ICSID Orders Venezuela To Pay Investors $87.3M For Treaty Breaches
(February 16, 2016, 1:15 PM EST) -- WASHINGTON, D.C. — A tribunal for the International Centre for Settlement of Investment Disputes (ICSID) on Feb. 11 partially dismissed claims asserted by a Luxembourg company and a Portuguese company in relation to their investment in a Venezuelan entity but ordered that Venezuela pay them $87.3 million in damages for breaches of two underlying bilateral investment treaties (Tenaris S.A., et al. v. the Bolivarian Republic of Venezuela, No. ARB/11/26, ICSID).
(Award available. Document #05-160223-009A.)
On Aug. 24, 2011, Tenaris S.A. and Talta – Trading e Marketing...