Holcim and Venezuela sign agreement for compensation

Holcim signed a settlement with the Bolivarian Republic of Venezuela agreeing on the terms for Venezuela’s compensation payment for the June 2008 nationalisation of Holcim Venezuela C.A. and the suspension of the international arbitration procedure currently pending before the International Centre for Settlement of Investment Disputes (ICSID) in connection with that nationalisation.

The agreed total compensation amount is US$ 650 million, of which a first down-payment of US$ 260 million was received. The remaining compensation amount of US$ 390 million will be paid in four equal yearly installments.

Read the article online at: https://www.worldcement.com/the-americas/14092010/holcim_and_venezuela_sign_agreement/