No flourished before the ICSID against Venezuela mining demand
The case was brought in 2010 by Highbury International AVV and Ramstein Trading Inc., regarding mining concessions Alpha and Delta, located in the Lower Caroni River.
EL UNIVERSAL THE UNIVERSAL
Saturday September 28, 2013 24:36
Caracas.- Caracas. - The International Centre for Settlement of Investment Disputes (ICSID) stated that it lacks jurisdiction and authority to hear and decide the case brought in 2010 by Highbury International AVV and Ramstein Trading Inc., regarding Alfa mining concessions and Delta, located in the lower Caroni River in Venezuela.
"In addition to the Court concluded that it lacked jurisdiction because Article 22 of the Law on the Promotion and Protection of Investments does not contain a consent to ICSID arbitration Republic, the plaintiffs failed to convince the arbitration panel regarding who were holding a right that was worthy of compensation, "PDVSA said in a statement.
The plaintiff sought to compensation for more than 633 million U.S. $ 265,000 plus interest.
"The success of the Bolivarian Republic of Venezuela is due to the excellent work of teams of national and international lawyers coordinated by the Ministry of Petroleum and Mining, under a procedural strategy outlined in the defense of the interests of the country," adds note.
