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TİCARET ŞİRKETLERİ BAKIMINDAN TÂBİİYET PLANLAMASIVE ULUSLARARASI YATIRIM HUKUKU AÇISINDANDOĞURDUĞU SONUÇLAR

Ulusal ve uluslararası hukukta ticaret şirketlerinin tâbiiyetini tayin açısındançoğunlukla kuruluş yeri ve merkez yeri esasları kullanılmaktadır. Uluslararası yatırım anlaşmaları da yatırımcı şirketleri bu esaslar temelinde tanımlamaktadır.Hakem heyetlerinin ise kuruluş yeri esası ile herhangi bir nitelemeden yoksun merkezyeri esasını biçimsel olarak yorumlaması tâbiiyet planlamasına olanak sağlamıştır.Tâbiiyet planlaması, şirketlerin yatırımın başlangıcı veya sonrasındaki bir dönemdeelverişli yatırım iklimi ve/veya hukuki alt yapı sunan bir devletin tâbiiyetini edinimiolarak tanımlanabilir. Şirketler uluslararası yatırım hukuku bağlamında genellikleyatırım tahkimine başvurma hakkına kavuşmak amacıyla tâbiiyet planlamasınagirişmektedir. Ancak kaynak ülke ile gerçek bir bağı bulunmayan tabela şirketlertarafından başlatılan tahkim davaları tâbiiyet planlaması uygulamasına karşı birtepkiyi de beraberinde getirmiştir. Bu tepki iki şekilde ortaya çıkmıştır. İlk olarakyatırım tahkimi davalarında ev sahibi devletlerin itirazları üzerine bazı hakemheyetleri tâbiiyet planlamasının amacı ve/veya gerçekleştirime zamanını dikkatealarak bu uygulamayı hakkın kötüye kullanılması yasağı içerisinde değerlendirmiştir.İkinci olarak ise devletler son dönemde yapmış oldukları ikili ve çok taraflı yatırımanlaşmalarında yatırımcı tanımını daraltmış ve/veya tâbiiyet planlamasına karşı faydaların reddi hükümlerine yer vermişlerdir.

CORPORATE NATIONALITY PLANNING AND ITS CONSEQUENCES FOR INTERNATIONAL INVESTMENT LAW

In national and international law, place of incorporation and seat are mostly usedcriteria in determining corporate nationality. International investment agreements also defi ne corporate investors based on these criteria. Besides, formal interpretationof place of incorporation criterion and the seat criterion without any qualifi cationby the arbitral tribunals has allowed nationality planning. Nationality planning canbe defi ned as the acquisition of the nationality of a state that provides a favorableinvestment climate and/or legal infrastructure for corporates at the beginning ofthe investment or at a later period. In the context of international investment law,companies usually engage in nationality planning to obtain the right to apply forinvestment arbitration. However, arbitration proceedings initiated by shell companiesthat have no genuine link to the home state have brought a reaction against thepractice of nationality planning. This reaction occurred in two ways. First, on theobjections of the host states, some arbitral tribunals, considering the purpose and/ or the time of realization of the nationality planning, have deemed this practice asabuse of rights. Secondly, states have narrowed the defi nition of investor and/or putdenial of benefi ts provisions against nationality planning in their recent bilateral andmultilateral investment agreements.

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