Joanna Osiejewicz

Global Governance of Oil and Gas Resources in the International Legal Perspective


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refers to this concept.

      The requirement of a fair legal process was important for refusing to recognize the legality of a series of “nationalizations” by Western courts and governments, for example, the Chilean copper mines. Chilean law regulating the nationalization of copper adopted the principle that compensation should be reduced by the amount of excess profits which the copper mining companies in the past had been awarded in a discretionary way by the then head of state, President Allende, with no possibility of appeal.498

      The ICC guidelines call for the avoidance of “unjustified measures”.499 The World Bank’s guidelines vaguely refer to “applicable legal procedures”,500 whereas the Seoul Declaration and the Draft United Nations Code of Conduct on Multinational Corporations contain no reference to a fair trial.