Investment — Interpretation — Ordinary meaning — VCLT, Article 31 — Whether the definition of investment was intended to cover a broad range of investments — Whether the definition of investment depended on the type of investment — Whether the definition of investment depended on the way in which an investment was made

Interpretation — Meaning of “directly” — VCLT, Article 31 — Ordinary meaning — Good faith — Context — Object and purpose — Whether an ordinary meaning of the term “directly” could be ascertained — Whether “directly” referred to an investment’s origin or its connection with an investor

Interpretation — Supplementary means of interpretation — Travaux préparatoires — Circumstances of conclusion — VCLT, Article 31 — VCLT, Article 32 — Explanatory notes — Agreed minutes of formal consultations — Whether recourse to supplementary means was required — Whether certain supplementary means of interpretation were admissible

Interpretation — Ambiguous or obscure meaning — Manifestly absurd or unreasonable result — VCLT, Article 31 — VCLT, Article 32 — Whether the method under Article 31 of the VCLT left the meaning of a term ambiguous or obscure — Whether the method under Article 31 of the VCLT led to a result which was manifestly absurd or unreasonable

Most-favoured-nation treatment — Jurisdiction — Investment — Whether a most-favoured nation clause was limited to substantive protections — Whether a most-favoured nation clause could expand the definitions of investor or investment

Admissibility — Shareholder claims — Whether a shareholder could seek damages caused to its subsidiary by the treatment of other companies in which that subsidiary held shares

Costs — UNCITRAL Rules, Article 40 — Whether costs of arbitration should be borne by the unsuccessful party — Whether apportionment of the costs of arbitration was reasonable taking into account the circumstances