ICSID Committee Partially Lifts Stay, Orders Venezuela To Pay $27.4 Million

(March 2, 2016, 2:42 PM EST) -- WASHINGTON, D.C. — An ad hoc committee for the International Centre for Settlement of Investment Disputes (ICSID) on March 1 released its decision to partially lift a stay of enforcement of an award issued in favor of investors, lifting the stay in relation to an undisputed damages award of $27.4 million (Tidewater Inc., et al. v. The Bolivarian Republic of Venezuela, No. ARB/10/5 ICSID).

(Decision available. Document #05-160322-016X).

In February 2010, Tidewater Inc., Tidewater Barbados, Tidewater Caribe C.A., Twenty Grand Offshore L.L.C., Point Marine L.L.C., Twenty...
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