Reproduced from www.worldbank.org/icsid with permission of ICSID.
Case Report (free download)
Case Report by María Solana Beserman Balco, Editor Diego Luis Alonso Massa
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.
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.
Case report provided by International Arbitration Case Law (IACL)
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