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:
The company Oceana Gold has paid the $8 million it owed because of the international arbitration case it lost against the Salvadoran state and has announced that it has no plans to continue mining activities in the country.
With the payment of $8 million plus interest, an end has been brought to the litigation that began years ago between Pacifi Rim, now Oceana Gold, and the Salvadoran state.
A new ruling by the International Center for Settlement of Investment Disputes requires the mining company OceanaGold to pay interest on the $8 million it owes to the Salvadoran State.
From a statement issued by the Comptroller General of the Republic:
The ICSID Arbitral Tribunal has ruled that the Costa Rican government did not cause damage to the company of Swiss capital, Gas Nacional Zeta, which sought damages of $75 million for disagreements over the LP gas tariff setting.
In 2013 the company of Swiss capital sued the Costa Rican government over disagreements on the tariff setting and safety requirements.
The Centre for Settlement of Investment Disputes has ruled against the businessman Julio Lisac, who filed the suit after cessation of a concession for a hydroelectric project.
From a statement issued by the Ministry of Economy and Finance:
Experts will be meeting in Panama City from 16th to 18th of March to discuss issues and progresses related to arbitration procedures in Latin America and the world.
From a statement issued by the Chamber of Commerce, Industries and Agriculture of Panama:
The Canadian firm Infinito Gold has ceased operations and requested the temporary suspension of arbitration against Costa Rica over the failed concession of the Crucitas gold mine.
The cessation of business operations due to lack of financial resources, announced in mid-July, when all its directors and managers resigned, could be the main reason for the decision to request the temporary suspension of the proceedings against Costa Rica over the Crucitas gold mine, for which $94 million was demanded for violations of the agreement for the promotion and protection of investments between Costa Rica and Canada.
Changes have been made to the way that complaints are made and to testing, the time to respond to claims and counterclaims as well as the rules in order to incorporate third parties into the arbitral process.
From a statement issued by the Chamber of Commerce, Industries and Agriculture of Panama:
A group of U.S. investors is suing the state for $70 million alleging violation of DR-CAFTA preventing the development of real estate project Las Olas in Puntarenas.
The lawsuit filed with the International Centre for Settlement of Investment Disputes (ICSID) by a group of investors led by David Richard Aven notes that "... national authorities treated them unfairly, in relation to a real estate development project in the Esterillos beach area in the Central Pacific. They also claim that the Free Trade Agreement (FTA) with their country was violated. "
With this legislation, the country will be able to develop a new business sector and establish itself as an international center for arbitration.
Recently, the country approved a law to regulate domestic and international arbitration. This will allow Panama to position itself as an international arbitration center, thanks to its logistics development, infrastructure and connectivity.
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