Expropriation is a perennial concern of foreign investors. It occurs when the property rights in their investments are either taken by host State governments or substantially devalued by the effect of host State regulatory measures. A foreign investment may be expropriated either directly or indirectly. Direct expropriation is “usually open and deliberate, with the State engaging in outright seizure of foreign-owned facilities or mandating an obligatory transfer of title.” Conversely, indirect expropriation can occur in far more complex or obscure circumstances where foreign investors are unable to benefi t from their investments even though their legal titles to their investments remains intact. It is now rare for host States to adopt measures that obviously constitute direct expropriation because of the clear path for investors to secure compensation payouts. Yet expropriation continues to occur indirectly.