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 [...]