ANNOUNCEMENT 06 Oct 2009In October 2009, the government of Venezuela announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Decree No 6.962 (October 6, 2009) published in the Official Gazette of the Bolivarian Republic of Venezuela (Gazeta Oficial de la Republica Bolivariana de Venezuela, Numero 39.282, Viernes 9 de Octubre de 2009): http://www.tsj.gov.ve/gaceta/Octubre/9102009/9102009.pdf#page=4 (pages 372.114 to 372.116)
El Universal : http://www.eluniversal.com/2009/10/14/eco_art_gobierno-decide-expr_1611235.shtml
On October 6, 2009, the Venezuelan President Hugo Chavez issued a decree (Decree No 6.962) on the nationalisation and expropriation of a hotel owned by the American company Hilton. The hotel now operates under the state-owned company Venezolana de Turismo Venetur S.A. with the aim to increase social tourism.
This measure is included in the GTA database because the nationalisationwas forced and the compensation (if there is any) for theexpropriation is most likely tothe detriment of foreign commercialinterest.