Region: Venezuela

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

A tribunal at the Permanent Court of Arbitration has found that Venezuela discriminated against an Occidental Petroleum subsidiary over the distribution of dividends from an oil and gas venture – but dismissed all other claims.

22 February 2021

A Dutch court has refused to allow a family of food investors to revive a US$240 million treaty claim against Venezuela that was rejected based on their dual nationality.

12 February 2021

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