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Fedax v. Venezuela

Type of decisionDecision on Jurisdiction
Date of decision11 July 1997
Francisco Orrego Vicuña (President)
Meir Heth
Roberts B. Owen
Legal instrumentBIT between Czech Republic and USA (1991)
Related decision(s)Award, 9 March 1998
Further information

Statements from this decision

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Promissory notes can be regarded as investments
“Investment” has a wide scope
In cases where the investment is made by way of a financial transaction, the important question is whether the funds made available are utilized within the country
Prerequisites of ICSID competence have to be addressed by a tribunal
Basic considerations concerning “investment” under Article 25 ICSID Convention, inter alia: a broad approach to the interpretation of the term investment is warranted; loans can be regarded as investments
Promissory notes can be regarded as investments
A legal dispute requires a conflict of rights as opposed to mere conflicts of interest
“Directly” relates to dispute and not to investment; accordingly, investments may also be of an indirect character
The mechanism of Article 25 (4) ICSID Convention is one of the reasons for not defining “investment” within the ICSID Convention
States can limit the scope of the Centre’s jurisdiction by making a reservation under Article 25 (4) ICSID Convention


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