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Essay / Research Paper Abstract
This 12 page paper compares and contrasts the effectiveness of the rules of jurisdiction procedure of the International Court of Justice (ICJ), and the International Centre for the Settlement of Investment Disputes in providing compensation to foreign owned corporations in the context of nationalization of assets. The bibliography cites 7 sources.
Page Count:
12 pages (~225 words per page)
File: TS14_TEnationali.rtf
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Unformatted sample text from the term paper:
a range of laws and cultures which may class, a variety of political interests and the approach taken by governments may be very diverse. Two courts which may each have
jurisdiction are the International Court of Justice (ICJ), and the International Centre for the Settlement of Investment Disputes. There are many instances when a referral to one of these courts
may be desired but to consider if and why the treatment by each of these courts is different we need to consider why a referral may be required. Many
countries have followed policies of nationalising industries or companies sin which other parties, international capital investors, have invested time and money. When this occurs there is usually a great deal
of disharmony as the way that compensation is awarded, where it is awarded has demonstrated that many states would be unwilling to compensate the commercial interest to the value they
feel they deserve. There are many ways a commercial organisation may feel they deserve to be compensated, this may range from the full current value or book value for the
physical assets, or may also extend to the loss of future revenue that the state will now gain purely as a result of their investment and work. Both perspectives are
very understandable but are not agreed upon widely. One example for how these disputes can arise may be seen with the way that Venezuela wanted to pay Exxon
Corporation only $512 million in compensation for taking over its Venezuelan oil properties. The level of compensation offered he was argued by Exxon to be less than the book value
of the assets, with a shortfall of $90 million (Lapres, 1977). In addition to this shortfall, the Venezuelan government also wanted to make the payments over a period of five
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