Introduction

May I raise an issue for discussion which has become of interest to me (and I am sure colleagues on both sides) of a recently concluded investment arbitration. The question is: Who is entitled to damages to be awarded by an investment arbitral tribunal - the foreign (treaty-country based) parent or the domestic, host-state based subsidiary? Under general corporate law, damages suffered by a subsidiary - a legally separate entity - can be claimed exclusively by the subsidiary. The right of shareholders in comparative corporate law is limited; sometimes, there is a ...