Jurisdiction — Based on bilateral investment treaty — No contractual relations between claimant investors and Respondent State — Consent to jurisdiction manifested by commencement of proceedings in accordance with treaty — No right of Respondent unilaterally to withdraw consent

Admissibility — Claimant’s standing to bring proceedings — Majority shareholders having foreign nationality suing in relation to conduct affecting locally incorporated company — Standing upheld

Expropriation — Measures equivalent to — Grant of free-zone status for mining company — Substantial investment in reliance on free-zone status — Subsequent change in government policy leading to revocation of status — Whether measure equivalent to taking — Whether compensation required — Belgium—Burundi Bilateral Investment Treaty, Article 4

Expropriation — Whether lawful under international law — Non-discriminatory — Valid public policy — Due process under national law — Only compensation lacking — No offer made at the time of taking — Respondent given four months to pay compensation or to restore permit, otherwise taking would be held internationally unlawful — Belgium—Burundi Bilateral Investment Treaty, Article 4

Arbitration — Procedure — Failure by Respondent State to appear — Obligation on tribunal to consider jurisdiction and merits of claim despite non-appearance — icsid Convention, Article 45 — Arbitration Rules, Rule 42

Settlement — Amicable settlement following determination on merits — Settlement agreement embodied in Award — Arbitration Rules, Rule 43(2) – Award of costs following settlement