After two years of failed negotiations, Mendes Junior brought the case to the International Chamber of Commerce (ICC) in Paris.
Devas in late 2011 went to the Court of Arbitration at the International Chamber of Commerce in Paris to challenge the deal's cancellation, seeking reinstatement or compensation.
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All of this is great news for business groups, which were concerned that overzealous reform of the CFIUS review process might deter foreign investment in the U.S. A coalition of business groups, including the Financial Services Forum, the Business Roundtable, the Organization for International Investment and the U.S. Chamber of Commerce, roundly supported the measure passed Tuesday.
"It's not a partisan issue, " says Christopher Wenk, senior director of international policy at the U.S. Chamber of Commerce.
The recommendations in the reports (found here and here) come from organizations that include the U.S. Chamber of Commerce, the American Council on International Personnel, the American Immigration Lawyers Association, the U.S. Conference of Catholic Bishops, the Hebrew Immigrant Aid Society (HIAS) and others.
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"This is the first major partnership to address critical issues that influence both industry and government, " says Ambassador L. Craig Johnstone, senior VP of international economic and national security affairs at the U.S. Chamber of Commerce.
"When we knock down barriers in those markets, we create jobs here, " said Myron Brilliant, senior vice president for international affairs at the U.S. Chamber of Commerce.
"If we really want to open foreign markets for U.S. goods, it should come through the pending trade agreements" with Panama, Colombia and South Korea, says John Murphy, vice president for international policy at the U.S. Chamber of Commerce.
On Thursday, a coalition of 14 business organizations including the U.S. Chamber of Commerce, Financial Services Roundtable, Consumer Electronics Association and the Organization for International Investment sent a letter to members of Congress urging them to oppose the measure, saying it violates the current system of U.S. tax treaties.
On August 7th, an International Chamber of Commerce arbitrator delivered his verdict on the divorce between Andersen Consulting, a consultancy, and Arthur Andersen, a firm of accountants.
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