Bekendtgørelse af overenskomst af 1. juni 2001 med Kuwait om fremme og gensidig beskyttelse af investeringer

Artikel 1

Definitioner

I denne overenskomst

1) Skal udtrykket »investering« omfatte enhver form for aktiver, som er ejet eller kontrolleret direkte eller indirekte af en investor i en kontraherende stat i overensstemmelse med loven og vedtægterne i staten. Uden at begrænse den generelle mening skal udtrykket »investering« omfatte

a) Løsøre og fast ejendom såvel som enhver anden rettighed in rem såsom realkredit, tilbageholdelses- og panterettigheder, forlods- og kautionskrav, brugsret og lignende rettigheder.

b) Andele, aktier og obligationer i selskaber eller andre rettigheder eller interesser i sådanne selskaber, lån, garantier og værdipapirer udstedt af en kontraherende stat eller en af dennes investorer samt tilbageholdt afkast, som tjener et reinvesteringsformål.

c) Gæld, terminsydelse samt fordringer på penge eller en hvilken som helst kontrakt af finansiel værdi, som man forbinder med en investering.

d) Intellektuel og industriel ejendom incl., men ikke begrænset til, rettigheder vedrørende copyright, varemærker, patenter, industrielt design, know-how, handelshemmeligheder og -navne samt goodwill og andre industrielle ejendomsrettigheder.

e) Enhver rettighed, som er tildelt ved lov eller kontrakt og enhver licens og rettighed, som er tildelt i overensstemmelse med loven, incl. rettigheder til at prospektere, undersøge, indvinde, udvinde eller benytte naturforekomster samt rettigheder til at fremstille, benytte og sælge produkter.

2) En ændring i den måde, hvorpå midler investeres eller geninvesteres, påvirker ikke deres karakter som investering.

3) Udtrykket »investor« skal betyde.

a) Fysiske personer

b) Juridiske personer

c) En kontraherende stats regering

som investerer i den anden kontraherende stat.

4) Udtrykket »fysisk person« skal betyde en person, der er statsborger i den kontraherende stat i overensstemmelse med dennes lovgivning.

5) Udtrykket »juridisk person« skal betyde

a) Myndigheder, fonde, selskaber, firmaer, sammenslutninger og enhver anden juridisk person, som er etableret eller kontrolleret i overensstemmelse med gældende lov i en af de kontraherende stater.

b) Juridiske enheder, der er etableret i henhold til loven i en af staterne, og som er direkte eller indirekte ejet eller kontrolleret af investorer i den kontraherende stat, og som driver økonomisk virksomhed i den kontraherende stats territorium.

I henhold til denne underparagraf kan en investor være nødsaget til at bevise et sådant ejerskab eller rådighed for at blive anerkendt af den kontraherende stat i det territorium, som investeringen er eller skal foretages af den anden kontraherende stat.

6) Udtrykket »kontrol« med aktiverne i en enhed, som er etableret som en juridisk person uden for den kontraherende stats jurisdiktion, vedrører en kontraherende stats investors udøvelse af kontrollerende indflydelse på den anden juridiske persons aktiviteter, såfremt indflydelsen stammer fra investors aktiedeltagelse eller fra beføjelser, som er tildelt vedkommende i henhold til en sådan juridisk persons stiftelsesdokumenter.

Kontraktlige aftaler alene - som f.eks. lån, der eksisterer mellem en investor fra en kontraherende stat og en tredje stats juridisk person - udgør ikke »kontrol« i mangel af andre kontrolmåder i henhold til selskabsretten.

7) Udtrykket »udbytte« skal betyde det beløb, som investeringen afkaster, omfattende især, men ikke udelukkende, fortjeneste, renter, kapitalgevinster, dividender, royalties, honorarer samt betaling i naturalier.

8) Udtrykket »territorium« betyder hver kontraherende parts territorium, der er anerkendt af folkeretten, incl. alle områder uden for territorialt søområde, der i henhold til folkeretten har været eller vil blive designeret i henhold til den kontraherende stats lovgivning som et område, hvor den kontraherende part kan udøve suveræne rettigheder eller jurisdiktion.

Denne overenskomst skal ikke gælde for Færøerne og Grønland.

9) »Associerede aktiviteter« omfatter organisering, kontrol, drift og rådighed over juridiske personer, afdelinger, agenturer, kontorer, fabrikker eller anden infrastruktur, som er nødvendig for at drive forretning, erhvervelse, brug, beskyttelse og afhændelse af alle former for ejendom, incl. intellektuelle og industrielle ejendomsrettigheder, samt lån, køb og udstedelse af egenkapitalandel samt køb af fremmed valuta til brug for import i overensstemmelse med national lovgivning og praksis.

10) Udtrykket »ekspropriation« skal tillige omfatte nationalisering, indefrysning eller blokering af aktiver, afhændelse, tvungent salg af hele eller en del af investeringen, forringelse og fratagelse af lederskab, fratagelse eller kontrol af en sådan investering eller andre indgreb (som ikke er en kommerciel risiko) af en kontraherende stat, såfremt resultatet af ovennævnte indgreb ville svare til ekspropriation.

11) Udtrykket »snarest« skal kunne efterkommes, såfremt overførslen er foretaget inden for den periode, som normalt er påkrævet for international fortoldning og under ingen omstændigheder senere end tre måneder.

Artikel 2

Investeringsfremme

1) Hver kontraherende part skal i overensstemmelse med sine love tillade investeringer fra den anden kontraherende parts investorer og så vidt muligt fremme sådanne investeringer.

2) Investorer fra hver af de kontraherende stater skal være berettigede til at ansøge om de nødvendige faciliteter, incitamenter og andre former for tilskyndelse hos den ansvarlige myndighed, og værtsstaten skal yde dem assistance, samtykke, godkendelser, licenser og tilladelser i en sådan udstrækning og på sådanne betingelser, som fra tid til anden er påkrævet i henhold til loven i værtsstaten.

3) Under hensyn til skattelovgivningen skal hver kontraherende stat bestræbe sig på at yde en retfærdig og rimelig behandling af investeringer foretaget af investorer fra den anden kontraherende stat.

4) Inden for rammerne af deres interne lovgivning skal de kontraherende stater velvilligt behandle ansøgninger om indrejse-, opholds-, arbejds- og rejsetilladelser, som indgives af statsborgere i en af de kontraherende stater i forbindelse med en investering i den anden kontraherende stats territorium.

5) Hver kontraherende part skal tilstræbe at fastholde fri konkurrence for den anden kontraherende stats investorer.

6) Ingen af de kontraherende stater må pålægge opfyldelseskrav som en betingelse for etablering, udvidelse eller opretholdelse af investeringer, der fordrer eller håndhæver en forpligtelse til at eksportere de fremstillede varer, eller som angiver, at varer eller tjenesteydelser skal købes lokalt, eller som pålægger lignende krav.

Artikel 3

Investeringsbeskyttelse og standard for behandling

1) Når investeringerne er etableret, skal de til enhver tid nyde fuld beskyttelse og sikkerhed i overensstemmelse med folkeretten.

2) Hver kontraherende stat skal overholde alle forpligtelser, den måtte have indgået vedrørende særlige investeringer fra den anden kontraherende stat.

3) Hver kontraherende stat skal anerkende, at for at bibeholde et gunstigt investeringsmiljø i sit territorium for investorer fra den anden kontraherende stat, skal den sørge for effektive midler til at gøre krav gældende og håndhæve rettigheder med hensyn til investeringsaftale, investeringsbevillinger og fast ejendom. Hver kontraherende stat skal tildele investorer fra den anden kontraherende stat, på betingelser, som på ingen måde er mindre gunstige end dem, der gives dens egne investorer eller investorer fra noget tredjeland, idet den set fra investors synspunkt mest gunstige behandling lægges til grund, ret til adgang til sine domstole, administrative tribunaler og organer samt alle andre institutioner, som udøver domsautoritet, samt ret til at ansætte personale efter eget ønske, såfremt de opfylder betingelserne i henhold til gældende lov til at gøre krav gældende og håndhæve rettigheder med hensyn til deres investeringer.

4) Hver kontraherende stat skal offentliggøre alle love og administrativ praksis og procedurer, som vedrører eller påvirker investeringer i sit territorium eller investorer fra den kontraherende stat.

5) Hver kontraherende stat skal give investeringer og dermed beslægtede aktiviteter i forbindelse med disse investeringer, som er foretaget i dets territorium af investorer fra den anden kontraherende stat, en rimelig og retfærdig behandling. Denne behandling skal på ingen måde være mindre gunstig end den, der i lignende tilfælde gives dens egne investeringer og beslægtede aktiviteter eller investorer fra noget tredjeland, idet den mest gunstige behandling lægges til grund.

6) Ingen af de kontraherende stater skal på nogen måde skade den anden kontraherende parts investorers forvaltning, opretholdelse, anvendelse, besiddelse eller afvikling af den kontraherende stats investeringer på sit territorium.

7) Ingen af de kontraherende stater skal underkaste investorer fra den anden kontraherende stat en behandling, hvad angår forvaltning, opretholdelse, anvendelse, besiddelse eller afvikling af deres investeringer, erstatning, overførsel eller udbytte, som er mindre gunstig end den, der gives egne investorer eller investorer fra noget tredjeland, idet den set fra investors synspunkt mest gunstige behandling lægges til grund.

Artikel 4

Undtagelser

1) Intet i denne overenskomst skal udlægges som en forpligtelse for den ene kontraherende part til at tilbyde investorer fra den anden kontraherende part fordelene ved nogen behandling, præference eller privilegier, der hidrører fra

a) Enhver eksisterende eller fremtidig toldunion, regional eller subregional økonomisk organisation eller lignende international aftale, hvori den kontraherende stat er eller kan blive deltager eller,

b) enhver international, regional eller subregional aftale eller andet arrangement, der helt eller delvis vedrører beskatning eller kapitalbevægelse eller indenlandsk lovgivning, der helt eller delvis vedrører beskatning eller,

c) enhver overenskomst til lettelse af grænsehandel.

2) Det er underforstået, at udtrykket »kapitalbevægelse«, som er nævnt i underparagraf b) i paragraf 1, skal henvise til følgende organisationer

i ) The Organization of the Islamic Conference (OIC)

ii) The Arab League samt

iii) The Gulf Cooperation Council (GCC).

Artikel 5

Erstatning for skade eller tab

1) Når investeringer foretaget af investorer fra en af de kontraherende stater lider tab på grund af krig, anden væbnet kamp, national katastrofe, oprør, opstand, optøjer eller lignende begivenheder i den anden kontraherende stats territorium skal de tilgodeses af sidstnævnte kontraherende stat på en måde, som ikke er mindre gunstig end den, der gives egne investorer eller investorer fra noget tredjeland, idet den mest gunstige behandling lægges til grund.

2) Uanset paragraf 1) skal investorer fra en kontraherende stat, som er nævnt i et af afsnittene deri, der lider tab i den anden kontraherende stats territorium som følge af

a) Beslaglæggelse af deres ejendom af militæret

b) Ødelæggelse af deres ejendom af militæret eller myndighederne, som ikke er sket i kamp, og som ikke skyldes en nødsituation

gives en retfærdig og rimelig erstatning for lidt tab som følge af beslaglæggelse eller ødelæggelse af ejendommen.

3) Udbetalinger i henhold til denne artikel skal være frit konvertible, foretages snarest og inkludere rente til LIBOR-kurs indtil udbetalingsdagen samt være realisabel.

Artikel 6

Tvangsforvaltning og konfiskation

Investeringer fra en af de kontraherende stater eller en af disses investorer skal ikke gøres til genstand for tvangsforvaltning, konfiskation eller anden straffeforanstaltning uden rettergang.

Artikel 7

Ekspropriation og erstatning

1) a) Investeringer fra de kontraherende parter eller deres investorer må ikke eksproprieres eller underkastes foranstaltninger med tilsvarende virkning som ekspropriation af den anden kontraherende stat, medmindre det sker af hensyn til almenvellet, med behørig retsgyldighed og med omgående, fyldestgørende og effektiv erstatning og på den betingelse, at sådanne foranstaltninger er taget på et ikke-diskriminatorisk grundlag i overensstemmelse med national stævningslov samt ikke er i strid med nogen forpligtelse, som staten har over for den pågældende investor.

b) Denne erstatning skal udregnes og fastsættes i overensstemmelse med anerkendte værdiansættelsesprincipper svarende til en rimelig markedsværdi af investeringen enten umiddelbart før ekspropriationen eller på tidspunktet, hvor den forestående ekspropriation bliver annonceret eller offentligt kendt, idet den mest gunstige behandling lægges til grund. Ved fastsættelsen af markedsværdien skal følgende faktorer medinddrages: den investerede kapital, værdiforringelse, kapital som allerede er repatrieret, genanskaffelsesværdi, appreciering, aktuelt udbytte og andre relevante faktorer.

Erstatningen skal udbetales uden forsinkelse og skal inkludere renter ( LIBOR-kurs ) frem til betalingsdagen samt være realisabel og konvertibel.

Den berørte investor skal ved domsmyndighed på den eksproprierende kontraherende parts territorium have ret til omgående i henhold til loven at få prøvet sagen og erstatningsværdifastsættelsen i overensstemmelse med de principper, som er anført i denne artikel.

c) Når en kontraherende stat eksproprierer et firmas eller en virksomheds aktiver på sit territorium, som er indregistreret eller oprettet ved dennes lov, og når investorer fra den anden kontraherende part har en investering i firmaet eller virksomheden, herunder igennem aktier eller andele eller andre rettigheder eller interesser, skal reglerne sikre, at omgående, fyldestgørende og effektiv erstatning modtages og tillades repatrieret. En sådan erstatning skal fastsættes og udbetales i overensstemmelse med bestemmelserne i afsnit 1) b).

2) Bestemmelserne i denne artikel skal svare til det aktuelle udbytte fra såvel en investering som, i tilfælde af afvikling, udbyttet fra afviklingen.

Artikel 8

Overførsler

1) Hver kontraherende stat skal, med forbehold af sin ret, der er tillagt ved lov, til at udøve rimelighed, i god tro og på ikke-diskriminatorisk grundlag uden forsinkelse garantere overførsel af enhver fri konvertibel valuta af

a) udbytte

b) udbytte tilfaldet fra salget, hel eller delvis afvikling af enhver investering foretaget af investor fra den anden kontraherende stat

c) betalinger, som udgør tilbagebetaling på lån

d) indtjening som stammer fra statsborgere fra den anden kontraherende stats arbejde og tjenesteydelser i forbindelse med en investering på dets territorium

e) udgifter til ledelse og vedligeholdelse af investering på den kontraherende stats eller tredjelands territorium og

f) erstatning henvist til i artikel 5 og 7.

2) I tilfælde af, at overførsel af fri konvertibel valuta ikke kan finde sted, skal vekselkursen svare til krydskursen fremskaffet fra de kurser, der anvendes af Den Internationale Valutafond på dagen for betaling af konvertering af de omfattede valutaer.

Artikel 9

Subrogation

1) Hvis en kontraherende part (eller dennes designerede agent) foretager betaling til nogen af sine egne investorer i henhold til en overdraget indemnitet eller garanti, den har givet med hensyn til en investering eller del heraf på værtslandets territorium, eller som på anden måde træder i stedet for sådanne investorers rettigheder m.h.t. sådanne investeringer, skal værtslandet anerkende

a) Den kontraherende stats (eller dennes designerede agents)rettigheder fremkommet gennem overdragelse, indemnitet eller anden subrogation, hvadenten den foretages i henhold til lov eller retshandel, og

b) at førstnævnte kontraherende part (eller dennes designerede agent) er berettiget til i kraft af subrogation at udøve sådan rettighed og skal påtage sig forpligtelserne i relation til investeringen.

2) Hvis en sådan kontraherende stat erhverver et beløb som ovenfor nævnt, skal den tildeles behandling som ikke er mindre gunstig end den behandling som tildeles værtslandets investorfonde eller andet tredjeland, som stammer fra investeringsaktiviteter svarende til dem, i hvilket parten var engageret, idet den mest gunstige behandling skal lægges til grund.

Artikel 10

Afgørelse af investeringstvister

1) Hvis der opstår en tvist mellem en kontraherende stat og en investor fra den anden kontraherende stat m.h.t. en investering af en sådan investor på den kontraherende stats territorium, skal den indledningsvis løses ved konsultationer eller forhandlinger mellem parterne af tvisten.

2) a) I tilfælde af, at en sådan tvist ikke er blevet løst ved konsultationer eller forhandlinger inden (6) seks måneder fra datoen, hvor tvisten opstod, er begge parter i tvisten berettiget til at bringe tvisten for Det Internationale Center (»Centret«) for afgørelser af investeringstvister, for afgørelse ved mægling eller bindende voldgift.

b) Hver kontraherende stat samtykker hermed til anbringelsen af investeringstvisten ved Centret til afgørelse ved mægling eller bindende voldgift.

c) Mægling eller bindende voldgift ved sådanne tvister skal afholdes i overensstemmelse med reglerne i Washington-konventionen om afgørelse af investeringstvister mellem stater og indbyggere fra andre stater som blev frigivet til undertegnelse i Washington den 18. marts 1965 samt Centrets regler og regulativer.

3) Ved enhver proces, juridisk, voldgift eller anden, vedrørende en investeringstvist mellem en kontraherende stat og en investor fra den anden kontraherende stat, skal en kontraherende stat ikke tiltræde, som forsvar, dets immunitet. Enhver modpåstand, modregningsret må ikke baseres på det faktum, at den pågældende investor har modtaget eller vil modtage, i medfør af en forsikringskontrakt, indemnifikation eller anden kompensation for alt eller dele af de påståede skader fra tredjepart, hvadenten offentlig eller private, inklusiv anden kontraherende stat og dennes udstykninger, agenter og mellemled.

4) Med henblik på enhver proces som iværksættes ved Centret i overensstemmelse med denne artikel, skal enhver virksomhed, som umiddelbart før forekomsten af den begivenhed eller de begivenheder, der giver anledning til tvisten, var en virksomhed fra den anden kontraherende stat, behandles som statsborger eller virksomhed i den kontraherende stat.

5) Ingen af de kontraherende stater skal gennem diplomatiske kanaler forsøge at få en sag overført til voldgift før processen er afsluttet og en kontraherende stat har undladt at vedstå sig eller efterkomme den af voldgiftsdomstolen tilkendte erstatning.

6) I tilfælde af at Washington konventionen ikke er anvendelig skal tvisten afgøres ved international ad hoc voldgift.

a) Voldgiftsdomstolen skal bestå af tre voldgiftsmænd. Hver part skal vælge en voldgiftsmand. Disse to voldgiftsmænd skal ved gensidig enighed udpege en formand, der skal være statsborger i et tredjeland, som har diplomatiske forbindelser med begge kontraherende stater. Voldgiftsmændene skal udpeges inden to måneder fra datoen for, at den ene part i tvisten informerede den anden part om intentionen om at bringe tvisten for en voldgift.

b) Hvis udnævnelserne ikke er sket inden den nævnte periode, kan begge parter anmode formanden for voldgiftsinstituttet ved handelskammeret i Stockholm om inden to måneder at foretage de nødvendige udnævnelser.

c) Domstolen, som normalt skal have sæde og afgive sin voldgiftskendelse i Sverige, kan også høre beviser og holde møder andetsteds, som den måtte skønne passende. Processen skal føres på engelsk under forbehold af, at hvor det skønnes nødvendigt eller bidrager til at nå frem til en retfærdig afgørelse må domstolen høre ethvert vidne eller tillade ethvert dokument på et andet sprog. Dette under forudsætning af, at domstolen i så tilfælde foranlediger en pålidelig oversættelse til engelsk.

d) Voldgiftsdomstolen skal nå til en afgørelse ved flertalsafgørelse. Kendelsen er endelig og bindende for begge kontraherende parter i tvisten og skal udføres af begge parter i tvisten.

e) Voldgiftskendelsen skal ske i overensstemmelse med national lov, herunder konfliktregler, og i overensstemmelse med reglerne i denne aftale samt de generelt anerkendte folkeretslige principper.

f) Hver part i tvisten skal bære udgifterne til egen voldgiftsmand og til egne juridiske rådgivere i voldgiftsprocessen. Udgifterne til formanden og de resterende udgifter til processen skal deles ligeligt mellem parterne i tvisten medmindre domstolen bestemmer andet.

Artikel 11

Bilæggelse af tvister mellem kontraherende stater

1) En tvist vedrørende fortolkningen og gyldigheden af denne overenskomst skal, om muligt, bilægges ved konsultationer eller forhandling mellem de kontraherende stater.

2) Såfremt tvisten ikke kan afgøres inden for 6) seks måneder, skal den, såfremt en af de kontraherende stater anmoder derom, indbringes for en voldgiftsdomstol i overensstemmelse med reglerne i denne artikel.

3) Voldgiftsdomstolen skal nedsættes i hvert enkelt tilfælde på følgende måde: Inden for tre måneder efter klagens indbringelse skal hver kontraherende stat udpege et medlem af voldgiftsdomstolen. De to medlemmer skal derefter udpege en statsborger fra et tredjeland, som efter godkendelse af de kontraherende stater skal agere som formand (herefter omtalt som formanden). Formanden skal være udpeget inden for 3 måneder fra datoen for udpegelsen af de øvrige to medlemmer.

4) Såfremt de nødvendige udpegelser ikke er blevet foretaget inden for perioderne specificeret i paragraf (3), kan begge kontraherende stater, i mangel af anden aftale, anmode præsidenten for den internationale domstol ICJ om at foretage de nødvendige udpegelser. Såfremt præsidenten er statsborger i en af de kontraherende stater, eller hvis han på anden vis er hindret i at udøve sin funktion, skal vicepræsidenten anmodes om at foretage udpegelserne. Såfremt vicepræsidenten også er statsborger i en af de kontraherende stater eller på anden vis er hindret i at udøve sin funktion, skal det medlem af den internationale domstol, der har højest anciennitet, og som ikke er statsborger i en af de kontraherende stater, anmodes om at foretage de nødvendige udpegelser.

5) Voldgiftsdomstolen skal anvende reglerne i denne overenskomst, andre overenskomster indgået mellem de kontraherende parter samt de processuelle standarder som er påkrævet af international lovgivning. Den skal nå til en afgørelse gennem stemmeflertal. En sådan afgørelse skal være endelig og bindende for begge kontraherende stater.

6) Hver kontraherende stat bærer selv udgifterne til sit eget medlem af domstolen og til sin repræsentation i voldgiftsprocessen. Udgifterne til formanden og de resterende udgifter dækkes ligeligt mellem de kontraherende parter.

7) Voldgiftsdomstolen fastsætter selv sin egen procedure.

Artikel 12

Forholdet mellem regeringerne

Reglerne i denne overenskomst skal håndhæves uanset tilstedeværelsen af diplomatiske eller konsulære forbindelser mellem de kontraherende stater.

Artikel 13

National lov eller international lov

Intet i denne overenskomst skal præjudicere nogen rettigheder eller fordele under national eller international lov, der tilfalder en investor i en kontraherende stat på den anden stats territorium.

Artikel 14

Overenskomstens anvendelsesområde

Denne overenskomst skal også omfatte investeringer foretaget af den ene kontraherende parts investorer på den anden kontraherende parts territorium før denne overenskomsts ikrafttræden.

Artikel 15

Ikrafttrædelse

Denne overenskomst træder i kraft, når de kontraherende stater har meddelt hinanden, at de forfatningsmæssige krav for denne overenskomsts ikrafttrædelse er blevet opfyldt.

Artikel 16

Varighed og ophør

1) Denne overenskomst skal forblive i kraft i tyve år og skal derefter fortsat forblive i kraft i en tilsvarende periode eller perioder, medmindre en af de kontraherende stater et år før udløb af den resterende periode skriftligt meddeler den anden kontraherende stat sine intentioner om at bringe overenskomsten til ophør.

2) For så vidt angår investeringer foretaget før datoen for meddelelsen om at bringe overenskomsten til ophør skal reglerne i denne overenskomst fortsat være gyldige i 15 år fra datoen for overenskomstens ophør.

Til bekræftelse heraf har undertegnede, behørigt bemyndigede af deres respektive regeringer, underskrevet denne overenskomst.

Udfærdiget i to eksemplarer i København den 1. juni 2001 svarende til 9. dag af Rabi I 1422 H på dansk, arabisk og engelsk, idet alle tekster skal have samme gyldighed.

I tilfælde af uenighed om fortolkningen skal den engelske tekst have forrang.

For Kongeriget Danmarks regering

Herluf Hansen

For staten Kuwait

Abdul Mohsen Y. Al-Hunaif

Engelsk tekst

A G R E E M E N T

between The Kingdom of Denmark and The State of Kuwait for the promotion and reciprocal protection of investments

The Kingdom of Denmark and the State of Kuwait (hereinafter collectively referred to as the Contracting States, and each referred to as a Contracting State );

Desiring to create favourable conditions for greater economic co‑operation between them and in particular for investments by investors of one Contracting State in the territory of the other Contracting State ;

Referring to the Agreement on Economic, Industrial, Scientific and Technical co-operation between the two States and its objectives;

Recognising that the promotion and reciprocal protection under international agreements of such investments will be conducive to the stimulation of business initiative and will increase prosperity in both Contracting States;

Have agreed as follows

Article 1

Definitions

For the purpose of this Agreement,

1) The term »investment« shall mean every kind of asset owned or controlled directly or indirectly by an investor of a Contracting State and invested in the territory of the other Contracting State in accordance with the laws and regulations of that State. Without restricting the generality of the foregoing the term »investment« shall include

a) movable and immovable property as well as any other property rights in rem such as mortgages, liens, pledges, usufruct and similar rights;

b) shares, stocks and debentures of companies or other rights or interests in such companies, loans, guarantees and securities issued by a Contracting State or any of its investors and returns retained for the purpose of re‑investment;

c) debt, service and claims to money or to any performance having economic value associated with an investment;

d) intellectual and industrial property rights, including, but not limited to, rights with respect to copyrights, trademarks, patents, industrial designs, know‑how, trade secrets, trade names and goodwill and other industrial property rights;

e) any right conferred by law or contract and any licences and permits issued pursuant to law, including rights to prospect, explore, extract, win or utilise natural resources, and rights to manufacture, use and sell products.

2) Any alteration of the form in which assets are invested or reinvested shall not affect their character as investment.

3) The term »investor« shall mean

a) physical persons;

b) juridical persons; or

c) the government of a Contracting State,

who invest in the other Contracting State.

4) The term »physical person« shall mean a person holding the nationality of a Contracting State according to its laws.

5) The term »juridical person« shall mean

a) authorities, funds, companies, corporations, firms, associations or any other juridical person established or constituted under the law in force in either of the Contracting States;

b) legal entities established under the law of any State which are, directly or indirectly, owned or controlled by investors of the Contracting State having their seat with real economic activities in the territory of that Contracting State.

An investor according to this subparagraph may be required to submit proof of such ownership or control in order to be recognised by the Contracting State in the territory of which the investment has been or is to be made as an investor of the other Contracting State.

6) The term »control« over the assets in an entity established as a juridical person outside the jurisdiction of a Contracting State relate to the exertion by an investor of a Contracting State of a controlling influence over the activities of that other juridical person, if the influence results from the equity participation of the investor or from powers conferred upon him in the founding documents of such a juridical person.

Contractual arrangements alone, such as for example loans, existing between the investor of a Contracting State and a third‑state juridical person, do not constitute »control« in the absence of other means of control under company law.

7) The term »returns« shall mean amounts yielded by an investment and in particular, though not exclusively, includes profits, interests, capital gains, dividends, royalties, fees and payment in kind.

8) The term »territory« means all the territory of a Contracting State recognised by International Law including any area beyond the territorial sea which in accordance with International Law has been or may be designated under the laws of a Contracting State as an area over which a Contracting State may exercise sovereign right or jurisdiction.

The present Agreement shall not apply to the Faroe Islands and Greenland.

9) »Associated activities« include the organisation, control, operation, maintenance and disposition of juridical persons, branches, agencies, offices, factories or other facilities for the conduct of business, the acquisition, use, protection and disposition of property of all kinds, including intellectual and industrial property rights; and the borrowing of funds, the purchase and issuance of equity shares, and the purchases of foreign exchange for imports, in accordance with national regulations and practices.

10) The term »expropriation« shall also comprise the nationalisation, freezing or blocking of assets, dispossession, compulsory sale of all or part of the investment, impairment or deprivation of management, disposition or control of such an investment or any other measure (not being a commercial risk) by a Contracting State, if the effect of the above-mentioned measures would be tantamount to expropriation.

11) The term »without delay« shall be deemed to be fulfilled if a transfer is made within such period as is normally required by international financial custom and not later, in any case, than three months.

Article 2

Promotion of Investments

1) Each Contracting State shall admit the investments made by investors of the other Contracting State in accordance with its laws, regulations and administrative practices, and promote such investments as far as possible.

2) Investors of either Contracting State shall be entitled to apply to the competent authorities in the host State for the appropriate facilities, incentives and other forms of encouragement and the host State shall give them assistance, consents, approvals, licences and authorisations to such an extent and on such terms and conditions as shall, from time to time, be determined by the laws and regulations of the host State.

3) With respect to its tax policies, each Contracting State should strive to accord fairness and equity in the treatment of investments of investors of the other Contracting State.

4) Within the framework of their internal legislation, the Contracting States shall favourably examine requests for entry and authorisation to reside, work and travel made by the nationals of one Contracting State in relation to an investment in the territory of the other Contracting State.

5) Each Contracting State shall endeavour to maintain conditions of free competition for investments of investors of the other Contracting State.

6) Neither Contracting State shall impose performance requirements as a condition of establishment, expansion or maintenance of investments, which require or enforce commitments to export goods produced, or which specify that goods or services must be purchased locally, or which impose any other similar requirements.

Article 3

Protection of Investments and Standard of Treatment

1) Once established, investments shall at all times enjoy full protection and security, in a manner consistent with International Law.

2) Each Contracting State shall observe any obligation it may have entered into with regard to any particular investment of an investor of the other Contracting State.

3) Each Contracting State recognises that in order to maintain a favourable environment for investments in its territory by investors of the other contracting State, it shall provide effective means of asserting claims and enforcing rights with respect to investment agreements, investment authorisations and properties. Each Contracting State shall grant to investors of the other Contracting State, on terms and conditions not less favourable than those which it grants in like situations to its own investors or to investors of any third State, whichever is the most favourable treatment, the right of access to its courts of justice, administrative tribunals and agencies, and all other bodies, exercising adjudicatory authority, and the right to employ persons of their choice, who otherwise qualify under applicable laws and regulations of the forum for the purpose of asserting claims, and enforcing rights, with respect to their investments.

4) Each contracting State shall make public all laws, regulations, administrative practices and procedures that pertain to or affect investments in its territory of investors of the other Contracting State.

5) Each Contracting State shall accord investments and associated activities in connection with these investments, made in its territory by investors of the other Contracting State, fair and equitable treatment. This treatment shall not be less favourable than that which it accords in like situations to investments and associated activities of its own investors or investors of any third State, whichever is the most favourable.

6) Neither Contracting State shall in any way impair by unreasonable or discriminatory measures the management, expansion, maintenance, use, enjoyment or disposal of investments in its territory of investors of the other Contracting State.

7) Neither Contracting State shall in its territory subject the investors of the other Contracting State, as regards the management, maintenance, use, enjoyment, or disposal of their investments, compensation, transfers or returns, to treatment less favourable than that which it accords to its own investors or to investors of any third State (whichever of these standards is more favourable from the point of view of the investor).

Article 4

Exception

1) Nothing in this Agreement shall be construed as to oblige one Contracting State to extend to the investors of the other Contracting State and their investments the present or future benefit of any treatment, preference or privilege resulting from

a) any existing or future customs union, regional or sub‑regional economic organisation or similar international agreement to which either of the Contracting State is or may become a party; or

b) any international, regional or sub‑regional agreement or other arrangement relating wholly or mainly to taxation, or movement of capital or any domestic legislation relating wholly or mainly to taxation; or

c) any regulation to facilitate the frontier trade.

2) It is understood that the expression »movement of capital« mentioned in subparagraph b) of paragraph 1 shall refer to the following organisations

i ) The Organization of the Islamic Conference (OIC);

ii) The Arab League; and

iii) The Gulf Cooperation Council (GCC).

Article 5

Compensation for Damage or Loss

1) When investments made by investors of either Contracting State suffer loss owing to war, other armed conflict, a state of national emergency, revolt, insurrection, riot or other similar events in the territory of the other Contracting State, they shall be accorded by the latter Contracting State treatment, as regards restitution, indemnification, compensation or other settlement, not less favourable than that which the latter Contracting State accords to its own investors or to investors of any third State, whichever is the most favourable.

2) Without prejudice to paragraph (1), investors of one Contracting State who in any of the events referred to in that paragraph suffer loss in the territory of the other Contracting State resulting from

a) requisitioning of their property by its forces or authorities,

b) destruction of their property by its forces or authorities which was not caused in combat action or was not required by the necessity of the situation,

shall be accorded just and adequate compensation for the loss sustained as a result of the requisitioning or of the destruction of the property.

3) Payments resulting from any provision in this Article shall be freely transferable, without delay and shall include interest at LIBOR rate until the day of payment and be effectively realisable.

Article 6

Sequestration and Confiscation

Investments of either Contracting State or any of its investors shall not be subjected to sequestration, confiscation or any similar penal measures save with due process of law.

Article 7

Expropriation and Compensation

1) a) Investments of either Contracting State or any of its investors shall not be expropriated or subjected to measures having effect equivalent to expropriation by the other Contracting State except for a public purpose related to the internal needs of that State, for prompt, adequate, just and effective compensation and on condition that such measures are taken on a non‑discriminatory basis and in accordance with domestic laws of general application and are not contrary to any undertaking which that State may have given to the investor concerned.

b) Such compensation shall be computed and determined in accordance with recognised principles of valuation such as the fair market value of the investment immediately prior to or at the time when the decision for expropriation was announced or became publicly known, whichever is the most favourable. When determining the market value, the following factors shall be taken into account: the capital invested, depreciation, capital already repatriated, replacement value, appreciation, current returns, goodwill and other relevant factors.

The compensation shall be made without delay and shall include interest at LIBOR rate until the date of payment, be effectively realisable and be freely transferable.

There shall be legal provisions giving the investor concerned a right to prompt review of the legality of the expropriation and of the valuation of compensation in accordance with the principles set out in this paragraph by due process of law in the territory of the Contracting State making the expropriation.

c) Where a Contracting State expropriates the investment of a juridical person which is established or licensed under the law in force in its territory and in which the other Contracting State or any of its investors owns shares, stocks, debentures or other rights or interest, it shall ensure that prompt, adequate, just and effective compensation is received and allowed to be repatriated. Such compensation shall be determined and paid in accordance with the provisions of paragraph 1) b).

2) The provisions of this Article shall also apply to the current returns from an investment as well as, in the event of liquidation, to the proceeds from the liquidation.

Article 8

Transfers

1) Each Contracting State shall, subject to its right to exercise equitably, in good faith and on a non-discriminatory basis the powers conferred by its laws, guarantee without delay the transfer in any freely convertible currency of

a) the returns;

b) the proceeds accruing from the sale, total or partial liquidation of any investment made by an investor of the other Contracting State ;

c) payments made for repayment of borrowings;

d) the earnings of nationals of the other Contracting State deriving from their work and service in connection with an investment in its territory;

e) amounts spent for the management and maintenance of the investment in the territory of the Contracting State or a third State; and

f) compensation referred to in Articles 5 and 7.

2) In case transfer in freely convertible currencies cannot take place, the rate of exchange shall correspond to the cross rate obtained from those rates which would be applied by the International Monetary Fund on the date of payment for conversions of the currencies concerned into Special Drawing Rights.

Article 9

Subrogation

1) If a Contracting State (or its designated Agency) makes payment to any of its investors under an indemnity or a guarantee it has granted in respect of an investment or any part thereof in the territory of the host State, or has otherwise become subrogated to any of the rights of such investors with respect to such investments, the host State shall recognise

a) the right of the other Contracting State (or its designated Agency) arising from the assignment, indemnity or other subrogation, whether under law or pursuant to a legal transaction, and

b) that the other Contracting State (or its designated Agency) is entitled by virtue of subrogation to enforce such right and shall assume the obligations related to the investment.

2) If such other Contracting State acquires any amounts in such manner as above, it shall be accorded in respect thereof treatment not less favourable than that accorded to the funds of investors of the host State or of any third State deriving from investment activities similar to those in which the party indemnified was engaged, whichever is the most favourable.

Article 10

Settlement of Investment Disputes

1) Any dispute which may arise between a Contracting State and an investor of the other Contracting State with respect to an investment of such investor in the territory of that other Contracting State, shall initially be resolved by consultations or negotiations between the parties to the dispute.

2) a) In the event that the dispute has not been resolved by consultations or negotiations within (6) six months of the date upon which it arose, either party to the dispute shall be entitled to submit the dispute to the International Centre for the Settlement of Investment Disputes (»Centre«) for settlement by conciliation or binding arbitration.

b) Each Contracting State hereby consents to the submission of an investment dispute to the Centre for settlement by conciliation or binding arbitration.

c) Conciliation or binding arbitration of such disputes shall be done in accordance with the provisions of the Washington convention on the Settlement of Investment Disputes Between States and Nationals of other States opened for signature in Washington on 18th March 1965 (»Convention«) and the Regulations and Rules of the Centre.

3) In any proceedings, judicial, arbitral or otherwise, concerning an investment dispute between it and an investor of the other Contracting State, a Contracting State shall not assert, as a defense, its immunity. Any counter-claim, right of set-off may not be based on the fact that the investor concerned has received or will receive, pursuant to an insurance contract, indemnification or other compensation for all or part of its alleged damages from any third party whatsoever, whether public or private, including such other Contracting State and its subdivisions, agencies and instrumentalities.

4) For the purpose of any proceedings initiated before the Centre in accordance with this Article, any company that, immediately prior to the occurrence of the event or events giving rise to the dispute was a company of the other Contracting State, shall be treated as a national or company of such other Contracting State.

5) Neither Contracting State shall pursue through diplomatic channels any matter referred to arbitration until the proceedings have terminated and a Contracting State has failed to abide by or to comply with the award rendered by the Arbitral Tribunal.

6) In case the Washington Convention is not applicable, then the dispute shall be settled by an international ad hoc arbitration.

a) The Arbitral Tribunal shall consist of three arbitrators. Each party shall select an arbitrator. These two arbitrators shall appoint by mutual agreement a Chairman who shall be a national of a third State which has diplomatic relations with both Contracting States. The arbitrators shall be appointed within two months from the date when one of the parties to the dispute informed the other of its intention to submit the dispute to arbitration.

b) If the appointments are not made within the period mentioned above, either party may invite the Chairman of the Arbitration Institute of the Stockholm Chamber of Commerce to make the required appointment within two months.

c) The Tribunal which shall normally sit and render its award in Sweden may also hear evidence and hold meetings in such other places as it may deem appropriate. Proceedings shall be conducted in the English language provided that, where it deems necessary or conducive to reaching a just decision, the Tribunal may hear any evidence or admit any document in another language. Provided further that in such case the Tribunal shall cause to be made available a reliable translation in the English language.

d) The Arbitral Tribunal shall reach its decision by a majority of votes. Its award shall be final and binding on both parties to the dispute, and shall be enforced by both parties to the dispute.

e) The Arbitral Award shall be made in accordance with the domestic laws, including the rules of conflict, of the Contracting State which accepts the investments and in accordance with the provisions of this Agreement as well as the principles of International Law generally recognized.

f) Each party to the dispute shall bear the cost of its own arbitrator and of its counsel in the arbitration proceedings. The cost of the Chairman and the remaining costs of the proceedings shall be borne in equal parts by both parties to the dispute unless the Tribunal decides otherwise.

Article 11

Settlement of Disputes between Contracting States

1) Any dispute between the Contracting States concerning the interpretation or application of this Agreement shall be settled as far as possible through friendly consultations and negotiations between the Contracting States.

2) If the dispute cannot be so settled within (6) six months it shall, upon the request of either Contracting State, be submitted to an Arbitral Tribunal in accordance with the provisions of this Article.

3) The Arbitral Tribunal shall be constituted for each individual case in the following way: Within three months of the receipt of the request for arbitration, each Contracting State shall appoint one member of the Tribunal. The two members shall then select a national of a third State who on approval by the Contracting States shall act as Chairman (hereinafter referred to as the Chairman). The Chairman shall be appointed within three months from the date of appointment of the other two members.

4) If within any of the periods specified in Paragraph 3) the necessary appointments have not been made, either Contracting State, in the absence of any other agreement, invite the President of the International Court of Justice to make any necessary appointment. If the President is a national of either Contracting State or if he is otherwise prevented from discharging the said function, the Vice-President shall be invited to make the appointment. If the Vice-President is also a national of either Contracting State or is prevented from discharging the said function, the member of the International Court of Justice next in seniority who is not a national of either Contracting State shall be invited to make the necessary appointments.

5) The Arbitral Tribunal shall apply the provisions of this Agreement, other Agreements concluded between the Contracting States, and the procedural standards called for by International Law. It shall reach its decision by a majority of votes. Such decision shall be final and binding on both Contracting States.

6) Each Contracting State shall bear the cost of its own member of the Tribunal and of its representation in the arbitral proceedings. The cost of the Chairman and the remaining costs shall be borne in equal parts by the Contracting States.

7) The Arbitral Tribunal shall determine its own procedure.

Article 12

Relations between Governments

The provisions of the present Agreement shall apply irrespective of the existence of diplomatic or consular relations between the Contracting States.

Article 13

National or International Law

Nothing in this Agreement shall prejudice any rights or benefits under national or International Law accruing to an investor of one Contracting State in the territory of the other Contracting State.

Article 14

Application

This Agreement shall also apply to investments made by investors of either Contracting State in the territory of the other Contracting State prior to the entering into force of this Agreement.

Article 15

Entry into Force

This Agreement shall enter into force when the Contracting States have notified each other that the constitutional requirements for the entry into force of this Agreement have been complied with.

Article 16

Duration and Termination

1) This Agreement shall remain in force for a period of twenty years and shall continue in force thereafter for a similar period or periods unless, one year before the expiry of the initial or any subsequent period, either Contracting State notifies the other Contracting State in writing of its intention to terminate the Agreement.

2) In respect of investments made prior to the date when the notice of termination of this Agreement becomes effective, the provisions of this Agreement shall continue to be effective for a period of fifteen years from the date of termination of the present Agreement.

In witness whereof the undersigned duly authorised thereto by their respective Governments, have signed this Agreement.

Done in duplicate at Copenhagen this 1. day of June 2001 corresponding to this 9. day of Rabi I 1422 H in the Danish, Arabic, and English languages, all texts being equally authentic.

In case of divergence of interpretation, the English text shall prevail.

For the Government of the

Kingdom of Denmark

Herluf Hansen

For the Government of the

State of Kuwait

Abdul Mohsen Y. Al-Hunaif

Overenskomsten, der i henhold til artikel 1, stk. 8 ikke gælder for Færøerne og Grønland, trådte i medfør af artikel 15 i kraft den 29. juni 2002.

Udenrigsministeriet, den 29. september 2006

Per Stig Møller

Bekendtgørelse

af

overenskomst af 1. juni 2001 med Kuwait

om fremme og gensidig beskyttelse af investeringer

____________

Den 1. juni 2001 undertegnedes i København en overenskomst mellem Danmark og Kuwait om fremme og gensidig beskyttelse af investeringer.

Overenskomsten har følgende ordlyd

O V E R E N S K O M S T

mellem Kongeriget Danmarks regering og staten Kuwait om fremme og gensidig beskyttelse af investeringer

Kongeriget Danmarks regering og Staten Kuwait (herefter omtalt som de kontraherende stater, og hver især omtalt som en kontraherende stat),

SOM ØNSKER at skabe fordelagtige vilkår for større økonomisk samarbejde mellem sig og i særdeleshed for investeringer foretaget af én kontraherende stat på den anden kontraherende stats territorium,

SOM HENVISER til overenskomsten vedrørende økonomisk, industrielt, videnskabeligt og teknisk samarbejde mellem de to stater og disses formål,

SOM ANERKENDER, at fremme og gensidig beskyttelse under internationale overenskomster af sådanne investeringer stimulerer initiativer i forretningsøjemed og forhøjer velstanden i begge kontraherende stater,

ER BLEVET enige om følgende

Engelsk tekst