Glassmaker Looks To Save $1B Venezuela Expropriation Claim
Law360 (March 15, 2018, 5:13 PM EDT) -- A U.S. glassmaker has asked an International Centre for the Settlement of Investment Disputes tribunal to revive its $1.03 billion claim against Venezuela for expropriating investments in two glass manufacturing plants, arguing the decision to nix the company's claims is an assault on the very integrity of ICSID.
The Venezuelan arm of Owens-Illinois Group Inc. and an affiliate, Fábrica de Vidrios Los Andes CA, or Favianca, urged an ICSID ad hoc committee to annul an award issued in November rejecting jurisdiction to hear the dispute, saying it makes a mockery of its rights, according to a March 9 application made public Wednesday.
In the original November...
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