ICSID Committee Allows Stay Of Enforcement If Total Sum Of Award Is Posted
(April 25, 2016, 10:18 AM EDT) -- WASHINGTON, D.C. — An international arbitration ad hoc committee on March 11 granted a request by the Bolivarian Republic of Venezuela to continue a stay of the enforcement of an award against Venezuela provided that Venezuela post the total sum of the award in an international bank whose headquarters are not in Venezuela, Chile or part of the Swiss Confederation (Flughafen Zürich A.G. and Gestión e Ingeniería IDC S.A. v. Bolivarian Republic of Venezuela, No. ARB/10/19, ICSID).
(Decision in Spanish available. Document #05-160426-043Z.)