On 9 September 2021, the ICSID Tribunal in Eco Oro v Colombia delivered a split ‘Decision on ‘Jurisdiction, Liability and Directions on Quantum.’
In doing so, the Tribunal dismissed Colombia’s jurisdictional objections to Eco Oro’s claim and found that Colombia’s conduct in delimiting the Santurbán Páramo was grossly unfair and arbitrary – and therefore breached international law minimum treatment standards (“MST”). At the same time, the Tribunal ruled that Colombia’s conduct was a non-discriminatory and legitimate exercise of its police powers – and therefore did not constitute indirect expropriation.
