Holcim has received the last compensation installment in connection with the nationalisation of Holcim Venezuela in 2008. The Corporación Socialista Del Cemento, S.A. that is operating the former Holcim plant has now transferred the remaining compensation amount of US$97.5 million, which was due on September 10, 2014. The agreed total compensation amount for nationalisation of Holcim Venezuela was US$650 million.
The Venezuelan government first announced plans to nationalise the cement industry in April 2008, issuing a decree to nationalise Holcim’s operations in the country in May. The decree became effective on 18 June 2008. Holcim subsequently filed arbitration proceedings against the government of Venezuela via the International Centre for the Settlement of Investment Disputes in Washington D.C.
Adapted from press release by Katherine Guenioui
Read the article online at: https://www.worldcement.com/the-americas/01122014/holcim-receives-final-payoff-for-venezuela-nationalisation-933/