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Bank of America, Memorandum of determinations, IIC 1045 (1974), 19th September 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’.

Whether BoA was prevented for 30 consecutive calendar days from effecting a transfer of local currency by operation of an administrative determination by the Chilean escudos, ie whether there was active blockage.

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

Whether the inability of transfer resulted from a regulation in place on the date of the OPIC contract of guaranty.

What pragmatic considerations were part of OPIC’s determination.

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

Legal Material.  5192 words. 

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

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