Economy
The World Bank's International Centre for Settlement of Investment Disputes (Icsid), an international arbitration court, has rejected provisional measures requested by Mexican cement maker Cemex to protect it from nationalization of its assets in Venezuela.
President Hugo Chavez nationalized in 2008 three major cement firms in Venezuela, including Mexico's Cemex; France's Lafarge and Switzerland's Holcim, in an effort to transform the oil-rich country into a socialist State.
In a decision posted on Wednesday's night on its website, the Icsid rejected the request by Mexican cement maker, which included "an order requiring Venezuela to immediately cease any further efforts to seize the former assets of Cemex Venezuela, including vessels."
Cemex, the third global largest cement producer, confirmed by e-mail that the court denied its request, but said the decision was irrelevant, as it would not impact "on the substance of the arbitration process."
