A new trade deal between Turkey and Venezuela, officially titled “Trade Development Agreement,” will enter into force on August 21.
In a recently published decision, the Supreme Court – for the first time – partially annulled an arbitral award issued in an investment arbitration brought by Clorox España SL against Venezuela.
A number of noteworthy decisions by the Paris Court of Appeal and French Supreme Court have come to refine on the now well-established French case law on international arbitration.
The dispute with Crystallex follows a ruling by the International Centre for Settlement of Investment Disputes (Icsid), an international arbitration institution set up by the World Bank.
Argentina introduced a number of new restrictions on foreign currency transactions, reversing its four-year-old policy that had eliminated such controls, which may give rise to investment treaty claims by foreign investors.
Bank of Orinoco has initiated an international arbitration against the Netherlands over alleged discriminatory and irrational measures by the government of Curaçao.
A World Bank arbitration panel lowered an initial $8.7 billion award to US oil company ConocoPhillips as compensation for Venezuela’s 2007 expropriation of its assets to $8.5 billion.
Canadian mining company Crystallex recently won a $1.4 billion judgment against the Venezuelan government, which nationalized its assets.
Guaido’s special prosecutor said has challenged the amount of the ICSID award, claiming “the methodology to determine the compensation was errant.”
Venezuela’s opposition leader and self-proclaimed president Juan Guaido plans to appeal a $8.75 billion award issued to ConocoPhillips by the World Bank’s arbitration tribunal last week.
Venezuela must pay ConocoPhillips more than $8 billion to compensate for the 2007 expropriation of oil assets by the country’s late socialist leader Hugo Chavez, the World Bank ruled.
US glass container maker Owens-Illinois Inc has sued Venezuela and state-owned companies as it seeks to collect a $500 million arbitration award over the 2010 nationalization of two plants.
The Paris Court of Appeals partially annulled the arbitral award issued in favour of Rusoro in August 2016 against Venezuela.
Anglo American loses $400 million claim against Venezuela over an expropriated ferronickel processing facility.
Investment funds backing a slew of big-dollar corporate lawsuits has boomed over the past decade, fueled by favorable court rulings and investors seeking juicy returns.
Former Canadian mining company Crystallex has resumed efforts to auction shares of Venezuelan-controlled US refiner Citgo and accused Caracas of breaching an earlier settlement to stave off the sale.
Venezuela made an partial payment of a settlement designed to resolve a $1.2 billion arbitration award to a bankrupt Canadian gold miner that’s laying claim to the assets of the parent of refiner Citgo Holding Inc. if it’s not paid in full.
Gold Reserve Inc. received Venezuelan government bonds with an estimated current market value of approximately US$88.5 million.
“By expanding its scope, we aim for this agreement to be turned into a free trade agreement as soon as possible,” Erdogan told.
US oil company ConocoPhillips has brought new court actions to seize two cargoes of crude and fuel near a terminal operated by PDVSA subsidiary Citgo Petroleum in Aruba.