Region: Venezuela

Canadian arbitrator Stephen Drymer has resigned from an ICSID tribunal hearing a US insurer’s claim against Venezuela after the state successfully challenged his appointment in a parallel UNCITRAL case.

23 September 2021

LINK TO AWARD ADDED: Air Canada has secured a US$26 million ICSID additional facility award against Venezuela over the state’s failure to convert its bolivar-denominated earnings to US dollars so that they could be repatriated.

14 September 2021

A US court has summarily enforced a US$444 million award in favour of subsidiaries of Koch Industries against Venezuela, as the state awaits a decision on its bid to annul the award at ICSID.

19 August 2021

The Dutch Supreme Court has reinstated an ICC award against a subsidiary of Venezuela’s national oil and gas company PDVSA that was set aside two years ago on grounds of corruption.

16 July 2021

Venezuela has dislodged Canadian Stephen Drymer as arbitrator in an UNCITRAL claim on the basis that he is also hearing a related ICSID case – prompting the state to file further challenges against him.

15 July 2021

A Florida court has vacated a default judgment that enforced a US$188 million award against a Venezuelan state-owned entity after ruling that the respondent was incorrectly served with the enforcement proceedings.

12 July 2021

France’s Court of Cassation has reinstated a Canadian gold mining company’s US$1.6 billion investment treaty award against Venezuela, two years after key findings on quantum were set aside.

01 April 2021

A judge in California has refused to allow the US Department of Justice to seize escrow funds held by Clyde & Co for an arbitration client that are allegedly linked to the 1MDB embezzlement scandal in Malaysia.

12 March 2021

Venezuelan president Nicolás Maduro has won the latest round of his battle with Juan Guaidó over who should represent the state in international disputes, after an ICSID tribunal refused to allow the opposition leader’s legal team to appear in a resubmitted claim by ExxonMobil.

04 March 2021

A UK judge has refused to compel Clyde & Co to make payments to an arbitration client from escrow funds that US authorities have linked to the 1MDB embezzlement scandal in Malaysia.

01 March 2021