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2 results

  • 15 - The Due Diligence Expansion in International Investment Arbitration

  • from Part V - Emerging Issues
  • Edited by Mahdev Mohan, Singapore Management University, Chester Brown, University of Sydney
  • Book:
    The Asian Turn in Foreign Investment
    Published online:
    13 August 2021
    Print publication:
    26 August 2021, pp 261-278

  • Summary

    Entering into new and developing markets often involves partnership with economically and politically powerful persons with influence in that country.These joint ventures are not without peril, however.In international investment law, a co-venturer can expose partners to issues of potential illegality, such as whether influence peddling and bribery were among the animating purposes of that partnership.This chapter explores an emerging norm that molds over-arching principles of good faith and fair dealing into a very specific requirement that foreign investors engage in a high level of “due diligence” throughout their relationship with local partners or else be denied recourse to investor-state arbitration even if the host State injures the investment in violation of international law.While it was traditionally necessary to demonstrate that the foreign investor was complicit in any illegality the local partner may have committed, recent cases seem to be moving towards a stricter regime of “due diligence” that puts much of the onus on the foreign investor to ensure that national law is complied with, and that no fraud, corruption, or other illegality exists or persists. This chapter explores the implications of that expansion.

China's Gilded Age
  • The Paradox of Economic Boom and Vast Corruption
  • Yuen Yuen Ang
  • Published online:
    08 May 2020
    Print publication:
    28 May 2020
  • Why has China grown so fast for so long despite vast corruption? In China's Gilded Age, Yuen Yuen Ang maintains that all corruption is harmful, but not all types of corruption hurt growth. Ang unbundles corruption into four varieties: petty theft, grand theft, speed money, and access money. While the first three types impede growth, access money - elite exchanges of power and profit - cuts both ways: it stimulates investment and growth but produces serious risks for the economy and political system. Since market opening, corruption in China has evolved toward access money. Using a range of data sources, the author explains the evolution of Chinese corruption, how it differs from the West and other developing countries, and how Xi's anti-corruption campaign could affect growth and governance. In this formidable yet accessible book, Ang challenges one-dimensional measures of corruption. By unbundling the problem and adopting a comparative-historical lens, she reveals that the rise of capitalism was not accompanied by the eradication of corruption, but rather by its evolution from thuggery and theft to access money. In doing so, she changes the way we think about corruption and capitalism, not only in China but around the world.