A. LEGISLATION AND RULES A.1 Legislation International arbitration in Venezuela continues to be governed by the Commercial Arbitration Law, published in the Official Gazette of the Bolivarian Republic of Venezuela No. 36.430 on April 7, 1998, to which no legislative amendment has been made since. However, a new dispute board was created in 2019. This contemplates other projects of any nature contrary to prior Dispute Boards that are based on preventing engineering and construction conflicts.…
VENEZUELA Eugenio Hernández-Bretón, María Eugenia Salazar, Gabriel De Jesús, Héctor Martínez and María Alejandra Ruiz. A. LEGISLATION AND…
VENEZUELA Eugenio Hernandez-Breton, Maria Eugenia Salazar, Gabriel De Jesus, Hector Martinez, Maria Alejandra Ruiz, Maria Victoria Diaz. A.…
In Mobil Cerro Negro, Ltd. v. Bolivarian Republic of Venezuela, No. 14-8163-cv (S.D.N.Y. Mar. 4, 2015), the District Court for the Southern District of New York confirmed an ICSID award’s interest rate, denying Defendant’s motion to modify the award to reflect a statutory interest rate. Defendant, Venezuela, sought modification of a prior order of the court (the “Opinion”) which confirmed Plaintiff’s $1.6 billion International Centre for Settlement of Investment Disputes (“ICSID”) arbitral award. Defendant argued…
Venezuela’s withdrawal from the ICSID Convention does not prevent foreign investors from relying on other mechanisms in order…