TNAG-2826-FCO40-4079-Investment-Protection-and-Promotion-Agreements-(IPPA)-betwee-1993 — Page 208

ARTICLE 5

Expropriation

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(1)

Investors of either

Contracting Party shall not be

deprived of their investments nor subjected to any measures having

effect equivalent to such deprivation or limiting the enjoyment of

the investment in the area of the other Contracting Party except

lawfully, on a non discriminatory basis, for a public purpose

related to the internal needs of that Party, and against

compensation. Such compensation shall amount to the real value of

the investment immediately before the deprivation or before

before the

impending deprivation became public knowledge whichever is the

earlier. Where that value cannot be readily ascertained, the

compensation shall be determined in accordance with generally

recognised principles of valuation and equitable principles taking

into account the capital invested, depreciation, capital already

repatriated, replacement value,

value, currency exchange rate movements

and other relevant factors. Compensation shall include interest

at a normal commercial rate calculated from the date of

expropriation to the date of payment, shall be made without undue

delay, be effectively realizable and be freely convertible.

(2)

The investor affected shall have a right, under the law

of the Contracting Party making the deprivation, to prompt review

by a judicial or other independent authority of that Party, of the

investor's case and of the valuation of the investment

accordance with the principles set out in this paragraph.

in

(3)

Where a Contracting Party expropriates the assets of a

company which is incorporated or constituted under the law in

force in any part of its area, and in which investors of the other

Contracting Party own shares, it shall

it shall ensure that the provisions

MEP

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