16 January 2018
A Delaware appeal court has ruled that a US subsidiary of Venezuela’s national oil and gas company PDVSA did not commit a “fraudulent transfer” when it moved US$2.8 billion of assets out of the United States in an alleged bid to evade from the country’s creditors at the International Centre for Settlement of Investment Disputes (ICSID).
14 December 2017
Venezuela has applied to annul an ICSID (International Centre for Settlement of Investment Disputes) award against it, after winning a provisional stay of enforcement while its application is pending.
11 December 2017
Tax amnesty programmes only work if taxpayers trust governments to protect and avoid misusing their financial information, said panellists at Latin Lawyer’s 2nd Annual Tax Summit, held in Miami last month.
05 December 2017
Baker McKenzie has recruited a tax partner to its office in Caracas, bringing the partner count there to 14.
04 December 2017
Hoet Peláez Castillo & Duque has recruited a Moscow-educated lawyer who will court Russian business interest in Venezuelan infrastructure and exports.
01 December 2017
Distressed Canadian mining company Crystallex has reached a potentially record-breaking settlement with Venezuela over a US$1.39 billion award from the International Centre for Settlement of Investment Disputes (ICSID) – a deal that will likely mean significant returns for the private equity firm that funded the arbitration.
28 November 2017
An International Centre for Settlement of Investment Disputes (ICSID) tribunal has departed from the recent award in the Favianca case by finding that a US$100 million claim brought against Venezuela by an investor in a BMW and Mini Cooper import business was not barred by the state’s denunciation of the ICSID Convention – but ultimately declined to hear it on other grounds.
24 November 2017
The OECD’s base erosion and profit shifting (BEPS) project is “very ambitious”, but could backfire if there is a mismatch in how the framework is implemented in different jurisdictions, said lawyers at Latin Lawyer’s 2nd Annual Tax Summit, held in Miami a fortnight ago.
20 November 2017
Orrick Herrington & Sutcliffe managing partner David Syed has left to join Dentons in London, reportedly to lead a team that will advise Venezuela on its sovereign debt restructuring.
15 November 2017
An ICSID tribunal has upheld claims against Venezuela over the expropriation of a 120 year-old coffee producer during the presidency of Hugo Chávez and ordered the state to pay investor around US$42 million plus interest (bringing the award's value to US$53 million to date).