The valuation date of an expropriated property is considered a major element in the calculation of compensation. Some international investment tribunals, relying on the standard set by the Permanent Court of International Justice (PCIJ) in the Chorzów Factory case, have adopted a dual standard for determining the valuation date and have switched between the date of taking and the date of award to secure the highest amount of compensation in cases of unlawful expropriation. For the proponents of this method, it helps to distinguish between compensation for lawful and unlawful expropriations. This article labels such an approach as ‘acquisitive valuation’ and challenges its legal justification. It shows that acquisitive valuation is associated with punitive damages and fails to comply with the standard set out in the Chorzów Factory case. Using the ex post information is similarly to be avoided under that standard. Finally, although mindful of the hindsight issue, the article advocates the adoption of the date of taking as the valuation date in both lawful and unlawful expropriations. The extension of the scope of damages, including the loss of profit and consequential damages, if incurred, to the point in time when the investment was reasonably expected to continue instead of limiting the compensation to the fair market value of investment at the date of taking would more properly reflect the difference between lawful and unlawful expropriations.

中文翻译：

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国际投资仲裁中非法征用财产的估价日期：对收购性估价的批判

被征用财产的估价日期被视为补偿计算的主要因素。一些国际投资法庭依据常设国际法院 (PCIJ) 在 Chorzów 工厂案中设定的标准，采用双重标准确定估值日期，并在取得日期和裁决日期之间切换在非法征用案件中获得最高赔偿额。对于这种方法的支持者来说，它有助于区分对合法征收和非法征收的补偿。本文将这种方法称为“收购性估值”，并对其法律正当性提出质疑。它表明，收购性估值与惩罚性赔偿有关，不符合 Chorzów Factory 案中规定的标准。根据该标准，同样应避免使用事后信息。最后，虽然考虑到后见之明的问题，但文章主张在合法征收和非法征收中均采用取价日作为估价日。将损害范围（包括利润损失和如果发生的间接损害）扩大到合理预期投资将继续的时间点，而不是将赔偿限制在投资当日的公允市场价值将更恰当地反映合法征用和非法征用之间的区别。