Government Regulation on Trial: Expropriation Claims against Latin American States at icsid

Abstract

In the 1960s, all Latin American member states of the World Bank rejected a resolution recommending an international agreement that would create a center for arbitration in which private foreign investors could settle their disputes with member states. Nevertheless, the resolution was approved and the icsid Convention was born. Ironically, Latin American states – which later became party to the icsid Convention – have had to defend themselves against more expropriation claims before icsid than any other region. This paper analyzes these expropriation claims with a twofold goal. First, to highlight the cases against Latin American states that have been most influential in defining expropriation. And, second, to draw attention to those cases that have revived apprehension about Latin American states’ consent to be adjudged by icsid tribunals.