Ecuador announced Thursday that it will no longer recognize a World Bank court set up to resolve investment disputes. Ecuador's decision could exempt the country from future claims filed before the Washington-based court, but not from those that are already pending. Critics say the autonomous court is beholden to the World Bank and biased against developing countries.
December 17, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Ecuador announced Thursday that it will no longer recognize a World Bank court set up to resolve investment disputes.
“The Republic of Ecuador will not allow itself to be subjected to the jurisdiction of the International Center for Settlement of Investment Disputes,” a written statement from the Foreign Ministry said, noting it had informed the court of its decision in a letter last week.
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