VALUE OF PROPERTY (INVESTMENTS) AS A MEASURE OF COMPENSATION IN INTERNATIONAL ECONOMIC LA
Journal Title: Порівняльно-аналітичне право - Year 2016, Vol 6, Issue
Abstract
The article is dedicated to category “value of property” as measure of compensation in international public law. It shows that, over time there has been some movement from the more flexible standard of “appropriate” compensation, which implied the possibility of partial compensation that would take into account equitable considerations, to a more rigid standard of “adequate” or “full” compensation assessed on the basis of (and at the same time limited to) the fair market value of the expropriated or damaged property. Attention is focused on the fact that, in the light of all relevant sources, customary international law requires compensation equivalent to the fair market value of expropriated investments (damaged property). As indicated, the lack of fully regulated norms of international customary law in this matter is a lesser problem in connection with the resolution of the majority of disputes based on the provisions of investment treaties. An international court faced with an expropriation claim brought under an investment treaty has a task of interpreting the relevant treaty provision and applying it to the facts before it. In light of specific circumstances of the case compensation should not lead to result destroying the fair balance of public and private interests.
Authors and Affiliations
Т. В. Шаповал
Keywords
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