ICSID Won’t Reconsider Venezuela’s Representation In Bid To Annul $8.5B Award

Mealey's (November 5, 2020, 1:20 PM EST) -- WASHINGTON, D.C. — An International Centre for Settlement of Investment Disputes (ICSID) ad hoc committee hearing the Bolivarian Republic of Venezuela’s application to annul an $8.5 billion arbitral award against it for expropriation of an oil investment in a Nov. 2 order rejected a request by counsel appointed by Venezuela President Nicolás Maduro to reconsider its earlier decision allowing interim President Juan Guaidó-appointed counsel to also represent Venezuela in the proceedings (ConocoPhillips Petrozuata B.V., et al. v. Bolivarian Republic of Venezuela, No. ARB/07/30, ICSID)....