Summary

THE DISPUTE

The present dispute arises out of Venezuela's introduction of measures affecting the Claimant's purported ownership over a cattle farming business in Venezuela. More specifically, the claims relate to Venezuela's conduct under a legal regime governing agricultural estates, primarily contained in the law of 13 November 2001 entitled Decreto 1546 con fuerza de ley de tierras y desarrollo agrario (the "2001 Land Law") and its successive laws and amendments (together referred to as the "Land Law").

The Claimant contends that that conduct resulted in the unlawful expropriation of the Claimant's cattle farming business in Venezuela and constituted multiple breaches of the 1995 Agreement of Promotion and Protection of Investments between the government of the United Kingdom of Great Britain and Northern Ireland and the government of the Republic of Venezuela (the "BIT"). The Claimant seeks damages for harm caused by these alleged breaches.