Chavez thinks he doesn't have to follow rulings of Int'l Boards
in response to
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I thought this article has implications for both the Infinito (Vanessa) situation as well as our own potential litigation:
The president Hugo Chávez reported that on Tuesday signed a Memorandum of Understanding with the directive of the Mexican Cemex, which is set as the deadline on September 26 to reach an agreement on the purchase price and sale of cement.
During a Council of Ministers passed a string of radio and television indicated that the "agreement to implement the surrender of control of Cemex Venezuela" was signed between the executive vice president of Planning and Finance of Cemex, Hector Medina Aguiar, and the president of PDVSA, Rafael Ramirez.
Among the most important points stressed that the State assumes full control of factories, offices and other assets of the cement board and that the transition replaces the current directive. Alike are ordered three audits at the non-binding legal, accounting and financial services that made both parties and executed by a third party if any differences.
It was established that the government and Cemex did not waive their rights to defence.
"We will demonstrate that the State can do, what is and will be successful in managing all these companies, even much more than the private sector. Cement is a strategic element for the development of the country, to build houses, lower costs , "Chavez said when he announced the agreement, and justified the reasons for the nationalization of the cement industry.
Representatives of the transitional board present at the meeting stressed that all the cement plants are functioning normally and the marketing of the product. "We have an absolute cooperation of personnel working in plants. The production is normal in the three plants, we have information that Pertigalete have an annual production of 3.1 million tons, Mara 650,000 and 450,000 Lara, for A total of 4.2 million tons, and are at full capacity, "said Natasha Castillo, a member of the negotiating team.
The vice president of the Republic, Ramon Carrizález said that Cemex has neglected investment in the technological area to maintain its high production capacity, which has created severe environmental problems. "This is one of the first steps we must attack, environmental liabilities left by Cemex."
Difficult.
The president Chavez acknowledged that negotiations with the Techint group, to carry out the nationalization of the steel-Ternium Sidor, were complicated by failing to reach agreement on compensation which should cancel the Venezuelan State. He also said that the company asked the Argentine-Italian government sign a document guaranteeing immunity from any subsequent claim made by Sidor workers or another sector in which the Executive is not agreed.
"The time is over, so we proceed and we will pay what it costs that really. ... We will assume all assets
They do not pay once, no, you will pay at the pace that we can, "he warned.
The representative reiterated that Techint is fully entitled to resort to international arbitration, but that the Venezuelan government is not obliged to accept the terms of any international body. "They have been arrogant, so we have to take all businesses here and they have to be the country to be, but we can not accept that. We regret that the company Ternium has been stubborn."
The company argentina is ready to continue negotiating with the government, but reiterated that if there is no agreement, go to international arbitration, said a source Techint to the agency Telam in Buenos Aires, reported AFP.
During a Council of Ministers passed a string of radio and television indicated that the "agreement to implement the surrender of control of Cemex Venezuela" was signed between the executive vice president of Planning and Finance of Cemex, Hector Medina Aguiar, and the president of PDVSA, Rafael Ramirez.
Among the most important points stressed that the State assumes full control of factories, offices and other assets of the cement board and that the transition replaces the current directive. Alike are ordered three audits at the non-binding legal, accounting and financial services that made both parties and executed by a third party if any differences.
It was established that the government and Cemex did not waive their rights to defence.
"We will demonstrate that the State can do, what is and will be successful in managing all these companies, even much more than the private sector. Cement is a strategic element for the development of the country, to build houses, lower costs , "Chavez said when he announced the agreement, and justified the reasons for the nationalization of the cement industry.
Representatives of the transitional board present at the meeting stressed that all the cement plants are functioning normally and the marketing of the product. "We have an absolute cooperation of personnel working in plants. The production is normal in the three plants, we have information that Pertigalete have an annual production of 3.1 million tons, Mara 650,000 and 450,000 Lara, for A total of 4.2 million tons, and are at full capacity, "said Natasha Castillo, a member of the negotiating team.
The vice president of the Republic, Ramon Carrizález said that Cemex has neglected investment in the technological area to maintain its high production capacity, which has created severe environmental problems. "This is one of the first steps we must attack, environmental liabilities left by Cemex."
Difficult.
The president Chavez acknowledged that negotiations with the Techint group, to carry out the nationalization of the steel-Ternium Sidor, were complicated by failing to reach agreement on compensation which should cancel the Venezuelan State. He also said that the company asked the Argentine-Italian government sign a document guaranteeing immunity from any subsequent claim made by Sidor workers or another sector in which the Executive is not agreed.
"The time is over, so we proceed and we will pay what it costs that really. ... We will assume all assets
They do not pay once, no, you will pay at the pace that we can, "he warned.
The representative reiterated that Techint is fully entitled to resort to international arbitration, but that the Venezuelan government is not obliged to accept the terms of any international body. "They have been arrogant, so we have to take all businesses here and they have to be the country to be, but we can not accept that. We regret that the company Ternium has been stubborn."
The company argentina is ready to continue negotiating with the government, but reiterated that if there is no agreement, go to international arbitration, said a source Techint to the agency Telam in Buenos Aires, reported AFP.
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