Abstract

On December 2014 an UNCITRAL arbitral tribunal ruled that it had jurisdiction to hear the claim of two Spanish investors (Serafín García Armas and Karina García Grúber) who are seeking compensation from the Venezuelan Government for the expropriation (confiscation) of their investments in the South American country. The Garcías, father and daughter, in addition to being Spanish nationals are also Venezuelan citizens. The arbitral tribunal departed from commonly accepted international law where investors who are natural persons and who are seeking ...