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Reporter(s)

Mark Kantor, Michael D Nolan, Karl P Sauvant

Bank of America, Memorandum of determinations, IIC 1029 (1973), 24th July 1973, Chile (OPIC), United States; Overseas Private Investment Corporation [OPIC]

From: Investment Claims (http://oxia.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved. date: 19 August 2019

Whether Bank of America (‘BoA’) was prevented from depositing Chilean escudos with OPIC.

Whether, by refusing to grant BoA’s request to transfer to OPIC the Chilean escudos at issue, which previously had been deposited with the Central Bank of Chile by Arauco, the Central Bank of Chile prevented BoA from receiving payments on notes in the currency specified in the loan agreement between BoA and Arauco.

Whether BoA established direct causation between the alleged expropriatory action and a default in scheduled payment on a note issued under the loan agreement between BoA and Arauco.

Whether BoA filed an application for compensation for expropriatory action within the 90-day timeframe required by the contract of guaranty.

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