funwin

Yes. You are 100% right. The issue is recovery not just non repayment. We must use Article 226(5) to recover the money from the culpable former and current state actors and return it to the lenders. In World Duty Free Company Limited v. Republic of Kenya (ICSID Case No. ARB/00/7), decided on 4 October 2006, an international arbitral tribunal dismissed a claim seeking approximately US$500 million in compensation from the Government of Kenya. The dispute arose from a 1989 agreement to establish duty-free shops at Jomo Kenyatta and Moi International Airports. The Tribunal found that Nasir Ali, acting on behalf of the investor, had paid a US$2 million bribe to then President Daniel arap Moi and his associate to secure the investment agreement. The Tribunal rejected the argument that this was merely a traditional Harambee contribution or personal donation. Its central holding was that a contract procured through bribery cannot be enforced. Applying Kenyan and English law, as well as international public policy, the Tribunal held that the investor could not maintain claims founded on the tainted agreement.