Venezuela Shakes Arbitration Over 2 Glass Plant Seizures
Law360, Los Angeles (November 15, 2017, 10:36 PM EST) -- A U.S. glassmaker can’t get satisfaction in an arbitration against Venezuela over the country’s expropriation of two production plants, according to a tribunal that found it didn’t have jurisdiction over the dispute because Venezuela had denounced the convention under which the claims had been filed.
The Venezuelan arm of Owens-Illinois Group Inc. and a related company, Fábrica de Vidrios Los Andes CA, had filed a dispute with the International Centre for Settlement of Investment Disputes alleging the nation owed them more than $1 billion after announcing on television it was expropriating two glass plants and then showing the plants' internal operations to...
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