Introduction

The paper has been broadly divided into four parts. The first part describes the origins of the Denial of Benefits clause and contextualises it. Then it goes on to analyse the elements of a denial of benefits clause. A particular emphasis has been placed on the economic connection, and consequently, the tests for establishing an economic connection are discussed. Within this discussion, the intertwined relationship between the control, ownership and the nationality of the investor is further analysed. This analysis helps in establishing the use of the denial of benefits clause against ...