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The concept of investment
Zdeněk Nový
Introduction into Investment Law and Arbitration

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A basic distinction
OICSID
ONon-ICSID
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ICSID
OArt. 25
ONot too outspoken as to what is investment OThe tribunals must have add their interpretation of
the terms
OThe result: the so-called Salini test
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The Salini test
OA substantial commitment or contribution
ODuration
OAssumption of risk
OContribution to economic development
ORegularity of profit and return
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The rationale behind the Salini criteria?
O
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The so called double key hole test
OThere must be an investment under:
OA) BIT
OB) ICSID
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What is an investment thus?
OIt may be a tangible or intangible asset having economic value connected to the territory of the
host state
OExamples:
OMoveable and immovaeble assets
OShares
ORights to monetary performace
OBonds
OGood-will or know-how
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The AAA Ltd case
OWhat was the investment according to the tribunal?
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Arbitral award as an investment
OThe seminal case: Saipem v. Bangladesh
OWhite v. India
OATA v. Jordan
O
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