Region: Venezuela

Venezuela settles with Crystallex

Distressed Canadian mining company Crystallex has reached a potentially record-breaking settlement with Venezuela over a US$1.39 billion ICSID award – a deal that will likely mean significant returns for the private equity firm that funded the arbitration.

27 November 2017

Koch awarded damages in Venezuela fertiliser case

An ICSID tribunal has ordered Venezuela to pay damages to Swiss subsidiaries of Kansas-based Koch Industries for the expropriation of a fertiliser plant seven years ago.

01 November 2017

Tribunal wraps tortilla makers' treaty claim

Two Spanish subsidiaries of Mexican food group Gruma have won nearly half a billion dollars from Venezuela in an ICSID dispute over the expropriation of their tortilla and corn flour production businesses.

28 July 2017

ICSID creditor takes award from New York to DC

US oil services group Tidewater has asked a court in Washington, DC, to enforce an ICSID award against Venezuela, after a Second Circuit ruling cast a shadow over the recognition of the same award in New York.

26 July 2017

Venezuela agrees new terms with ICSID creditor

Canadian mining company Gold Reserve has received US$40 million from Venezuela in partial satisfaction of an ICSID award, after agreeing new settlement terms that will see the investor receive more than US$1 billion in the next two years.

19 June 2017

Venezuela appeals confirmation of ICSID award

The Venezuelan government has appealed a ruling by a US district court last month that confirmed a US$1.39 billion award in favour of distressed Canadian mining company Crystallex.

25 April 2017

Crystallex award confirmed in US

A court in Washington, DC, has confirmed Canadian gold mining company Crystallex’s US$1.39 billion ICSID award against Venezuela, one of the largest awards ever faced by the state.

27 March 2017

Exxon sees US$1.4 billion chopped from Venezuela award

An ICSID annulment committee has dramatically chopped US$1.41 billion from an award won by ExxonMobil against Venezuela, holding that the damages were granted based on contradictory reasoning, “straw man” arguments and the assertion of powers under international law that were not mandated by the relevant bilateral investment treaty.

10 March 2017

Tribunal lays out damages principles in Venezuela expropriation case

LINK TO AWARD ADDED. An ICSID tribunal has found that Venezuela failed to provide compensation for the seizure of an investment related to fracking but only went so far as to lay out principles based on which quantum will be calculated, not the amount.

28 February 2017

Venezuela fails to annul US$740 million award in Paris

The Paris Court of Appeal has rejected Venezuela’s attempt to overturn a US$740 million ICSID award in favour of Canadian gold mining company Gold Reserve.

08 February 2017

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