International court rules in favor of Venezuela over gold mines
The International Centre for Settlement of Investment Disputes (Icsid) ruled that Venezuela did not breach contractual rights
In the ruling, the arbitration court stated that Venezuela did not breach the Venezuela-Canada bilateral agreement and concluded that Venezuela's decision to terminate the agreement and take over control of Las Cristinas mine is by no means an expropriation.
According to the official communiqué, the top court established that the relevant investment was pursuant to the contract entered into by Venezuelan and Canada. Hence, Venezuela, complied with the provisions on standard fair and equitable treatment set forth in the bilateral agreement for the Promotion and Protection of Investments.
In the claim, Vannessa Ventures sought compensation for USD 1 billion from the Venezuelan government.
Translated by Jhean Cabrera
A group of some 60 Venezuelan economists from across the country and from different generations and backgrounds, has met regularly in the past couple of years and now has brought forth a document explaining the reasons of the current emergency and outlining specific proposals on how to address the serious economic crisis the country has plunged into over the last three years.