State Enterprises are separate and legally independent from the state and should therefore be treated in the same manner as private corporations - that is, neither privileged nor disadvantaged. However, the records of international arbitration show that the corporate veil of State Enterprises has rarely, if ever, been pierced. This important book asks why this is so, and takes a giant step towards establishing the circumstances under which the rules of international law may allow piercing the veil of state corporate enterprises.