ICSID, 25 July 2017, Valores Mundiales, S.L. and Consorcio Andino, S.L. (Spain) v. Bolivarian Republic of Venezuela, no. ARB/13/11

According to a Claimants’ Press Release, on 25 July 2017 the Arbitral Tribunal ordered Venezuela to pay approximately 484 million $ for violating certain provisions of the Spain-Venezuela BIT (including, inter alia, by the means of the adoption of an expropriation decree in 2010). Specifically, the Tribunal found that Venezuela had failed to guarantee fair and equitable treatment for the Claimants’ investments, had taken arbitrary measures towards it, and had impeded the free transfer of funds related to the Claimants’ investments.

2018-01-14T19:22:23+00:00 July 25th, 2017|ICSID, International awards|0 Comments

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