Pagina Siete reports about the increased number of request for arbitrage in Bolivia:
According to the center of conciliation and arbitration of Cainco (CCAC), the requests for arbitration and conciliation between parties in conflict have increased in recent years.
The Executive Director of that institution, Claudia Paccieri, states that “more and more are the cases that we manage controversies inside the country”.
The CCAC represents in Bolivia the International Arbitration Court in Paris, which shall be responsible for the demand logged and admitted in Paris by the Indian company Jindal Steel against the Bolivian State.
This entity manages those cases which in their arbitration clause indicate what will take over in case of dispute, or when the parties choose to arbitrate their claims.
So far, this Center has not been notified of the process opened by Jindal.
Claims against the State so far have been those resulting from the process of nationalization.
Pending is the arbitrations which opened Rurelec for the return of their investments in the electrical Guaracachi S.A. (EGSA) after its nationalization in 2010. In addition, a process that Quibórax opened in 2006, two years after former President Carlos Mesa annulled its concession to exploit ulexite in the salt plains of Uyuni.
Current government has politically designed the “de-colonization” and “nationalization” processes which in practice did nothing, but to expend fiscal monies in a futile attempt towards what they call “change.”
Bolivia should take care of its resources better!!
And that is not to mention, how much more our international reputation has become… who in their rights minds would dare to come and invest?