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British Vestey Group wins $100m battle with Venezuela over cattle ranches
Source: The Guardian and agencies
British Vestey Group wins $100m battle with Venezuela over cattle ranches
Government ordered to pay compensation after Hugo Chávez
nationalised British beef company’s landholdings
Staff and agencies in Caracas
Friday 22 April 2016 04.09 BST
An international arbitration centre has ordered Venezuela to pay the British cattle company Vestey Group nearly $100m for the nationalisation of cattle ranches.
Venezuela’s late president Hugo Chávez in 2005 sent in soldiers to seize major ranches and repopulate rural areas largely abandoned since Venezuela’s oil industry took off in the 1920s.
Chávez’s nationalization drive, which also included the energy and steel industries, has landed Venezuela in dozens of major arbitration disputes, many of which have come to fruition in recent years.
The latest decision by the International Centre for Settlement of Investment Disputes (ICSID) comes as the OPEC member reels from a tumble in oil prices.
[font size=1]-snip-[/font]
Government ordered to pay compensation after Hugo Chávez
nationalised British beef company’s landholdings
Staff and agencies in Caracas
Friday 22 April 2016 04.09 BST
An international arbitration centre has ordered Venezuela to pay the British cattle company Vestey Group nearly $100m for the nationalisation of cattle ranches.
Venezuela’s late president Hugo Chávez in 2005 sent in soldiers to seize major ranches and repopulate rural areas largely abandoned since Venezuela’s oil industry took off in the 1920s.
Chávez’s nationalization drive, which also included the energy and steel industries, has landed Venezuela in dozens of major arbitration disputes, many of which have come to fruition in recent years.
The latest decision by the International Centre for Settlement of Investment Disputes (ICSID) comes as the OPEC member reels from a tumble in oil prices.
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Read more: http://www.theguardian.com/business/2016/apr/22/british-vestey-group-wins-100m-battle-with-venezuela-over-cattle-ranches
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