ICSID Ad Hoc Committee Denies Venezuela’s Request To Stay $455 Million Award
(April 22, 2016, 12:24 PM EDT) -- WASHINGTON, D.C. — An international arbitration tribunal ad hoc committee on April 4 denied a request from the Bolivarian Republic of Venezuela to continue a stay of enforcement of a more than $455 million award rendered by the tribunal to a glass container manufacturer’s Dutch subsidiary in an investment dispute (OI European Group B.V. v. Bolivarian Republic of Venezuela, No. ARB/11/25, ICSID).
(Decision on stay of enforcement of the award available. Document #05-160426-035Z.)
“The Applicant’s main argument is that, if the stay is terminated, then Venezuela...