Abstract

With the rise of state capitalism, state-controlled enterprises (SCEs) have been evolving and their activities are becoming more complex, both in terms of ownership, control and their business development strategies. Against this background, this article first argues that international investment law, as it stands now, is insufficiently equipped to deal with the level of structural and managerial flexibility that some SCEs have attained today. While early tribunals have tried to create some bright line rules in regard to the notions relating to SCEs, their efforts eventually prove futile. ...