A Comparative Study of Effects of Public Order on Nationalization of Properties of Foreign Investor in the Law of Iran, Turkey and Azerbaijan

Abstract

Public interest is closely related to public order; something is considered to benefit the public only when its violation defies public order. Public interest is a legitimate right internationally bestowed to investee countries to nationalize and confiscate properties of foreign investors. The present study aims at providing a comparative analysis of nationalization of properties of foreign investors in Foreign Investment Laws of Iran, Turkey, Azerbaijan, regarding public interest and order. As implied in the theory of public ownership of the governor or Imam on people’s property, the principle of public interest and the principle of substitution of the sovereign over the person who refrains are considered as bases of the law of nationalization and confiscation of properties of foreign investors. Public order in Iran and Turkey is mainly economic, while it encompasses politics in Azerbaijan which is in ore agreement with Anglo-Saxon perception of public order. Moreover, in the law of Azerbaijan, unlike that of Iran and Turkey, state interest is considered along with public interest as the basis for nationalization and confiscation of properties of foreign investors. Thus, it is concluded that Iranian law is closer to Turkish law. However, public interest and order, and nationalization of properties of foreign investors in the law of Iran are in more agreement than the laws of Turkey and Azerbaijan with international standards.

Keywords

• public order and interest
• nationalization of properties of foreign investor
• confiscation of properties
• foreign investor