Introduction

Protection of foreign investors against expropriation is one of the core issues of investment law. The large majority of investment tribunals are confronted with investors claiming that they or their investment had been expropriated by the host government or one of its agencies. Since there is no definition of what constitutes indirect expropriation the scope and meaning of this notion has to be determined through arbitral practice. Tribunals have developed certain criteria which they apply in order to determine whether allegedly expropriatory governmental acts would actually ...