Colombia hit with ISDS cases on mining regulation and medicine
13 December, 2016: Canadian mining company Eco Oro has filed an ISDS claim against a Colombian court decision to limit its mining activities for environmental reasons. The claim is funded by Amber Capital hedge fund which will in turn receive 11% of any compensation awarded as a result of the claim.
This follows reports last week of a notice of an ISDS dispute by Swiss Pharmaceutical giant Novartis over Colombian government plans to use compulsory licensing to reduce prices on a patented treatment for leukaemia, after voluntary negotiations with the company failed. These cases show how global companies can use ISDS to undermine environmental regulation and access to affordable medicines.