The request for arbitration was submitted before the ICSID in March 2018 and demanded a compensation of approximately $177 million.
According to a communiqué issued by Colombia’s National Agency for Judicial Defense of the State, the International Center for Settlement of Investment Disputes’ ruling states that the mining ban is a legitimate regulatory measure and that Colombia did not expropriate nor violate the Fair and Equitable Treatment standard.
The tribunal found that the South American government acted in good faith and exercised regulatory powers to protect the moor (known as páramo in Spanish) ecosystems.
In its decision, the ICSID also noted that there was no legitimate reason for Montauk to expect that Colombia was not going to protect the páramos.
“Colombia celebrates the arbitral tribunal’s decision, which recognizes our country’s efforts and legitimate measures to protect the environment and general…
