Heemsen v. Venezuela Enrique Heemsen and Jorge Heemsen v. Bolivarian Republic of Venezuela (PCA Case No. 2017-18)
Venezuela, Bolivarian Republic of
Indirect minority shareholding in a 643-hectare land plot (“La Salina”) owned by Sucesión Heemsen, C.A., in the city of Puerto Cabello in northern Venezuela.
Claims arising out of the Governmental Decree No. 8.838 of 2012 for the expropriation of all assets on the “La Salina” land plot, in which the claimants held indirect interests, to construct a new container terminal at the Puerto Cabello port.
Tertiary: L - Real estate activities
68 - Real estate activities
PCA (Permanent Court of Arbitration)
Derains, Y.
Gómez-Pinzón, E.
Stern, B.
Decided in favour of State
1589.70 mln VEF (369.70 mln USD)
Data not available
Data not available
None - jurisdiction declined
Judicial review by national courts
Judicial review by national courts
Award/decision upheld