washington, DC, with a meeting taking place on the premises of the International Centre for Settlement of Investment Disputes (ICSID), which is the forum for arbitration and conciliation of the World Bank Group.
For the first quarter of 2014 the Center for International Investment Arbitration could issue a ruling on the suit brought against the Guatemalan State.
This was explained by Silvia Alvarado, director of the National Energy Commission (CNEE).
The company "in 2010 went to the International Centre for Arbitration Relating to Investment Disputes (ICSID) claiming that the State gave an unfair and inequitable treatment by setting the Value Added Distribution (VAD) in 2009 at an amount less than requested by the Empresa Eléctrica de Guatemala S.A. (EEGSA), of which Teco at that time was a shareholder along with the Spanish Iberdrola " reported Elperiodico.com.gt.
The Center for Settlement of Investment Disputes has started arbitration proceedings in which Panama could end up paying up to $2.5 billion.
Months ago the U.S. company Transglobal Green Energy (TGGE), called on the Panamanian government to reach an agreement on the cancellation of an award for a hydroelectricity plant which was subsequently awarded to Grupo Ideal owned by Carlos Slim, however, lack of action by the authorities led the company to take further action.
The Italian consortium Enel has filed a case against the Salvadoran State with the ICSID over a dispute on equity interest in the geothermal plant.
The case was filed with the International Centre for Settlement of Investment Disputes (ICSID).
The lawsuit, according to the company, is due to the government trying to be more involved in LaGeo, and also because they believe they have been denied their legitimate rights.
The U.S. Commerce Group had sued the Salvadoran government for $100 million, over the revocation of environmental permits for a mining project.
Attorney general Luis Antonio Martinez announced that the International Centre for Settlement of Investment Disputes (ICSID) of the World Bank rejected the annulment petition presented by the mining company against a decision favorable to El Salvador which the court issued in 2011.
A recent ruling by an international tribunal in a dispute between Guatemala and Iberdrola, sets a precedent against the claims of Teco Energy.
The U.S. Corporation Teco Energy, a former shareholder of Empresa Eléctrica de Guatemala (EEGSA), sued Guatemala before the International Centre for Settlement of Investment Disputes (ICSID), in 2010, claiming economic losses caused by a reduction in the Value Added Distribution implemented by the National Energy Commission in 2008.
The International Center for Settlement of Investment Disputes dismissed a lawsuit filed by Commerce Group.
The lawsuit filed under CAFTA terms alleged that the Government, in 2006, without justification, revoked permits which had been awarded for the exploitation of mines in San Cristobal and San Sebastian and that a request made in 2008 to extend operating licenses at the San Sebastian and Nueva Esparta mines was denied.
The U.S. Corporation, a former shareholder of Empresa Eléctrica de Guatemala (EEGSA), sued the country before the ICSID in Washington.
The process is similar in its content to the one initiated by Spanish company Iberdrola (also a former shareholder of EEGSA) in December 2009, before the same institution, the International Center for Settlement of Investment Disputes (ICSID).
The Salvadoran government has filed a new set of objections after the
The document, presented as a response to the backing given by the International Center for Investment Dispute Resolution (CIADI), describes the way the company changed its nationality in order to take advantage of the benefits of the free trade agreement.
"The jurisdictional objections filed, to which El Diario de Hoy was given access, argue that Pacific Rim's claims are inadmissable owing to the abuse of due process it committed. The mining company's official headquarters used to be in the Cayman Islands, part of the United Kingdon, but since 2007 it has called Nevada home, three years after the conflict with El Salvador's Economy Ministry began".
The court at the International Centre for Settlement of Investment Disputes (ICSID) has ruled in favor of the Canadian gold mining company and dismissed preliminary objections raised by El Salvador.
Pacific Rim, owner of the El Dorado gold mine, is at the center of an international dispute with the Salvadoran government. The company claims that the government owes it at least $77 million for delays suffered to the mining project, in violation of the Central American Free Trade Agreement (CAFTA-DR).
Commerce Group filed a lawsuit, alleging El Salvador denied operation permits.
The lawsuit was filed at the International Centre for Settlement of Investment Disputes (ICSID), which is part of the World Bank. Another mining company, Pacific Rim, sued the country in June.
From an article in Elsalvador.com: "Commerce Group argues that on September 13th, 2006, the Government of El Salvador revoked, without justification or prior notice, the exploitation permits that had been granted for the mines in San Sebastián (La Unión) and San Cristóbal (San Miguel), for mining gold and silver. It adds that in 2008, the government denied a request to extend their exploitation permits for mining at Nuevo San Sebastián y Nueva Esparta (both within La Unión and Morazán)".