search.noResults

search.searching

saml.title
dataCollection.invalidEmail
note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
GLOBAL OUTLOOK NEWS


SCORECARD


MostIPAsexpectFDItoincreasein2021. BioNTechplanstodeveloptheworld’sfirst mRNAmalariavaccine. InChina,theruling partyhasproposedtaxcutstosupport


“high-levelgrowthandreform”,whileNew YorkforgoesmoretaxesthananyotherUS citytoretainFDIcrown.Brazilhasbecome themostcomplexcountrytodobusinessin.


LOOKING UP


GLOBAL IPAs predict FDI rebound in 2021 (page 6)


Thepenultimatelegacy ofEmmanuelGaillard


THE GLOBAL LAWYER


STRUCKDOWNIN HIS PRIME, THE GREAT FRENCH LAWYER HAS UNFINISHED BUSINESS IN THECOURTS


The arbitration legend Emmanuel Gaillard died suddenly of an aortic dissection on April 1, aged 69, as the Dutch Supreme


Court neared the final word on the $50bn Yukos v. Russia case—a saga that occupied the final 17 years of his life. However, in the first hearing of this case after his passing, the opposi- tion was not Russian, but Angolan kleptocracy, in the form of Africa’s richest woman, Isabel dos Santos. Gaillard’s longtime colleague, Yas


AFRICA


BioNTech sets sights onmRNA


vaccine production (page 78)


CHINA Shanghai Pudong opens up toR&D (page 64)


Banifatemi, told the tribunal in her closing argument that the best trib- ute they could pay Mr Gaillard would be to render a landmark arbitral award against corruption. She was granted her wish on July 23, in Exem Energy v. Sonangol. At issue was the transfer of a big stake in the Portuguese oil company Galp, from the Angolan oil company Sonangol to amysterious shell called ‘Exem’. With the help of the ‘Luanda


leaks’ documents, Mr Gaillard and Ms Banifatemi showed that Exemwas a front for Ms dos Santos (whose father was the then Angolan presi- dent); that her initials were on every page of the contract; and that the price was below-market, with a substandard deposit and the rest paid in a local currency rarely used in global business. The Netherlands Arbitration


US


NewYork splashes $11.2bn on


incentives (page 54)


BRAZIL Redtape hinders country’s business climate (page 54)


Institute panel concluded that the deal’s “nature and size ... cannot be explained, but for grand corruption by the daughter of a head of state”, and that “kleptocratic transactions by the ruling elite” offends public policy. The arbitrators thus embraced the bolder emerging approach to corrup- tion that Mr Gaillard had urged in both his practice and scholarship. The publication of the dos Santos


TRENDING DOWN


8


award comports with Mr Gaillard’s lifelong stance in favour of transpar- ency. In 1986, he launched the first compendium of awards by the International Centre for Settlement of Investment Disputes for the French Journal du Droit International (Clunet) [French Journal of International Law]. In


Emmanuel Gaillard, pictured in 2015


2001, he unveiled the first registry of international arbitrators, for the International Arbitration Institute. In 2011, he helped remove the presump- tion of confidentiality from the French code of arbitration. And in 2013, he co-founded an online search- able database ofUNCommission on International Trade Lawenforcement rulings, NYConvention1958.org. Heembodied the spirit of transpar-


ency in his dealings withjournalists (or “merchants of recognition”, as he called us in a witty essay on the sociol- ogy of arbitration influenced by Pierre Bourdieu).Whenwedubbedhimthe “silver-helmetedGaillard”, he laughed good-naturedly.Whenwecritiqued his practice’s lack of gender balance, he said, “You’re right”.Hespent the rest of his career redressing this. When we took corruption by his


clients as seriously as corruption by his opponents, he made his argu- ments forcefully, yet respected our role. Whether the Dutch Supreme Court agrees with the oligarchs or the kleptocrats in its imminent Yukos ruling, the legacy of the silver- helmeted Gaillard is secure. Whatever happens, he once told me: “Investment protection is here to stay. The formmay change; some aspectsmay be improved—and prob- ably should be—but it is a lasting enhancement of the rule of law.”■


Michael D Goldhaber serves as US correspondent for the International Bar Association. He has been tracking the world’s largest disputes since the turn of the millennium. Email: michael.goldhaber@gmail.com


www.fDiIntelligence.com August/September 2021


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82  |  Page 83  |  Page 84  |  Page 85  |  Page 86  |  Page 87  |  Page 88  |  Page 89  |  Page 90  |  Page 91  |  Page 92  |  Page 93  |  Page 94  |  Page 95  |  Page 96