The case at the World Bank’s International Center for Settlement of Investment Disputes is one of many arising from nationalizations during late President Hugo Chavez’s 1999-2013 rule of the South American OPEC member country.
“We were confident all along that our position was correct and are very pleased that the annulment committee agreed,” Venezuela’s lawyer George Kahale said.
A reduction to the overall $1.6 billion award would be welcome news to President Nicolas Maduro’s cash-strapped government as it faces heavy foreign debt repayments amid a deep economic recession that has led to widespread shortages.
The ICSID ruling, dated Thursday, said “portions of the award” were annulled but did not give a breakdown of figures. …