ICSID Rejects Venezuela’s Preliminary Objections To Application For Annulment
(March 21, 2016, 9:13 AM EDT) -- WASHINGTON, D.C. — In a dispute over Venezuela’s 2010 nationalization of a company incorporated in the Netherlands, an ad hoc committee for the International Centre for Settlement of Investment Disputes (ICSID) on March 8 rejected Venezuela’s preliminary objections to Venoklim Holding BV’s application for annulment of an award for Venezuela on jurisdictional grounds (Venoklim Holding BV v. Bolivarian Republic of Venezuela, No. ARB/12/22, ICSID).
(Decision in Spanish available. Document #05-160322-030R.)
Venoklim initated arbitration against Venezuela on an expropriation claim on the basis of Article 22 of...