Compensation for Losses to New or Unfinished Business: A New Paradigm in the Making? A Case Comment on Gold Reserve v. Venezuela
Article from: TDM 2 (2016), in Latin America
Gold Reserve Inc. v. Bolivarian Republic of Venezuela concerns a claim made by a Canadian company regarding its investment in a gold and copper mine in Venezuela. After years of exploration at the mine and a number of authorizations and permits issued by the state authorities, the respondent refused to allow the investor to begin production and finally in 2009 and 2010 terminated the two concessions granted to Gold Reserve. Consequently, the ICSID tribunal ordered Venezuela to pay USD 713 million plus costs and interest in compensation to the investor for breaching the FET standard. The ...