Region: Venezuela

The administration of Venezuela’s opposition leader Juan Guaidó has agreed to pay around US$110 million to satisfy an ICSID award won by a British family business over the expropriation of its cattle farms.

20 January 2021

A Delaware court has granted Canadian miner Crystallex permission to sell shares in the US refinery business owned by Venezuela’s national oil and gas company PDVSA, saying each day the creditor cannot collect its US$1.6 billion ICSID award is an “affront” to the US judicial system.

15 January 2021

Venezuela’s state-owned oil group PDVSA has agreed to pay US$48 million to ConocoPhillips to end the US energy company’s bid to enforce an ICC award over the alleged expropriation of an offshore oil project.

08 December 2020

The Court of Appeal in London has ruled that the UK government’s recognition of Juan Guaidó rather than Nicolás Maduro as lawful president of Venezuela is not necessarily conclusive for the purpose of determining who has control over US$1.95 billion in gold reserves held by the Bank of England.

05 October 2020

In a blow to Venezuelan president Nicolás Maduro, a London court has ruled that the UK government “unequivocally” recognises Juan Guaidó as the country’s interim president in a battle for control of the state's gold reserves held by the Bank of England.

02 July 2020

A London court battle between Venezuela’s rival leaders for control of the country’s gold reserves held by the Bank of England will also determine the outcome of an LCIA case over which administration should receive US$120 million in proceeds from a gold swap, it has emerged.

25 June 2020

Curaçao’s state-run refining company has brought a US$162 million ICDR claim against Venezuela's PDVSA over its management of a refinery on the island.

24 March 2020

28 January 2020

A tribunal has declined jurisdiction over a US$370 million investment treaty claim against Venezuela after finding that the state had not consented to UNCITRAL arbitration – also saying it would have rejected the case in any event because of the investors’ dual nationality.

14 November 2019

The Court of Appeal in The Hague has set aside an ICC award against a subsidiary of Venezuela’s state-owned oil and gas company PDVSA on the ground that the underlying contract was procured through corruption.

06 November 2019