Home Editorial Insight When arbitration is not voluntary: the case of Mutu and Pechstein v. Switzerland Global Briefing The impact of The Belt and Road Initiative on investment arbitration “What’s in a name?”: NAFTA to USMCA and what this rendered in the following cases: site, arguing that such action breached In the seminal award rendered in the “Pyramids change means for investmentprotection Parkerings Compagniet v. Lithuania; the obligation to accord treatment no Case”, a tribunal observed that the UNESCO MHS v. Malaysia; and Glamis Gold v. less favourable than the treatment United States. Additionally, references accorded to investors of a third state. Convention Concerning the Protection of World In Focus will be made to the facts in the ongoing The tribunal, however, observed that the Cultural and Natural Heritage was relevant in Cultural Heritage proceedings in Elitech and Razvoj v. fact that the original project “extended Considerations in deciding that dispute International Investment Croatia. significantly more into the Old Town as Arbitration defined by UNESCO [than the project In Parkerings Compagniet v. Lithuania, authorised afterwards, was] decisive”.2 Smart Contracts and Considering that only one project coast of Malacca in 1817. In a controversial with important cultural elements can International Arbitration: the tribunal intervened in a dispute award, the sole arbitrator concluded be considered to contribute to a State’s Friends or Foes? that involved an agreement to build significantly extended into the Old Town, that “the Contract did not benefit the economy. From an economic perspective underground garages in Vilnius. The the tribunal concluded that the two The Achmea decision: Malaysian public interest in a material it could be argued that the salvage of significant uncertainties linger historic centre of Vilnius is a living investors were not in like circumstances way or serve to benefit the Malaysian cultural treasures, in one way or another, remnant of the capital city of the Grand and rejected the claim. economy in the sense developed by would have a favourable impact on the Duchy of Lithuania of the 15 Century,th Investment Arbitration: with historic buildings built in a variety The Malaysian Historical Salvors v ICSID jurisprudence, namely that the host state’s economy and, in the same Contact Lawyers of styles. In 1994 it was registered in Malaysia case -commonly referred to contributions were significant.”3 Although vein, such a view would discourage the World Heritage List, in conformity as MHS-, involved an agreement for the the award was annulled for not applying unlicensed salvage operators, thus with the World Heritage Convention. location and salvage of the cargo of the the definition of investment as provided protecting cultural and historical treasures The claimant challenged the decision to British vessel “Diana” that sank off the in the UK-Malaysia BIT, it is worth from falling into the bottomless pit of the terminate the construction agreement considering whether a salvage contract black market.4 and the authorisation for another foreign 2 Parkerings-Compagniet AS v. Republic of Lithuania, 3 Malaysian Historical Salvors, SDN, BHD v. The company to build a project on the same ICSID Case No. ARB/05/8, Award, ¶¶ 363, 392 (11 Government of Malaysia, ICSID Case No. ARB/05/10, 4 See V. Vadi, Cultural Heritage in International www.uria.com September 2007). Award on Jurisdiction, ¶ 131 (17 May 2007). Investment Law and Arbitration (2014) pp. 155-158. 14