Vestey v. Venezuela Vestey Group Ltd v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/06/4)
Venezuela, Bolivarian Republic of
United Kingdom
Landholdings amounting to some 350,000 hectares in Venezuela for farming purposes.
Claims arising out of declarations by Venezuela's Land Institute on the lack of validity of a number of Verney's farms, labelled as "unproductive" by State authorities, following the introduction of a new land law in 2001 which created a Land Institute to examine titles to landholdings and to assess whether lands were being used in a productive manner.
Primary: A - Agriculture, forestry and fishing
1 - Crop and animal production, hunting and related service activities
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Kaufmann-Kohler, G.
Grigera Naón, H. A.
Dupuy, P.-M.
Decided in favour of investor
157.40 mln USD
98.10 mln USD
Direct expropriation

Full protection and security, or similar

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Direct expropriation
ICSID annulment proceedings
ICSID annulment proceedings
Award/decision upheld
Donoghue, J. E. (President)

Griffith, G. (Member)

Fathallah, R. (Member)