Alamos Gold, a multi-billion dollar Canadian miner, which was barred last year from working on a mining lease in Turkey’s northwestern region, has said it will file a $1 billion claim against Ankara.
"Since an application was not made with a renewed license within that period, the permit was cancelled." “They were used only to transfer money or to take shelter from any liability,” says Jamie Kneen of the Mining Watch, an industry watchdog. ICSID has come under the spotlight in recent years because of multibillion dollar awards it has announced in favour of the multinational firms.
Jamie Kneen says arbitration cases have become a business for big law firms and powerful lobbyists who exploit the complex BITs to extract money for their clients and themselves.
MSaadHasan demonizing ICSID while host countries, including Turkey, promote int’l arbitration and BITs to attract FDI. Reminder: Turkey is planning to set up a domestic investor-state dispute settlement authority as part of its new reform program