ISDS allows foreign investors to sue our Government
Investor-State Dispute Settlement
The government refused to reveal the specific ISDS legal costs and what percentage of the total costs had been awarded to Australia.
The most recent FOI case on the ISDS costs, launched in 2017 by a legal publication, took another two years to reveal in February 2019 h that Australian taxpayers were awarded only half of the costs of almost $A24 million in both legal fees and arbitration costs, despite the finding that the case was an abuse of process.
August 6, 2020: Darell Leiking, Malaysia’s former minister of international trade and industry and MP for Penampang has confirmed that on November 29, 2019, the government decided that it had made the right decision in not ratifying the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This was based on a one-year research effort, which had found potential negative impacts on domestic industry.
July 29, 2020: It appears that the Japanese and British governments will not be sued by UK and Japanese corporations under the terms of a proposed free trade agreement which they want to conclude by January 1, 2021. That is when the United Kingdom is expected to finally break with the European Union, with or without a trade agreement.
July 14, 2020: Canadian company Barrick Gold announced on July 10 that its Australian subsidiary, Barrick Australia Pty Ltd, is invoking the investor-state dispute settlement (ISDS) provisions of a bilateral investment treaty between Papua New Guinea (PNG) and Australia over the PNG government’s refusal to grant an extension of the company’s expired permit at the controversial Porgera Joint Venture gold mine in the PNG highlands.
July 13, 2020: In a blunt statement issued on July 6, 2020, Cardinal Jean-Claude Hollerich of Luxembourg, and Cardinal Charles Maung Bo of Yangon, Myanmar, added their names to a statement by 110 Catholic Bishops calling on governments to better regulate private corporations, and said the European Union must lead the way.
July 7, 2020: Prairie Mining, an Australian company using third-party funding from another Australian company, Litigation Capital Management, has announced an investment treaty claim against Poland over the obstruction of two coal projects. An LCM subsidiary in London has provided A$18 million to finance the action. LCM will get a profitable investment return if Prairie Mining wins the case.
June 25, 2020, Media Release: “An open letter endorsed by 630 international and national civil society organisations has been sent to Trade Minister Birmingham, warning him that Australia could face a wave of cases from global corporations claiming millions in compensation for actions taken to respond to the pandemic. Corporations can do this using rules in trade deals known as investor-state dispute settlement, or ISDS,” AFTINET Convener Dr Patricia Ranald said today.