ICSID award against Venezuela published

In Valores Mundiales S.L and another v the Bolivarian Republic of Venezuela (ICSID Case No. ARB/13/11), an ICSID tribunal accepted jurisdiction and held that Venezuela had breached the fair and equitable treatment (FET) standard of the Spain-Venezuela bilateral investment treaty, had breached the guarantee to allow free currency transfer, and had accorded discriminatory and arbitrary treatment to Spanish investors. Although rendered in July 2017, the award was only recently published.

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