Prime Minister Reorganizes Investme
Prime Minister Reorganizes Investment Settlement Committee
Since it issuance in 1997, the Investment Guarantees and Incentives Law No. 8 of 1997 (“Investment Law”) included provisions on the settlement of investment disputes between investors and various organs of the State through Dispute Settlement Committees which are empowered to come up with solutions to non-criminal disputes in order to facilitate the investment process. This is a subject entirely different from the settlement of criminal offences relating to investment (covered in the previous title above).
This process has had various degrees of success over the last few years depending on the political will and efficiency of managing the process within the Investment Authority, but on the whole has proved to be effective as an alternative to long litigation, and has not been the subject of criticism since it does not deal with the criminal investigation nor prosecution.
Thus in January 2012, the Prime Minister issued Decree No. 32 of 2012 (Official Journal, Issue No. 2, published on January 12th, 2012), reorganizing the Investment Settlement Committee to make it under the chairmanship of the Minster of Justice and to include the Ministers of Industry, Local Development, Finance, Chairman of the Investment Authority, the General Secretary of the Cabinet and the Chief Advisor to the Prime Minister.
The Committee reviews complaints by investors and is entitled to issue binding recommendations, which are then deemed to be of a general applicability.
Since it issuance in 1997, the Investment Guarantees and Incentives Law No. 8 of 1997 (“Investment Law”) included provisions on the settlement of investment disputes between investors and various organs of the State through Dispute Settlement Committees which are empowered to come up with solutions to non-criminal disputes in order to facilitate the investment process. This is a subject entirely different from the settlement of criminal offences relating to investment (covered in the previous title above).
This process has had various degrees of success over the last few years depending on the political will and efficiency of managing the process within the Investment Authority, but on the whole has proved to be effective as an alternative to long litigation, and has not been the subject of criticism since it does not deal with the criminal investigation nor prosecution.
Thus in January 2012, the Prime Minister issued Decree No. 32 of 2012 (Official Journal, Issue No. 2, published on January 12th, 2012), reorganizing the Investment Settlement Committee to make it under the chairmanship of the Minster of Justice and to include the Ministers of Industry, Local Development, Finance, Chairman of the Investment Authority, the General Secretary of the Cabinet and the Chief Advisor to the Prime Minister.
The Committee reviews complaints by investors and is entitled to issue binding recommendations, which are then deemed to be of a general applicability.