EL UNIVERSAL
CARACAS, Friday July 31, 2009 | Update
Holcim rejects Venezuela's compensation for nationalized unit
Economy
Swiss cement maker Holcim said on Friday that Venezuela's compensation offer for its nationalized unit was not acceptable. The company added it would continue with the arbitration proceeding filed in March.
Venezuela said on Thursday it will make a first payment of USD 378 million to French building materials group Lafarge and Holcim to compensate 40 percent of the nationalization of their local units last year.
The Swiss group said it will seek full compensation for the expropriation of its assets, Reuters reported.
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IISS: The FARC financed Chávez before 1999
10:07 AM. DIPLOMACY. Admired by the Colombian guerrilla after his coup attempt in 1992, the then lieutenant colonel Hugo Chávez Frías received financial support by the Colombian Revolutionary Armed Forces (FARC) for his projects after his capture that year. This mostly explains the relationship and "debt" between the parties, as revealed by a paper of the International Institute for Strategic Studies (IISS) of the United Kingdom.
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