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Ulysseas v. Ecuador

Type of decisionFinal Award
Date of decision12 June 2012
Tribunal
Piero Bernardini (President)
Brigitte Stern
Michael Pryles
Legal instrumentBIT between Ecuador and USA (1997)
Related decision(s)Interim Award, 28 September 2010
Further informationFull text of the decision

Statements from this decision

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The fact that state entities are subject to a system of controls by the state does not make them organs of the state
Expropriation requires an act by the state; a separate entity's exercise of the power recognized under a contract cannot constitute an expropriatory act inasmuch as it was the ordinary behaviour of a contractual counterpart
When determining whether regulatory changes constitute an indirect expropriation, the investor's expectations based on past experiences have to be taken into account
The minimum international standard is a floor below which treatment of foreign investors must not fall
The full protection and security standard on the one hand and the fair and equitable treatment standard on the other hand cannot be considered together
There is a conflict between the expectations of the investor regarding the stability of the legal environment and the regulatory interests of a host state
Legitimate expectations can only be created at the moment of the investment
For a measure to be discriminatory it is sufficient that two similar situations are treated differently; discrimination may disregard nationality
Definition of arbitrary
The full protection and security standard on the one hand and the fair and equitable treatment standard on the other hand cannot be considered together
The full protection and security standard on the one hand and the fair and equitable treatment standard on the other hand cannot be considered together
The law applicable to an IIT dispute is the IIT and public international law
The law applicable to an IIT dispute is the IIT and public international law

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