Protesters target World Bank Sydney office

Written By Unknown on Jumat, 22 Maret 2013 | 00.51

PROTESTERS against an international investment dispute body have targeted the World Bank's offices in Sydney, but the bank says the body operates independently of it.

The protesters accuse the organisation of siding with corporations who try to bypass national laws.

About 25 people gathered at Martin Place on Friday to rally against the International Centre for the Settlement of Investment Disputes (ICSID).

ICSID oversees disputes between national governments and global corporations.

The group staging the protest, the Australian Fair Trade and Investment Network (AFTINET), is calling on the World Bank to cut its ties with ICSID.

"The World Bank is supposed to have programs that alleviate poverty in the world, but it's actually organising tribunals for corporations to sue governments and bypass laws," AFTINET convenor Dr Patricia Ranald said on Friday.

"ICSID is a shonky tribunal which corporations use to evade justice in national legal systems."

But a World Bank spokeswoman said although ICSID was under the umbrella of the World Bank group it was an autonomous body that operated separately.

It was not used by the World Bank and could only be used by signatories to the Convention on the Settlement of Investment Disputes between states and nationals of other states.

"Only countries that are part of the convention and chose to be part of ICSID use it for dispute resolution," the spokeswoman said.

She said the bank was happy to pass on the protesters' concerns to its headquarters in Washington.


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