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Tegucigalpa – Two new cases have been filed against the State of Honduras at the International Centre for Settlement of Investment Disputes (ICSID).
The lawsuits were filed by Víctor Miguel Silhi Zacarías from El Salvador and X-Elio Energy SL from Spain, under the number ARB/24/32 and ARB/24/31, both registered on August 8. Two weeks ago, Honduras officially withdrew from the world’s leading institution dedicated to resolving international investment disputes.
The agency reported that “Pursuant to Article 71 of the ICSID Convention, Honduras’ denunciation will take effect on August 25, 2024, six months after the date of receipt of the notification from the Republic of Honduras.”
Through the two lawsuits, Honduras filed 13 claims against the World Bank-linked institution, seeking more than $12 billion in damages from plaintiffs who say their investments were affected by different government decisions.
Honduras joined ICSID on May 28, 1986, with effect from 1989, according to records of the entity that specializes in arbitration or commercial disputes between states and companies.
he April 21, 2022 Constitutional reforms and secondary legislation related to ZEDE were repealed. He admitted that the constitutional provisions have not yet been approved, which is why, when the regular session ended in October 2023, an unconstitutional decree was submitted to the Supreme Judicial Council in November, but the Supreme Court of Honduras has not yet made a ruling.
Currently, ICSID has more than 165 member states, suggesting that Honduras’ decision to withdraw from ICSID would make it the only Central American country not to join ICSID. Venture Capital
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