Precluding the Treasure Hunt: How the World Bank Group Can Help Investors Circumnavigate Sovereign Immunity Obstacles to ICSID Award Execution

Authors

Joseph M. Cardosi

Document Type

Comment

Abstract

This Comment highlights the frustrating road that investors travel in search of assets when states do not honor arbitration awards and discusses how the World Bank Group can unify investor–state arbitrations to preclude such hollow victories for investors. Part II introduces the contemporary framework of investor–state arbitration, including an overview of the International Centre for Settlement of Investment Disputes (ICSID or the Centre), a summary of the scope of noncompliance with investor–state arbitration awards, and the unique ICSID enforcement mechanism used to address challenges to awards and noncompliance. Part III provides examples of the challenges investors face in award execution proceedings in various jurisdictions with respect to amorphous sovereign immunity laws, and highlights the need for a non-judicial solution to the issue of award noncompliance. Part IV explores the feasibility of using the World Bank Group affiliates to alleviate the need to seek out assets of recalcitrant states in efforts to satisfy arbitration awards. Part V concludes.

Recommended Citation

Joseph M. Cardosi Precluding the Treasure Hunt: How the World Bank Group Can Help Investors Circumnavigate Sovereign Immunity Obstacles to ICSID Award Execution, 41 Pepp. L. Rev. Iss. 1 (2013)
Available at: https://digitalcommons.pepperdine.edu/plr/vol41/iss1/3