Corporate vampires have tried to suck $4 billion out of Romania, and with TTIP the UK could be next
When it dared to halt the production of a gold mine, the government of Romania found itself facing a massive lawsuit from a corporate mining giant in a secret "court". There's nothing about the case that makes any sense – the corporation has said it may seek up to $4 billion in "compensation", which is half of Romania’s annual public healthcare budget.
How awful for Romania to be subject to such a corporate assault, you may think. However, under a controversial trade deal between the UK and America known as TTIP, such cases could become common in Britain. So why is our government one of the biggest cheerleaders of these "corporate courts"?*
What's happening in Romania is a terrifying sign of what could happen if TTIP is passed. The corporate vampires are out for blood, and won't rest until they've drained a sovereign state of its money, and destroyed large parts of its land. The mining giant Gabriel Resources originally wanted to develop an enormous gold mine that would involve flattening four mountain tops. There were fears that this would would leave behind a behind a toxic waste lake containing dammed water and cyanide. But in 2014 a critical environmental document that was required for the project to go-ahead was annulled in a Romanian court. In the face of mass protests inside and outside the country, Romania’s parliament decided not to push through a law that would have allowed the project to continue.
Gabriel Resources has recently admitted that they've lost hope of ever building their mine. But at the same time they submitted a request for arbitration at the World Bank, demanding compensation for all the gold and silver that they were unable to extract. The company is using a Jersey subsidiary to bring the case, so it can make use of a UK-Romania investment deal, even though it's based in Canada. The company claims they have spent nearly $500 million on the project, yet in an interview the company’s CEO claimed he was seeking up to $4 billion in "compensation".
This is exactly the kind of case which that TTIP would promote throughout Europe. Through something called the Investor-State Dispute Settlement (ISDS) mechanism, foreign corporations get access to a secret arbitration system to sue governments for "damaging" their profits. These cases are taking place with an alarming frequency using a variety of existing trade deals, but TTIP would massively expand the possibility of this taking place. It would do this by allowing all US corporations to sue EU member states and all EU corporations to sue the US government.
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Yet despite all of this, the British government is fully signed up to the corporate courts. Last year it signed a letter that made clear that the secret court system shouldn’t be removed from the trade deal under any circumstances.
Sovereignty, who needs it ? Says a 'Conservative' government that rants and raves about the European Union, and, to a lesser degree, the UN, but is more than happy to put unaccountable multi-national corporations above the law or oversight of any government, itself very much included. Are the UN-'New World Order' nuts paying attention ?
* As with the question of why Osborne is selling off the taxpayers' stake in RBS at a loss, the answer is simple. Whether you are naïve enough to think otherwise, or even stupid enough to vote for the bastards (not that the same couldn't be said about many Labour-supporters), the fact is, they don't work for you. If they ever did, they certainly haven't for the last few decades. And the longer it takes for the general public to wake up to that fact, the less likely it is that our circumstances will ever change.
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