State responsibility — Imputability — Insurgents — Operations against insurgents — Destruction of property — Counter-insurgency action by government forces — Lack of conclusive evidence as to party causing damage — Bilateral investment treaty — Obligation to provide “full protection and security” for foreign investment — Whether imposing standard of strict liability — Conduct of armed forces during civil disturbances — Specific treaty provision of due diligence — Whether excluding further application of due diligence under other provisions of treaty — Whether State has a duty to attempt peaceful removal of suspected insurgents from alien property prior to military operations

Economics, trade and finance — Bilateral investment treaty — Interpretation — Renvoi technique — Most-favoured-nation/national treatment clause — Whether rule of customary international law to pay compensation for breach of due diligence obligation incorporated into treaty

Damages — For destruction of property — Measure of damages — Valuation of equity — Methods of assessment — Test of reasonable price which a willing investor would offer — Going concern value — Short operating history — Lack of goodwill — No reasonable anticipation of future profits — Interest — Requirement of reasonable rate of interest — Date from which interest payable

Treaties — Interpretation — Convention on the Settlement of Investment Disputes between States and Nationals of Other States, 1965, Article 42(1) — United Kingdom-Sri Lanka Agreement for the Promotion and Protection of Investments, 1980, Article 8(1) — Submission of dispute under treaty to ICSID arbitration — Scope of obligations under treaty — Applicable law in the absence of prior agreement — Whether agreement as to applicable law can be inferred from conduct of parties — Principles of interpretation — Vienna Convention on the Law of Treaties, 1969, Article 31 — Natural and fair meaning — Objectives and spirit — Travaux préparatoires — Principle of effectiveness — Whether maxim generalia specialibus non derogant is applicable — Sri Lanka — United Kingdom Agreement for the Promotion and Protection of Investments, 1980

Arbitration — Jurisdiction — ICSID Convention — Bank guarantee for benefit of joint venture company — Loss of investment — Whether tribunal empowered to interpret scope of ongoing liability — Procedure — Evidence — Burden of proof on claimant — Sri Lanka — United Kingdom Agreement for the Promotion and Protection of Investments, 1980

War and armed conflict — Civil war — Insurgents — “Combat action” — Definition — Whether counter-insurgency operation constitutes “combat action” — Sri Lanka — United Kingdom Agreement for the Promotion and Protection of Investments, 1980