INA Corporation, Claimantv. The Government of the Islamic Republic of Iran, Respondent

Abstract

Expropriation — Compensation — Measure of compensation — “Prompt, adequate and effective” formula — Whether required by modern international law — Whether amount of compensation may be discounted in cases of large-scale nationalization — Small investment made shortly before nationalization — Whether full compensation should be paid — Valuation of expropriated property — Willing buyer and willing seller basis — Iran-United States Treaty of Amity, 1955 — Requirement of full compensation — Whether constituting lex specialis

Damages — Measure of damages — Expropriation of shareholding — Valuation of shares — Currency of payment — Date at which amount of award to be converted into currency of payment — Interest — Reasonable rate of interest

Sources of international law — Resolutions of United Nations General Assembly — Declaration of Permanent Sovereignty over Natural Resources — Later resolutions regarding nationalization of property — Whether indicative of current trends in international law — Judicial decisions — Decisions regarding measure of compensation for nationalized property — Value as sources of law

Treaties — Conclusion and operation — Iran-United States Treaty of Amity, 1955 — Whether applicable to nationalization programme conducted after Iranian revolution — Whether application of Treaty within the jurisdiction of the Iran-United States Claims Tribunal

International Tribunals — Jurisdiction — Iran-United States Claims Tribunal — Whether possessing jurisdiction to interpret and apply Iran-United States Treaty of Amity, 1955 — Costs — Principles on which costs awarded where claimant succeeds only in part — The law and practice of the Iran-United States Claims Tribunal