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Govt to pay Holcim US$650mn compensation for nationalization (Venezuela)
2010-09-14
Venezuela's government has signed an agreement with Swiss cement firm Holcim regarding the nationalization of the firm's local assets in June 2008.

 

Under the agreement, Holcim will receive US$650mn in compensation from the government, state news agency AVN reported.

 

The firm will also suspend the arbitration proceedings pending before the World Bank's International Centre for Settlement of Investment Disputes (ICSID), which it began in 2009.

 

Holcim has received an initial payment of US$260mn and will receive four equal yearly installments for the remainder, the firm said in a release.


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