Philip Morris International expects a decision to be made this month or next on a challenge by Uruguay as to whether an international tribunal set to hear bilateral investment treaty complaints has jurisdiction over the matter.
In 2010, three Philip Morris International companies (PMI) initiated international arbitration proceedings against Uruguay under the Uruguay-Switzerland Bilateral Investment Treaty (BIT), according to a statement posted on PMI’s website.
The BIT provides protections for investments made in Uruguay, including brands, intellectual property, and ongoing business enterprises.
PMI claims that two regulations implemented by Uruguay in 2009 breach the protections guaranteed by the BIT and damage their investments in the country.
The statement by PMI is at: http://www.pmi.com/eng/media_center/company_statements/Pages/uruguay_bit_claim.aspx
Category: Breaking News