OREANDA-NEWS. July 11, 2016. Philip Morris International Inc. (PMI) (NYSE/Euronext Paris: PM) today
comments on the decision of an ICSID tribunal in the arbitration between
PMI and Uruguay regarding two regulations that Uruguay implemented in
2009. PMI brought the case under Uruguay’s 1988 investment protection
treaty with Switzerland, which provides a neutral forum for dispute
resolution.
Marc Firestone, Philip Morris International Senior Vice President and
General Counsel, said:
“For the last seven years, we have already been complying with the
regulations at issue in the case, so today’s outcome doesn’t change the status
quo. We’ve never questioned Uruguay’s authority to protect public
health, and this case wasn’t about broad issues of tobacco policy. The
arbitration concerned an important, but unusual, set of facts that
called for clarification under international law, which the parties have
now received. We thank the Tribunal for its assessment and respect its
decision.
“More broadly, we continue to believe that thoughtful diplomacy is
important to resolving complex social phenomena. We reiterate our
willingness to meet with representatives of the Uruguayan Government,
especially to explore regulatory frameworks that would enable the
hundreds of thousands of adult smokers in the county to have informed
access to reduced-risk alternatives to smoking.”
With this case now over, PMI is no longer a party to any investment
protection claims.
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Philip Morris International Inc.
Philip Morris International Inc. (PMI) is the world’s leading
international tobacco company, with six of the world's top 15
international brands and products sold in more than 180 markets. In
addition to the manufacture and sale of cigarettes, including Marlboro,
the number one global cigarette brand, and other tobacco products, PMI
is engaged in the development and commercialization of Reduced-Risk
Products (“RRPs”). RRPs is the term PMI uses to refer to products with
the potential to reduce individual risk and population harm in
comparison to smoking cigarettes. Through multidisciplinary capabilities
in product development, state-of-the-art facilities, and
industry-leading scientific substantiation, PMI aims to provide an RRP
portfolio that meets a broad spectrum of adult smoker preferences and
rigorous regulatory requirements. For more information, see www.pmi.com and www.pmiscience.com.
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