Environmental Engineering Reference
In-Depth Information
the obvious nationality of an investor.
222
Nevertheless, ICSID tribunals look for
'
control of the investor, e.g. if the investor is a Limited, on a
second “layer”, to enable ICSID jurisdiction.
223
Mr. Weil, who had an opposing
opinion, pointed out that he believes that
ultimate
or
real
'
'
'
'
(
...
) the origin of the capital is relevant
224
In situations where control is lacking, ICSID tribunals
frequently conclude that they do not have jurisdiction.
225
Within recent ICSID case
law, tribunals started to check the question of control of the investor in greater depth
and examined the investor
...
(
) and even decisive.
'
s shareholders and the percentage distribution of the
'
shares.
226
The existing differences on the international scale can also be found on a
national level. Based on the applicable jurisdiction it differs if the incorporation
theory or the main seat theory is applied.
227
The first is preferred by common law
jurisdictions and the later by civil law jurisdiction.
228
Some legal authors suggested
that
certain issues of private international law have been subsumed into an
overarching transnational legal regime referred to as the lex mercatoria
'
.
229
However, this is not an uncontroversial concept and the fact remains that significant
differences continue to exist between national laws on key substantive and procedural
issues pertaining to the international operations of corporations.
230
'
It is important to note that even a non-controlling shareholder is an investor if the
Bilateral Investment Treaty (BIT) stipulates this.
231
Art. 1(3)(b) of the German-
Moroccan Investment Treaty 2004 (G/M-BIT)
232
defines the term investor as every
222
“(A) (
) cut-off point exists beyond which claims would not be permissible as they would
have only a remote connection to the affected company (
...
...
)”, in: ICSID [2004] ARB/01/3—
Decision, 21-22 para 52; Prawoko (
2005
), 143 (148).
223
ICSID
Noble Energy
,
Inc. and MachalaPower Cia. Ltda. v The Republic of Ecuador and
Consejo Nacional de Electricidad
[2008] ARB/05/12, 28-29 paras 81-83; ICSID
Soci ´t ´ Ouest
Africaine des B ´tons Industriels v Senegal
[1984] ARB/82/1, [1984] ICSID Review, 217 (224-
227) paras 34-46.
224
ICSID
Tokios Tokele˙s v Ukraine
[2004] ARB/02/18—Dissenting Opinion (Weil), [2004]
ICSID Review, 245 (253) para 20.
225
Prawoko (
2005
), 143 (147); Nevertheless ICSID case law reveals that there is broad under-
standing of foreign control, in: Tietje (
2005
), 47 (54); Overall looser interpretation of investor, in:
UNCTAD (
2009
), 4.
226
ICSID [2013] ARB/09/8—Award, 36-37 para 136; Extensive check of nationality of the
investor, in: ICSID [2013] ARB/10/11 and ARB/10/18—Decision on Jurisdiction, 55-60 paras
184-208; Burden of proof concerning nationality of investor, in: ICSID [2013] ARB/08/9—
Decision on Jurisdiction and Admissibility, 99-100 paras 308-312; ICSID [2012] ARB/10/12—
Award, 54 para 237.
227
Muchlinski (
2014
), para 24.
228
Muchlinski (
2014
), para 24.
229
Muchlinski (
2014
), para 24.
230
Muchlinski (
2014
), para 24.
231
cf. ICSID [2011] ARB/07/17—Award, 33-34 paras 137-140; ICSID [2010] ARB/02/16—
Annulment, 15 para 87; ICSID [2006] ARB/03/15, 42 para 138.
232
Vertrag zwischen der Bundesrepublik Deutschland und dem K
€
onigreich Marokko
¨
ber die
