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Bank of America, Memorandum of determinations, IIC 1039 (1974), 15th January 1974, Chile (OPIC), Overseas Private Investment Corporation [OPIC]



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Whether the funds on the basis of which Bank of America (‘BoA’) claimed constituted ‘investment earnings and return of capital during the guaranty period’.

Whether BoA was prevented for fifteen consecutive calendar days from effecting a transfer of local currency by operation of an administrative determination by the Central Bank, ie whether there was active blockage.

Whether BoA took all reasonable steps to effect transfer of the relevant Chilean escudos (the local currency) into US dollars.

Keywords: Inconvertibility; Active blockage; All reasonable steps taken by the investor; Pre-existing transfer regulation; Receipt of covered investment earning; Reference rate; Pragmatic considerations

Legal Material.  3421 words. 

Subjects: Public International Law ; International Law ; Arbitration ; Law

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