ANNOUNCEMENT 06 Oct 2009

In October 2009, the government of Venezuela announced altered domestic business conditions for foreign investors.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE



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)
AFP: http://www.google.com/hostednews/afp/article/ALeqM5jc-YeSwTAuh-5vkd0uPA7v2Eu4Ow
El Universal : http://www.eluniversal.com/2009/10/14/eco_art_gobierno-decide-expr_1611235.shtml


Inception date: 06 Oct 2009 | Removal date: open ended
Still in force

FDI: Treatment and operations, nes

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.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A