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Arbitration awards $740 million to Gold Reserve for expropriation by Venezuela
By Alexandra Ulmer
Reuters
Monday, September 22, 2014
CARACAS, Venezuela -- The International Centre for Settlement of Investment Disputes determined Venezuela must pay U.S.-based miner Gold Reserve $740.3 million for terminating its Las Brisas gold concession, the company said on Monday.
Socialist-run Venezuela in 2009 formally ended the concession in one of Latin America's largest gold deposits as part of a strategy to increase state control of key economic sectors.
Gold Reserve then sought $2.1 billion in damages at the World Bank's ICSID for what it deemed an expropriation. ...
... For the remainder of the report:
http://www.reuters.com/article/2014/09/23/venezuela-arbitration-idUSL3N0...
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