ANNOUNCEMENT 29 Mar 2011

In March 2011, 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 8.133 (March 29, 2011) published in the Official Gazette of the Bolivarian Republic of Venezuela (Gazeta Oficial de la Republica Bolivariana de Venezuela, Numero 39.644, Martes 29 de Marzo de 2011): http://www.tsj.gov.ve/gaceta/Marzo/2932011/2932011-3105.pdf#page=4 (pages 384.440 to 384.442)
Businessweek Bloomberg: http://www.businessweek.com/ap/financialnews/D9FNMNMO2.htm
El Universal: http://www.eluniversal.com/economia/120619/a-new-complaint-against-venezuela-at-the-icsid


Inception date: 29 Mar 2011 | Removal date: open ended
Still in force

FDI: Treatment and operations, nes

On March 29, 2011 the Venezuelan President Hugo Chavez issued Decree No 8.133 on the nationalisation of the bauxite producer Norpro Venezuela C.A., a subsidiary of the American company Norpro and a partner of the French firm Saint-Gobain.
Saint-Gobain brought the case to the International Centre for Settlement of Investment Disputes (ICSID) in 2012.
The decree was published in the Official Gazette of the Bolivarian Republic of Venezuela on March 29, 2011.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A