Extract to table

Such compensation shall amount to the genuine value of the investment expropriated immediately before the expropriation or before the impending expropriation became public knowledge, whichever is the earlier, shall include interest at a normal commercial rate until the date of payment, shall be made without unreasonable delay, be effectively realisable and be freely transferable

Article 5 thus permits expropriation only if four cumulative conditions are met: (i) the expropriation must be for a public purpose; (ii) it must be on a non-discriminatory basis; (iii) it must be in accordance with due process of law; and (iv) it must be accompanied by prompt, adequate, and effective compensation at the genuine value of the investment

Article 3 of the UK-Valderia BIT provides, in relevant part: "Investments of nationals or companies of each Contracting Party shall at all times be accorded fair and equitable treatment and shall enjoy full protection and security in the territory of the other Contracting Party