News

Tortilla arbitration award submitted for enforcement in DC

15 January 2019

Spanish subsidiaries of Mexican food group Gruma have started proceedings in Washington, DC, to enforce a US$430 million International Centre for Settlement of Investment Disputes (ICSID) award against Venezuela relating to the Chávez-era expropriation of their business producing corn and wheat flour and tortillas.

French energy company enters Venezuela with US$480 million oil deal

French energy company enters Venezuela with US$480 million oil deal

10 January 2019

D’Empaire in Caracas and Herbert Smith Freehills in Paris have helped France’s Maurel & Prom acquire Shell’s stake in a joint venture with struggling state-owned oil group PDVSA, in what is thought to be Venezuela’s biggest private sector deal of 2018.

Changes to Latin Lawyer news submissions

17 December 2018

From the start of January 2019, we are changing the way we collect deal submissions. The new process is designed to speed up our reporting on transactions, allow for a broader coverage of deals via monthly round ups and provide readers with a better analysis of who is doing what in the market. In turn, this will deepen and improve our research for the Latin Lawyer 250 and LACCA’s annual list of Who Represents Latin America’s Biggest Companies.

Venezuela to keep Citgo in Crystallex deal

06 December 2018

Canadian mining company Crystallex, which is undergoing proceedings under the Companies' Creditors Arrangement Actin Toronto (CCAA), has received US$500 million from Venezuela as partial payment for an arbitral award, under a deal allowing the state to keep hold of its national oil company’s US refining subsidiary.

Araquereyna unveils online legal service platform in Venezuela

Araquereyna unveils online legal service platform in Venezuela

05 December 2018

Venezuelan law firm Araquereyna has launched WIDÚ Legal, an online platform designed to help companies and individuals fill out legal documents and applications.

Venezuela pays ICSID creditor to protect US refinery business

04 December 2018

Venezuela has paid US$500 million to distressed Canadian mining company Crystallex to partially satisfy a US$1.4 billion International Centre for Settlement of Investment Disputes (ICSID) award – as part of a renegotiated settlement deal that will allow the country’s national oil and gas company PDVSA to keep control of US-based refiner Citgo Petroleum.

Peruvian telecoms investor brings arbitration claim against Venezuela

15 November 2018

A Peruvian entrepreneur has launched an International Centre for Settlement of Investment Disputes (ICSID) claim against Venezuela over the seizure of his telecoms company by a group of judicial officers supported by armed police.

Exxon resubmits Venezuela arbitration claim after award slashed

31 October 2018

ExxonMobil has resubmitted a claim against Venezuela to ICSID, after an annulment committee dramatically slashed US$1.4 billion from an award the oil group secured in 2014, concluding that the original tribunal had exceeded its powers.

Transfer-pricing panel at LL Tax Summit gets senior in-house speakers

Transfer-pricing panel at LL Tax Summit gets senior in-house speakers

19 October 2018

Tax heads from Chilean airliner LATAM, food service group Compass, logistics provider Crowley and scaffolding supplier AT-PAC will discuss transfer pricing and customs duties in a panel moderated by a top DLA Piper LLP economist at the Latin Lawyer Live 3rd Annual Tax summit next month.

Rusoro and Venezuela reach billion-dollar arbitration settlement

17 October 2018

Canadian mining company Rusoro has agreed a US$1.3 billion settlement with Venezuela to satisfy an International Centre for Settlement of Investment Disputes (ICSID) additional facility award it secured two years ago – the latest in a number of recent settlements reached by the beleaguered Latin American state.