Blue Bank v. Venezuela Blue Bank International & Trust (Barbados) Ltd. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/12/20)
Venezuela, Bolivarian Republic of
Ownership interests in intermediary companies that held concession rights relating to Caracas' elevated cable car system (teleférico) and two hotels; capital contributions of over USD 100 million in the Venezuelan hospitality industry.
Claims arising out of the alleged indirect expropriation of certain tourism and hospitality facilities rehabilitated by the claimant through intermediary corporations that had been granted concessions to develop and to operate them, including the alleged denial of permits and the subsequent termination of the relevant concession agreements.
Tertiary: I - Accommodation and food service activities
Tertiary: N - Administrative and support service activities
55 - Accommodation
79 - Travel agency, tour operator, reservation service and related activities
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Söderlund, C.
Bermann, G.
Alonso, J. M. (replaced)
Malintoppi, L.
Torres Bernárdez, S. (replaced)
Decided in favour of State
200.00 mln USD
Data not available
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Umbrella clause

National treatment

Most-favoured nation treatment

Customary rules of international law
None - jurisdiction declined
ICSID annulment proceedings
ICSID annulment proceedings
Award/decision upheld
Castellanos Howell, A. R. (President)

Urrutia Valenzuela, C. (Member)

Bulnes Serrano, F. (Member)