We want to face international economic courts - Opinion

My greatest fear is that an emotional approach to financial matters could lead to a cross-border legal dispute.

I hope that state institutions are aware of this and have prepared for it thoroughly, especially concerning foreign investors in Syria. Dealing with them is governed by international and regional agreements with their respective countries. They could file a lawsuit against the Syrian state, opening a Pandora's box of legal arguments, potentially resulting in a favorable ruling, and then demanding the return of their confiscated funds from state accounts abroad.

Previous international examples:

- Argentina and sovereign wealth fund assets (2012): When Argentina nationalized the oil company YPF, owned by the Spanish company Repsol, without fair and immediate compensation, driven by popular and emotional pressure, the company resorted to international arbitration. Argentina was subsequently forced into a massive financial settlement.

Even worse, American hedge funds pursued legal action against Argentina and succeeded in obtaining a court order to seize the famous Argentine warship Libertad while it was docked in Ghana, in addition to attempts to seize Argentine bank accounts and assets abroad.

- Venezuela's oil issues: The haphazard nationalization and legally unregulated dealings with foreign companies (such as ConocoPhillips and ExxonMobil) led to hundreds of international arbitration cases before the International Centre for Settlement of Investment Disputes (ICSID), resulting in billions of dollars in fines and the seizure of Venezuelan oil shipments in ports worldwide.

What I mean here is achieving justice through organized legal action, so that we don't resort to international economic tribunals or international commercial arbitration, rather than local courts.

Examples of international commercial arbitration:

▪ The case of SUMED and major energy companies: In this case, countries have historically exercised caution and restraint in resorting to international tribunals, such as the International Chamber of Commerce (ICC), to avoid incurring losses that could damage the country's credit rating.

What the country needs now is to channel any economic power for the public good and find solutions that protect the rights of the state, the people, and investors alike—in other words, no harm to anyone.

Al-Hussein Al-Shishakli - Zaman Al-Wasl