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English to Latvian: ICSID Case No. ARB/13/8, Award (para. 360-361) General field: Law/Patents Detailed field: Law (general)
Source text - English 360. The Tribunal, by majority, believes that an analysis applying the “objective” test, as pleaded by the Parties, would lead to the same conclusion with respect to Poštová banka GGBs as the Tribunal reached in its analysis of the “subjective” test under the BIT. The members of the Tribunal who conclude that, if the Tribunal were to analyse the GGB interests in light of the “objective” test – contribution, duration, risk – the Claimants would not have an investment under the ICSID Convention, would place particular emphasis on the following circumstances.
361. If an “objective” test is applied, in the absence of a contribution to an economic venture, there could be no investment. An investment, in the economic sense, is linked with a process of creation of value, which distinguishes it clearly from a sale, which is a process of exchange of values or a subscription to sovereign bonds which is also a process of exchange of values i.e. a process of providing money for a given amount of money in return. If the
idea that the contribution, as an element of investment, has to be involved in an economic operation creating value is accepted, would this be the situation considering the concrete facts of the case?
Translation - Latvian 360. Šķīrējtiesas vairākums uzskata, ka analīze, kurā tiktu piemērots "objektīvais" tests, uz kuru atsaucas Puses, novestu pie tāda paša secinājuma attiecībā uz Poštová banka GGBs kā Šķīrējtiesas secinātais "subjektīvā" testa analīzē saskaņā ar BIT. Šķīrējtiesas locekļi, kuri secina, ka, ja Šķīrējtiesa analizētu GGB intereses atbilstīgi "objektīvajam" testam – dalība, ilgums, risks – Prasītājiem nebūtu ieguldījuma ICSID konvencijas izpratnē, īpaši vēlas uzsvērt šādus apstākļus.
361. Ja piemēro "objektīvo" testu, tad ieguldījuma nevar būt, ja nenotiek dalība saimnieciskā darbībā. Ieguldījums ekonomiskajā izpratnē ir saistīts ar vērtības radīšanu, kas to skaidri nošķir no pārdošanas, kura ir vērtību apmaiņas process, vai parakstīšanās uz valsts obligācijām, t.i., procesa, kurā tiek sniegta nauda apmaiņā pret konkrētu naudas daudzumu. Ja pieņemam, ka dalībai jābūt saistītai ar vērtību radošu saimniecisko darījumu kā ieguldījuma elementam, vai tas tā būtu, ņemot vērā lietas konkrētos faktus?
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