http://aftinet.org.au/cms/node/1323 In yet another example of the unfair ISDS system being used against environmental policies in developing countries, Canadian mining company Eco Oro has filed an ISDS claim against a Colombian court decision to limit its mining activities for environmental reasons. The claim is funded by Amber Capital hedge fund which will in turn receive 11% of any compensation awarded as a result of the claim. This shows a growing trend for speculative investment in such cases. This entrenches the global industry of ISDS which not only benefits global mining and other corporations but expands the business of global legal firms.
This follows reports last week of a notice of an ISDS dispute by Swiss Pharmaceutical giant Novartis over Colombian government plans to use compulsory licensing to reduce prices on a patented treatment for leukaemia, after voluntary negotiations with the company failed. These cases show how global companies can use ISDS to undermine environmtenal regulation and access to affordable medicines.
Advice from AFTINET http://aftinet.org.au/cms/node/1323
For more information on ISDS see https://en.wikipedia.org/wiki/Investor-state_dispute_settlement
PSI Asia Pacific - Utilities - Electricity - Water & Local Government Network Bulletin Blog - The below items are published as an internal PSI Bulletin monthly or you can follow by each post by e-mail.
