Featured

Feature post image

Against DCF valuation in ISDS: on the inflation of awards and the need to rethink the calculation of compensation for the loss of future profits

One of the most noticeable facts in recent ISDS is the spectacular inflation of compensation awarded to investors. The overall increase in the amounts is well documented. Of the (now more than) 50 known awards in excess of USD 100 million, none was rendered before 2000 and only 11 before 2010. What is most attention-grabbing, however, are the dizzying multi-billion numbers reached in some extractive industry cases (e.g. $8.7 billion in ConocoPhillips v Venezuela, $6.6 billion in P&ID v Nigeria, $5.9 billion in Tethyan Copper v Pakistan). These awards have made headlines. More importantly, they impose an impossibly heavy burden on the finances of the States concerned. What explains this trend? The single most important factor is probably the now widespread use by tribunals of the DCF (discounted cash flows) valuation method to determine the value of the investment affected by the State’s breach. It consists of estimating the worth of a business as equal to the present value of the income it is expected to generate…

Read more

Recent Comments

Read the full article Read the full article Read the full article Read the full article

Georgia v. Russia No. 2: The European Court’s Resurrection of Bankovic in the Contexts of Chaos

Last week the Grand Chamber of the European Court of Human Rights delivered its judgment in the second interstate case brought by Georgia against Russia (no. 38263/08), dealing with the August 2008 conflict between the two states (see my brief preview here ; for a summary of the judgment see the Court’s press…

Read more

Announcements: SIEL US Trade Policy Under Biden; Memory, Law and Rights Conference; Folly of U.S. Sanctions against the ICC; UN Audiovisual Library of International Law; Integrity in International Justice Panel Discussion; CfS UN Working Group on the Use of Mercenaries; House of Wisdom Podcast

1. SIEL January Conversations: US Trade Policy Under the Biden Administration - What to Expect or Hope For? The Society of International Economic Law (SIEL) is hosting its January Conversation entitled 'US Trade Policy Under the Biden Administration: What to Expect or Hope For?' with ambassador Ujal Singh Bhatia, Ana Swanson (The New…

Read more

Monitoring provisional measures at the International Court of Justice: the recent amendment to the Internal Judicial Practice

On 21 December 2020, the International Court of Justice (ICJ) announced the adoption of a new Article 11 of its Internal Judicial Practice. The new text provides for the creation of an ad hoc committee where the Court orders provisional measures, with three judges, to assist the monitoring of their implementation. The ad hoc committee is meant to…

Read more

Sorry Sir, We’re All Non-State Actors Now: A Reply to Hill-Cawthorne and Akande on the Authority to Kill and Detain in NIAC

The recent High Court judgment in the case of Serdar Mohammed v. Ministry of Defence [2014] EWHC 1369 (QB) has sparked a lively debate about the authority to detain individuals in the context of a non-international armed conflict (NIAC). In response to a post by Kubo…

Read more

The African Union’s Collective Withdrawal from the ICC: Does Bad Law make for Good Politics?

A number of news outlets reported last week that the African Union (AU) had adopted a strategy for collective withdrawal from the International Criminal Court (ICC) (see here, here and here). This follows withdrawals by three African states late last year, which in turn generated…

Read more

Will the ICC's Pre-Trial Chamber give Ocampo the Benefit of the Doubt in Kenya?

On 26 November 2009, the Prosecutor of the International Criminal Court, Luis Moreno-Ocampo, requested permission from the ICC’s Pre-Trial Chamber II to conduct formal investigations in Kenya, the first time he has ever sought to use his proprio motu powers to initiate an investigation.  In what will be…

Read more

Moving Beyond the Asylum Muddle

The horrific images of refugees dying on European shores seem – finally – to have galvanized public opinion in favor of a shift to protection rather than deterrence. Some leaders seem still to be committed to harsh action – Hungarian Prime Minister Orban’s comment that the arrival…

Read more

Comment on d’Aspremont’s Formalism and the Sources of International Law: We Don’t Just Talk Past Each Other; We Disagree!

Jean d’Aspremont is concerned with the effects of the Babel syndrome created by legal pluralism. He is bewildered that international scholars ‘talk past each other’: the impression that international legal scholarship has become “a cluster of different scholarly communities, each using different criteria for the ascertainment of international…

Read more

Introducing The Thin Justice of International Law

I begin with thanks to the editors of the two blogs that have organized this mini-symposium and to the five authors, from ethics and international law, who have agreed to comment on my book. I hope this experiment in interdisciplinary blogging will be the start of something bigger.

Read more

Explore

Dapo Akande

Editor

Marko Milanovic

Editor

Diane Desierto

Editor

Devika Hovell

Editor

Kate Mitchell

Associate Editor

Mary Guest

Associate Editor

Gail Lythgoe

Associate Editor

Freya Baetens

Contributing Editor

Michael Fakhri

Contributing Editor

Douglas Guilfoyle

Contributing Editor

Monica Hakimi

Contributing Editor

Lorna McGregor

Contributing Editor

Anthea Roberts

Contributing Editor