The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.
Neilius,
If further evidence is needed,
The operating budget for the Mineral Department of the FIG has jumped YOY.
2022 - £307,316
2023 - £863,620
https://www.legislation.gov.fk/view/html/inforce/2023-07-16/fiord-2023-3#sch.1
Mogger
Chess,
This will be my last post on this subject.
The case you mention has absolutely nothing to do with a state(Venezuela) hiding assets . It is about US and Canadian companies being allowed to seize assets from a US subsidiary of a state owned oil company PDVSA.
At no point did Venezuela try and hide the asset.
https://www.reuters.com/business/energy/more-venezuela-creditors-granted-right-seize-citgo-shares-if-sanctions-change-2023-03-24/
Mogger
Chess,
Thank-you for starting the discussion.
I have been following the Spain vs Infrastructure Services Case closely as it is one that has been due to come to its conclusion most recently. I presume you have read the judgement written by the Honourable Mr Justice Fraser after the final hearing at the High Court earlier this year?
Your initial point of countries trying to hide assets to avoid payment does not seem to be apparent in this case. However, I see that you have changed the point you are now making into one of " , just how difficult & long these States can make this process after 'losing'their cases."
I think we are all aware of that. It certainly didn't need an ex chess champion to highlight the fact that the arbitration process has taken some time.
You were asked to provide details of states hiding their assets. All you have shown is that cases take a long time.
And the Spain case has actually helped Rockhopper. In his judgement, Me Justin Fraser writes:
"However, there are no proper grounds for setting aside the Order or refusing to
recognise the Award, and on all the different arguments raised by Spain on its
application – those based on lack of jurisdiction or immunity, no arbitration agreement,
an invalid award and so on - and also non-disclosure to the judge who made the Award,
Spain has failed. I would add only this. I have produced this judgment in order to
explain the analysis that I consider both underpins the domestic enforcement regime for
ICSID awards under the 1966 Act, and to address Spain’s carefully advanced and
argued multiple grounds of opposition to the Order. This should not be taken as
encouragement by any state in a similar position to Spain that there is a lengthy and
costly legal argument, based on wide-ranging arguments under international law, to be
had on all or any attempts to obtain recognition of an ICSID award by an investor under
the 1966 Act. There is not.
t. "
You are aware of the theory of case law? - I wonder if King and Spalding are aware of this judgement?
Mogger/Moggsy - (Latics - look at the abuse that your friend shows!)
https://www.judiciary.uk/wp-content/uploads/2023/05/Infrastructure-Services-Luxembourg-v-Kingdom-of-Spain.pdf
Chess,
" I said I had scoured thousands of 'pages' not 'cases'."
No you didn't. You said "papers" And in that you are correct. Nowhere in any ICSID papers will you find anything regarding how a state creatively hides their assets. Why would they? It's not what ICSID would document as they are an impartial dispute resolution organisation. They have absolutely no interest in how awards are collected.
Mogger
Chess,
"It's changed to ITA Airlines now and government owned"
Wrong again. It's a very strange "renationalisation"
Mogger
https://www.lufthansagroup.com/en/newsroom/releases/lufthansa-group-reaches-agreement-on-the-acquisition-of-41-per-cent-stake-in-ita-airways.html
Chess,
"Fortunately for Rockhopper, Ailitalia has been renationationilsed not that long ago"
If you're not willing to provide me the proof of the ICSID cases, how about information on the above?
Or is it more nonsense?
Alitalia ceased operations on the 15th October 2021
https://en.m.wikipedia.org/wiki/Alitalia
Mogger
Chess,
"As of June 30, 2022, ICSID had registered a total of 888 cases under the ICSID Convention and Additional Facility Rules since the first case was registered in 1972."
Why have you looked at "thousands "?
Of those 63% resulted in awards, where the vast majority settled without enforcement. Therefore there was no need in your "Alter Ego" theory.
I attached the proof. Something you are unable to do.
Opinions are subjective statements that cannot be proven to be true or false. Facts, on the other hand, can be proven true or false and are objective statements.
You are writing complete nonsense.
Mogger
https://icsid.worldbank.org/resources/publications/icsid-caseload-statistics
Chess,
."When I stated they would transfer ownership of assets it was not my opinion but facts based on previous Icsid cases by sovereign states to evade payment."
Please enlighten me as to which cases you are referring to.
Many thanks
Mogger
DEM,
First of all don't thank me. All I do is look for breadcrumbs of info on the web. I get lucky sometimes!. Its a shame that ICSID seem to be very good at stopping leaks. News must be imminent but I see nothing!
All the best
Mogger
Mogger
All,
I have had a bit of spare time this morning so decided to search the Parliamentary Written questions website again. I haven't done this for some time so the following are a couple of months old but I thought relevant .
https://questions-statements.parliament.uk/written-questions/detail/2023-03-29/hl6972
https://questions-statements.parliament.uk/written-questions/detail/2023-03-29/hl6974
https://questions-statements.parliament.uk/written-questions/detail/2023-03-29/hl6973
Mogger
The missing link
https://hansard.parliament.uk/commons/2023-05-11/debates/CCC3D872-ADFF-4439-A7C4-7AAFA81EBF33/OverseasTerritories
Mogger
All,
Interesting minutes from the Oversea's Territories debate on 11th May
"There are now new threats to the Falkland Islands, though. Fisheries account for approximately 40% of the islands’ GDP, but are under threat, particularly from illegal fishing by Chinese supertrawlers just outside Falklands territorial waters, so it is important that the Falkland Islands’ economy diversifies. One potential solution is the extraction of oil. Of course, that must be done extremely carefully, given our commitment to net zero, but I very much hope that the Treasury will give the proposals that are currently in front of it—known as Project Sea Lion—extremely serious consideration."
Column 519
Mogger
Buffit,
I believe this is website created to trick the unwary into buying shares in a fictional company.
Look at the pictures of the board and do a Google image search.
Look at the list of assets, company history etc and you'll see it's all made up.
Mogger
All,
Beware of people pretending to be something else
https://britishsuperoil.co.uk/operations/index.php
Mogger