Region: Venezuela, Bolivarian Republic of

Dispute over sunken Venezuelan patrol boat must be arbitrated

Venezuela must arbitrate a €425 million dispute with the owners and insurer of a cruise ship over a bizarre maritime showdown that resulted in the sinking of a navy patrol boat, a London court has ruled, while refusing to block the state from pursuing foreign parallel litigation.

29 June 2022

Venezuela challenges “corrupted” Conoco annulment committee

Following arbitrator Kevin Kim’s resignation from an ICSID annulment committee hearing Venezuela’s bid to overturn a US$9 billion award in favour of ConocoPhillips, the state has challenged two more panel members on the basis that they were “corrupted” by his actions.

21 June 2022

Koch’s award against Venezuela upheld at ICSID

An ICSID committee has upheld an award requiring Venezuela to pay more than US$444 million to subsidiaries of US chemicals group Koch Industries for the expropriation of a fertiliser business.

26 May 2022

Ex-Oxy employees fail to win share of billion-dollar award

A US appeals court has refused to order Occidental Petroleum to pay a group of its former employees a share of a billion-dollar ICSID award it won against Ecuador over a terminated oil block contract.

09 May 2022

Faulty service delays enforcement against Venezuela

Venezuela has successfully appealed the US recognition of an ICSID award worth more than US$42 million in favour of a French plastics company on the basis that the enforcement proceedings were not properly served.

26 January 2022

Venezuela loses US appeal over attached shares

A US appeals court has said it lacks jurisdiction to intervene in Canadian mining company Crystallex’s efforts to execute a US$1.4 billion ICSID award against Venezuela’s largest foreign asset as the lower court has yet to make a final decision.

19 January 2022

Drymer resigns after Venezuela challenge

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

Koch’s ICSID award against Venezuela enforced in US

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

Steelmaker enforces second award against Venezuela

A US court has enforced a US$253 million ICSID award against Venezuela, the second of two awards won by a Luxembourg steelmaker following the nationalisation of the country’s steel industry.

07 April 2021

Dual national’s pharma claim against Venezuela gets underway

An UNCITRAL tribunal is in place to hear a dual national’s US$200 million investment treaty claim against Venezuela over the expropriation of a family pharmaceuticals business.

04 March 2021

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