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Arbitrator finds that BIT requires investment to be made in the territory of host state
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Diplomatic exchange adds confusion rather than clarity
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Costs split in half and each party ordered to bear its own costs
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Sole arbitrator ultimately finds that general approval to list stocks does not suffice to meet test of “approved project”
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Neither waiver nor estoppel prevents Malaysia from raising jurisdictional objection based on requirement that investment is part of “approved project”
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Scope of “approved project” requirement debated
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