Société Générale de Surveillance SA v. Pakistan, through Secretary, Ministry of Finance

Abstract

Municipal law — Incorporation of bilateral investment treaty and ICSID Convention into municipal law — Relationship between unincorporated international law rights and a valid and binding contractual choice of forum clause

Interpretation — ICSID Convention and bilateral investment treaty — Interpretation of “investment” — Strict construction — Whether contract constituted an investment — Money must be laid out and property acquired to constitute an investment

Jurisdiction — Waiver — Whether prior conduct by Claimant demonstrated waiver of any rights to initiate ICSID arbitration — Filing of substantive counter-claim in domestic arbitration

Jurisdiction — Estoppel by conduct — Issue estoppel — Whether prior conduct estopped Claimant from utilizing any rights to initiate ICSID arbitration — Whether foreign proceedings accepting binding validity of contractual forum selection clause gave rise to issue estoppel or res judicata

Jurisdiction — Equity — Whether Claimant approached ICSID with clean hands — Concealment of material facts

Procedure — Restraint of party to initiate or continue with ICSID arbitration

Procedure — Stay of arbitration proceedings pending determination of appeal