Judge Confirms ICSID Awards Against Venezuela Worth More Than $387M

Mealey's (August 23, 2021, 1:51 PM EDT) -- WASHINGTON, D.C. — A federal judge in the District of Columbia on Aug. 18 granted summary judgment and confirmed two arbitral awards against the Bolivarian Republic of Venezuela and entered judgment in their favor for more than $387 million, noting that an International Centre for Settlement of Investment Disputes (ICSID) ad hoc committee hearing Venezuela’s application to annul the award refused to order a stay of enforcement after Venezuela failed to post security....