Since the genesis of modern international investment law dating back to 1959 with the first bilateral investment treaty (BIT) signed between Pakistan and Germany and the emergence of international trade law in the form of the World Trade Organization (WTO) in 1994, which can be traced back to...

In recent years, investor-state tribunals have often permitted shareholders' claims for reflective loss despite the well-established principle of no reflective loss applied consistently in domestic regimes and in other fields of international law. Investment tribunals have justified their...