International court rules in favor of Venezuela over gold mines
The International Centre for Settlement of Investment Disputes (Icsid) ruled that Venezuela did not breach contractual rights
In the ruling, the arbitration court stated that Venezuela did not breach the Venezuela-Canada bilateral agreement and concluded that Venezuela's decision to terminate the agreement and take over control of Las Cristinas mine is by no means an expropriation.
According to the official communiqué, the top court established that the relevant investment was pursuant to the contract entered into by Venezuelan and Canada. Hence, Venezuela, complied with the provisions on standard fair and equitable treatment set forth in the bilateral agreement for the Promotion and Protection of Investments.
In the claim, Vannessa Ventures sought compensation for USD 1 billion from the Venezuelan government.
Translated by Jhean Cabrera
At least 30 years had passed since his last visit to Caracas. He had little time to become an expert on moving about in such a complicated metropolis. Whether it was hopping on the subway, finding directions, playing waiting games at public agencies, eating whatever he could and sleeping wherever he could, Guerrero senior had been wandering the streets for 60 days, and thanks to "the boys" he found some sort of relief by way of helping hands.