Position£ºHome > News & Updates > Details
Details

ICSID Rendered An Award in A Dispute of Investment in Favor of China

Time£º2017/03/11 21:06:00 View£º hits

 International Centre For Settlement of Investment Disputes (¡°ICSID¡±) rendered an award of the case Ansung Housing Co., Ltd. v. People's Republic of China (ICSID Case No. ARB/14/25) on March 9, 2017.

 

The arbitration case was registered at ICSID on November 4, 2014, involving an investment dispute between Ansung Housing Co., Ltd. (¡°Claimant¡±), a privately-owned company incorporated under the laws of the Republic of Korea, against the People¡¯s Republic of China (¡°Respondent¡±), on the basis of the Agreement Between the Government of the Republic of Korea and the Government of the People¡¯s Republic of China on the Promotion and Protection of Investments that entered into force on December 1, 2007 (¡°Treaty¡±), and the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, which entered into force on October 14, 1966 (¡°ICSID Convention¡±).

 

During almost two and a half years arbitration proceedings, ICSID finally rendered a reward in favor of the Respondent on March 9, 2017. In the tribunal¡¯s award, the tribunal analyzed the major issues of limitation period and Most Favored Nations treatment stipulated in the Treaty, which are the main reason for Claimant¡¯s lose in the arbitration.

 

This is the first time when China has been a party and gone through the whole arbitration proceeding at ICSID. Chinese government will insist on protecting and safeguarding the legal rights and interests under international treaties. Meanwhile, China will also enlarge its opening-up policy towards the whole world, welcome foreign investments and make a better legal and commercial environment for all investors. The case manifests that China is positively participating in, and will lay more emphasis on the construction and maintenance of the order in the international investment market by exercising international treaties, which is a very bright policy orientation.

 

Navigation