ISDS Case Map
Venezuela
In a separate arbitration claim from the ICSID case, the International Chamber of Commerce has ordered Venezuela’s state-run oil company PDVSA to pay ConocoPhillips $2.04 billion for early dissolution of two joint ventures for producing oil.
US multinational Kimberly-Clark has filed a formal request to take Venezuela to court regarding the expropriation of its abandoned factory by the government of Nicolas Maduro in July 2016.
Investors holding billions of dollars in defaulted Venezuelan bonds have formed at least one bondholder committee, which could signal an eventual legal dispute similar to the dispute with Argentina after it defaulted on its sovereign debt in early 2002.
DC court ruled in Rusoro's favour, rejecting all of Venezuela's defenses and holding that the award was valid and enforceable in the United States.
US Federal District Court Judge Richard J. Leon has ordered Rusoro's $1.2 billion ICSID Expropriation award against Venezuela registered in the US.
Venezuela has steadfastly refused to pay the arbitration award.
Rusoro Mining Ltd. has announced that it has obtained a judgment against the Republic of Venezuela in the Superior Court of Justice in Ontario, Canada, of over US$1.3 billion.
The Koch Brothers have filed suit in Federal District Court in Washington, D.C., to collect a $409 million ICSID award against Venezuela.
In a series of recent awards, ICSID tribunals have adopted contrasting (and apparently irreconcilable) approaches to Venezuela’s denunciation of the ICSID Convention.
Crystallex International Corp. and Venezuela agreed to settle a US$1.2 billion dispute over the 2011 nationalization of a gold deposit in the South American nation.
