Sri Lanka Prevails In Hotel Project Expropriation Fight
Law360 (March 10, 2020, 9:59 PM EDT) -- An international tribunal has dismissed a $20 million arbitration claim brought against Sri Lanka by a British real estate investor who accused the country of sabotaging his hotel project without compensation, saying the man hadn't made a qualifying investment because the project was never realized.
The International Centre for Settlement of Investment Disputes tribunal concluded in an award on Thursday, made public on Monday, that it lacked jurisdiction over the dispute. The tribunal said the hotel project in question — envisioned as a 250-room "mid-market" hotel to be built in conjunction with a luxury serviced apartment complex located nearby — wasn't...
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