Order for Venezuela to pay Exxon $1.4 bln in damages overturned

CNBC-01A World Bank tribunal’s order for Venezuela to pay $1.4 billion in damages to Exxon Mobil Corp over nationalizations has been annulled, a lawyer for the Venezuelan government said on Thursday.

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. …

CLICK HERE FOR FULL ARTICLE

 

Leave a Reply

Your email address will not be published. Required fields are marked *

Subscribe to our newsletter!

Latest Tweets by @IASecurity

Videos Featuring Our Experts

Kingpins and corruption: Targeting transnational organized crime in the Americas Roger Noriega on the Crisis in Venezuela: The world's response | IN 60 SECONDS

Venezuelan crisis: A brief history by Roger Noriega | IN 60 SECONDS

About

During the last several decades, the United States has invested billions of dollars in trying to help the governments of Latin America and the Caribbean deliver better lives for their citizens. This has meant helping them increase internal security by combating the illicit growing and trafficking in narcotics and the activities of terrorist groups, as well as helping them to shore up their democratic and free market institutions.

Unfortunately, in recent years, continued progress in these areas has been threatened, not least by the radical populist governments in Venezuela, Bolivia, and elsewhere. These governments have instituted retrograde agendas that include the propagation of class warfare, state domination of the economy, assaults on private property, anti-Americanism, support for such international pariahs as Iran, Russia, and even transnational criminal organizations.

We are a group of concerned policy experts that fear the results of these destructive agendas for individual freedom, prosperity, and the well-being of the peoples of the region. Our goal is to inform policymakers and international public opinion of the dangers of these radical populist regimes to inter-American security.