Overview

Investors must be held to account for their flawed contributions or otherwise wrongful conduct, but exactly what 'holding to account' means remains an enigma. Opinions vary on whether such circumstances are relevant to admissibility, jurisdiction, liability, or remedies. Reasoning from certain proposed axioms, this book suggests that such circumstances are only relevant to liability, meaning that the legal concepts that they activate, contributory fault and illegality, are defences. Three defences are identified: mismanagement, investment reprisal, and post-establishment illegality. While they might lack formal recognition, arbitral tribunals have implicitly applied them in multiple investment arbitrations. In detailing their legal content, special attention is paid to resolving the problems that they raise relating to causation, apportionment of liability, distinguishing these defences from their conceptual cousins, and arbitral tribunals' jurisdiction over pleas based on investor misconduct. The result is a restatement of the rules on contributory fault and investor misconduct applicable in investment arbitrations.

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9781108481403

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'This is a serious piece of scholarship which will be consulted, challenged and referred to in the future by academics and practitioners in the area.' Elena Blanco, Manchester Journal of International Economic Law

Author Information

Martin Jarrett is Senior Research Fellow at the Max Planck Institute for Comparative Public Law and International Law. He holds a B.A. and LL.B. (with first class honours) from the University of Newcastle, Australia. After qualifying and practising as a lawyer, he entered academia and was awarded his doctorate (summa cum laude) at the University of Mannheim.

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