Dow Jones)- The Venezuelan government said Wednesday that a case brought against it by U.S.-based Brandes Investment Partners was dismissed by an international arbitration court on "jurisdiction" grounds.

Brandes had held an equity stake in Venezuelan telecommunications company Compania Anonima Telefonos de Venezuela, or CANTV, which was nationalized in 2007. The investment adviser took its case against Venezuela to the World Bank's International Centre for the Settlement of Investment Disputes in 2008, seeking compensation.

In a statement on the website of state oil company Petroleos de Venezuela, or PDVSA, the government said the case had been thrown out since the ICSID didn't have jurisdiction to rule on the dispute. The statement said the decision concludes the proceedings.

A call to Brandes seeking comment wasn't immediately returned.

After the government's takeover of CANTV, Venezuela paid Verizon Communications Inc. (VZ) $572 million for its 28.5% stake in the Venezuelan company.

Despite the latest decision, Venezuela still has 17 cases pending before the ICSID as a result of the widespread nationalization campaign undertaken in recent years by President Hugo Chavez, who has aimed to bring several key economic sectors under government control.

PDVSA officials have said that they expect to settle cases this year with Exxon Mobil Corp. (XOM) and ConocoPhillips (COP) for assets the government expropriated nearly four years ago. On Monday, Canadian miner Gold Reserve Inc. (GRZ) slightly increased its claim against Venezuela to $2.1 billion for two gold projects seized by the state.

The ICSID is also expected to hear a case brought forth by U.S. company Koch Industries after the Venezuelan government last year seized a fertilizer plant called Fertinitro.