Philip Morris International Comments on Decision in Claim Against Australia’s Plain Packaging Law
LAUSANNE, Switzerland--(BUSINESS WIRE)--Apr. 14, 2014--
The tribunal assigned to hear Philip Morris Asia’s (PMA) challenge to
Australia’s plain packaging law today decided to divide the proceedings
in the case into two phases – one to decide certain questions related to
jurisdiction and a second to hear the arguments at the core of the case.
Commenting on the decision, Philip Morris International’s Vice
President, Communications Julie Soderlund said:
“Australia’s plain packaging law entails the destruction of brands. It
is evident that brands are core to consumers' understanding of the
intrinsic characteristics of a product and of their ability to
differentiate. Brands drive the creativity and innovation that propel
economies. Building a brand is a long-term, significant investment that
international law protects from arbitrary government action of exactly
the sort at the heart of our claim.
“Today, the Tribunal decided it would be efficient to hear some of
Australia’s objections to the Tribunal’s jurisdiction before moving to
the core issues in the case. We respect the Tribunal's view on which is
the most efficient way to proceed. We are eager to move past preliminary
questions to a hearing during which we will show that Australia breached
its promises to protect investments -- promises that it has made in over
twenty treaties and through its long history of enforcing strong
trademark laws and fair regulatory processes.”
More information about this challenge and Investor State Dispute
Settlements is available here.
Philip Morris International Inc.
Philip Morris International Inc. (PMI) is the leading international
tobacco company, with seven of the world's top 15 international brands,
including Marlboro, the number one cigarette brand worldwide.
PMI's products are sold in more than 180 markets. In 2013, the company
held an estimated 15.7% share of the total international cigarette
market outside of the U.S., or 28.2% excluding the People's Republic of
China and the U.S. For more information, see www.pmi.com.
Source: Philip Morris International
Media enquiries Philip Morris International media office T:
+41 (0)58 242 4500 E:firstname.lastname@example.org
RECEIVE EMAIL ALERTS
ABOUT OUR MOBILE APP
Our Investor Relations mobile application provides simple, comprehensive and up-to-date access to PMI’s disclosed investor relations materials as well as to live and archived audio webcast playback of earnings calls and investor presentations.