UNCITRAL Investor-State Dispute Settlement Reform: Why It Matters to Caribbean States
Andrea Ewart, Esq.$*On 28th June, 2016, an arbitral tribunal ordered the Government of Belize to pay to the private company of Dunkeld International Investments Ltd. the sum of approximately US $171.2 million.1 The award arose out of claims brought by Dunkeld, which held majority shares in Belize Telemedia Limited, after the nationalization of Belize Telemedia by the Belize Telecommunications (Amendment) Act of 2009. Using the provisions of the investment agreement between the United Kingdom and Belize2, Dunkeld submitted its claims to international arbitration.