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.
The legal action was the latest in the Caribbean to enforce a $2 billion arbitration award by the International Chamber of Commerce (ICC) over the nationalization.
Rusoro Mining has filed lawsuits in the US and Canada to seek compensation via the monetisation of Venezuela’s assets amounting to approximately $1.34bn in connection with the nationalisation of its gold mining assets in Venezuela.
US oil firm ConocoPhillips has moved to take Caribbean assets of Venezuela’s state-run PDVSA to enforce a $2 billion arbitration award over a decade-oil nationalization of its projects in the South American country.
In a separate arbitration claim from the ICSID case, the International Chamber of Commerce has ordered Venezuela’s state-run oil company PDVSA to pay ConocoPhillips $2.04 billion for early dissolution of two joint ventures for producing oil.
US multinational Kimberly-Clark has filed a formal request to take Venezuela to court regarding the expropriation of its abandoned factory by the government of Nicolas Maduro in July 2016.