Compensation for expropriation and nationalization of foreign investment : the contribution of the Iran-U.S. Claims Tribunal
This study encompasses an examination of the awards of the Iran-U. S. Claims Tribunal in cases of expropriation and nationalization of Foreign Investment. The question of compensation for expropriation and nationalization of alien property has always been a controversial issue in the relationship between the foreign investors and investees particularly in the third world countries. This question has been a major point of discussion in international law as well. The Iran-U. S. Claims Tribunal is the most recent body to deal with the question of expropriation; nationalization and compensation. In this study I have attempted to see what the awards of the Tribunal have contributed to the resolution of the controversial question of compensation for expropriation and nationalization. In 1982 when the Tribunal began work, the International law standard to be applied in determining compensation in cases of expropriation and nationalization was a controversial issue. The period from 1982 onwards might be considered as a new era in international law. Thus to explore the present status of the international law of compensation the awards of the Tribunal have been examined. I have attempted to find out what standard of compensation has been applied in the awards of the Tribunal; what has been the governing law; what has been the context of that. law; and finally what have been the justifications' for the application of that law. These issues are discussed within eight chapters. The ninth chapter, however, reviews the findings of the study and contains some general conclusions. The final assessment of this study is that, the decisions of the Tribunal have been given against a background of the increasing recognition of the need for foreign investment in the developing countries and have made an important contribution to the law in this field.