Summary

Reproduced from www.worldbank.org/icsid with permission of ICSID. (Document, does not apply to summary and/or TDM IACL Case Report below).

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Case Report (free download)

Case Report by María Solana Beserman Balco, Editor Diego Luis Alonso Massa

Summary

Claimants brought an action for relief against Venezuela pursuant to the Netherlands-Venezuela BIT ('BIT') alleging that Venezuela breached, inter alia, fair and equitable treatment, full protection and security, most-favoured nation and expropriation protections under the BIT in relation to their investment in the two largest glass container production plants in Venezuela. Respondent objected to the jurisdiction of the Tribunal based on its denunciation of the ICSID Convention and termination of the BIT.

Main issues

Effects of Venezuela's denunciation of the ICSID Convention over its consent to arbitration in Article 9 (1) of the BIT; interpretation of Articles 71 and 72 of the ICSID Convention.

Fabrica de Vidrios Los Andes CA and Owens-Illinois de Venezuela CA v Venezuela - ICSID Case No. ARB/12/21 - Award of the Tribunal - 13 November 2017

Case report provided by International Arbitration Case Law (IACL)

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