Holcim has announced that it has not yet received the final installment of compensation from Venezuela’s Corporación Socialista del Cemento S.A. relating to the nationalisation of Holcim Venezuela in 2008. The US$97.5 million compensation installment was due on 10 September 2014. Holcim has confirmed that it is ‘in contact with the relevant parties in Venezuela to address this situation and, if necessary, will pursue all legal steps to collect the amounts due.’
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 Holcim press releases by Louise Fordham
Read the article online at: https://www.worldcement.com/the-americas/06102014/holcim-awaits-final-compensation-payment-from-venezuela-616/