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Venezuela


District court confirms arbitral award against Venezuela in dispute over gold deposits contract
A federal district court in Washington, D.C. recently confirmed a $1.2 billion arbitral award in favor of Crystallex International Corp
Venezuela wins expropriation cases in US Supreme Court, Paris court of appeals & ICSID
Although the original UNCITRAL panel that heard the case allowed jurisdiction, the French Court of Appeals that heard Venezuela’s appeal annulled parts of that jurisdiction decision.
U.S. court upholds award to miner Crystallex in Venezuela dispute
A U.S. court has upheld an award by a World Bank Tribunal that orders Venezuela to pay more than $1 billion to Canadian mining company Crystallex, paving the way for the firm to seize assets for the 2008 expropriation of the Las Cristinas gold project.
Exxon Mobil lawyers ask court to enforce $188M Venezuela award
Lawyers for Exxon Mobil have asked a federal judge to order Venezuela to pay the company more than $188.3 million—the amount Exxon Mobil says it is still owed as repayment for the 2007 expropriation of its oil assets.
Celebrating Venezuela’s annulment victory over Exxon as a "progressive" ruling? Hold the Champagne and read this first
An ICSID Annulment Committee’s decision to reduce the damages to be paid to Exxon by $1.4 billion seems like a cause for celebration-a victory of economic sovereignty over Big Oil. But as gifts to economic justice go, this one is a Trojan horse indeed.
Venezuela lawyer says $1.4 billion Exxon damages award overturned
A World Bank tribunal’s order for Venezuela to pay $1.4 billion in damages to Exxon Mobil Corp over nationalizations has been annulled
Gold mining sparks disputes and induces interesting decisions
A Canadian company, Gold Reserve Inc, disputed a permit revocation that affected a gold and copper ore deposit exploration project in Venezuela.
The Paris Court of Appeal decides in favor of Gold Reserve Inc.
The Paris Court of Appeal rejected all of Venezuela’s arguments and issued a judgment dismissing the annulment applications filed by Venezuela pending before the French courts in relation to the arbitral award rendered by the ICSID
Case summary: Rusoro v. Venezuela
Venezuelan president Hugo Chavez nationalized the Venezuelan gold sector through an official decree during the summer 2011. Rusoro claimed that the decree violated the bilateral investment treaty between Canada and Venezuela.
Air Canada appeals to World Bank over Venezuela funds
Air Canada registered a case with the International Centre for Settlement of Investment Disputes to recover USD35 million in blocked funds.
Venezuelan assesses ICSID’s decision over Tenaris-Talta case
The Venezuelan Solicitor General’s Office (PGR) said that a request has been analyzed to overturn the arbitrary award issued by the International Center for Settlement of Investment Disputes (Icsid)
Venezuela loses annulment of Tidewater expropriation ICSID award
The annulment committee formed by the World Bank’s ICSID has ruled that Venezuela must pay oil services company Tidewater $37 million for the expropriation of its ships and rigs in 2009.
Venezuela ordered to pay steelmaker Tenaris $162 million for takeover
A World Bank tribunal ordered Venezuela to pay steelmaker Tenaris SA $162 million for expropriating two investments in the country
ConocoPhillips sues Venezuela’s PDVSA, calls bond swap ’fraudulent’
ConocoPhillips has for nearly a decade been pursuing a case against Venezuela in a World Bank tribunal to obtain billions of dollars in compensation for the 2007 takeover of its Venezuela assets.
The UNASUR centre for the settlement of investment disputes and Venezuela: will both ever see the light at the end of the tunnel?
One of the objectives of the Union of South-American Nations (UNASUR) is the creation of a regional dispute settlement centre to replace the International Centre for the Settlement of Investment Disputes (ICSID).
The men behind ISDS
The so-called “ISDS” has been existing for years already. A revealing look in the hidden world of investor-state dispute settlement.
Venezuela ordered to pay Canadian miner Rusoro more than $ 1.2 billion
An international arbitration tribunal has ordered Venezuela to pay a Vancouver-based mining company more than $1.2 billion for expropriating its gold mines.
Spanish agriculture firms file arbitration claim against Venezuela
Spanish agriculture company Grupo Agroinsumos Ibero-americanos and associated firms have filed an arbitration case against Venezuela via a World Bank tribunal, seeking compensation for the 2010 nationalization of its operations.
British Vestey Group wins $100m battle with Venezuela over cattle ranches
Government ordered to pay compensation after Hugo Chávez nationalised British beef company’s landholdings.
Canadian miners face uphill battle to collect on arbitration wins
Crystallex International Corp. completed the easy part: It won an arbitration award against Venezuela worth nearly US$1.4 billion. Now comes the hard part: actually collecting that money.