2013
Valores Mundiales and Consorcio Andino v. Venezuela
Valores Mundiales, S.L. and Consorcio Andino S.L. v. Bolivarian Republic of Venezuela
(ICSID Case No. ARB/13/11)
Venezuela, Bolivarian Republic of
Spain
Ownership of two local cornflour and tortillas production companies, Monaca and Demaseca.
Claims arising out of the Government's issuance of a decree that expropriated claimants' tortilla and corn flour production businesses in Venezuela.
Secondary: C - Manufacturing
10 - Manufacture of food products
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Zuleta, E.
Grigera Naón, H. A.
Derains, Y.
Decided in favour of investor
Decision on the Respondent’s request to address the objections to jurisdiction as a preliminary question dated 1 October 2014
629.70 mln USD
430.40 mln USD
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Arbitrary, unreasonable and/or discriminatory measures
Transfer of funds
Indirect expropriation
Arbitrary, unreasonable and/or discriminatory measures
Transfer of funds
Indirect expropriation
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Arbitrary, unreasonable and/or discriminatory measures
Transfer of funds
Arbitrary, unreasonable and/or discriminatory measures
Transfer of funds
ICSID annulment proceedings
ICSID annulment proceedings
Award/decision upheld
Decision on Annulment dated 21 December 2021
Radicati di Brozolo, L. (President)
De Quadros, F. (Member)
Moreno Rodríguez, J. A. (Member)
Jiménez Figueres, D. (Member) (replaced)
De Quadros, F. (Member)
Moreno Rodríguez, J. A. (Member)
Jiménez Figueres, D. (Member) (replaced)
https://icsid.worldbank.org/en/Pages/cases/casedetail.aspx?CaseNo=ARB/13/11
http://www.iareporter.com/articles/20130617 (requires subscription)
http://globalarbitrationreview.com/news/article/31650/tortilla-maker-brings-claim-against-venezuela/ (requires subscription)
https://www.bmv.com.mx/docs-pub/eventore/eventore_770830_2.pdf
https://www.iareporter.com/articles/venezuela-held-liable-for-breach-of-spanish-investment-treaty-by-zuleta-led-tribunal/ (requires subscription)
http://globalarbitrationreview.com/article/1145090/tribunal-wraps-tortilla-makers-treaty-claim (requires subscription)
http://www.iareporter.com/articles/in-now-surfaced-valores-mundiales-award-arbitrators-highlight-why-venezuelas-denunciation-of-the-icsid-convention-did-not-prevent-a-claimant-from-later-filing-for-arbitration/ (requires subscription)
http://www.iareporter.com/articles/finding-that-confusing-and-protracted-measures-breached-fet-standard-zuleta-led-tribunal-values-investors-losses-after-identifying-impact-of-measures-on-shares-value-compared-to-counterfac/ (requires subscription)
https://globalarbitrationreview.com/article/1151607/venezuela-and-turkey-seek-to-annul-icsid-awards (requires subscription)
https://www.iareporter.com/articles/icsid-ad-hoc-committee-dismisses-bid-for-annulment-of-award-against-venezuela/ (requires subscription)
http://www.iareporter.com/articles/20130617 (requires subscription)
http://globalarbitrationreview.com/news/article/31650/tortilla-maker-brings-claim-against-venezuela/ (requires subscription)
https://www.bmv.com.mx/docs-pub/eventore/eventore_770830_2.pdf
https://www.iareporter.com/articles/venezuela-held-liable-for-breach-of-spanish-investment-treaty-by-zuleta-led-tribunal/ (requires subscription)
http://globalarbitrationreview.com/article/1145090/tribunal-wraps-tortilla-makers-treaty-claim (requires subscription)
http://www.iareporter.com/articles/in-now-surfaced-valores-mundiales-award-arbitrators-highlight-why-venezuelas-denunciation-of-the-icsid-convention-did-not-prevent-a-claimant-from-later-filing-for-arbitration/ (requires subscription)
http://www.iareporter.com/articles/finding-that-confusing-and-protracted-measures-breached-fet-standard-zuleta-led-tribunal-values-investors-losses-after-identifying-impact-of-measures-on-shares-value-compared-to-counterfac/ (requires subscription)
https://globalarbitrationreview.com/article/1151607/venezuela-and-turkey-seek-to-annul-icsid-awards (requires subscription)
https://www.iareporter.com/articles/icsid-ad-hoc-committee-dismisses-bid-for-annulment-of-award-against-venezuela/ (requires subscription)