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Gold Reserve v. Venezuela
Enshrining legitimate expectations as a general…
Gold Reserve v. Venezuela
Enshrining legitimate expectations as a general principle of international law
Award
In 2014, ICSID awarded U$ 713MM to Gold Reserve Inc. due to Venezuela's violation of fair and equitable treatment
Questions
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The violation of the legitimate expectation to a fair, just and equitative treatment shouldn't be considered a violation of good faith, with is an international investment law general principle?
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Facts
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- GRI's investment in 1992: 2 mining concessions (The Brisas Project)
- Feasibility studies were approved in 1994 and 2003
- 6 environmental authorizations were obtained between 1993 and 1998
- Environment impact assessment (EIA) was approved in 1999
- Several other EIA were approved and a construction permit were issued conditioned on the future adoption of an Initiation Act (?)
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Rules
ICSID Additional Facility Rules enables arbitrators to refer to rules of international law, absent the designation of a particular law by either parties
Article 38(1)(c) of International Court of Justice's Statute: general principles of law - domestic legal systems that are applicable to inter-state relations
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