The International Center for Settlement of Investment Disputes of the World Bank (ICSID) condemned Venezuela to pay more than 1,640 million dollars for the expropriations that the government of Hugo Chávez carried out in 2010 on the investments of several Spanish companies in different Venezuelan companies.
According to the institution, the actions of Chavismo constituted a violation of the agreement for the Reciprocal Promotion and Protection of Investments between Spain and Venezuela.
Investments expropriated by Venezuela were those carried out in the Venezuelan companies Agroisleña, International Insecticides, Proyefa and Venezolana de Riego.
The plaintiff companies, included as Grupo Agroinsumos Ibero-Americanos, Inica Latinoamericana, Proyefa Internacional and Verica Atlántica. These began the award once morest Venezuela in 2016.
Six years later, the arbitration court decided to rule in favor of the Spanish company, condemning the country to pay the sum of 1,629 million dollars (1,481 million euros) as compensation for its breach of the agreement between Spain and Venezuela.
To this amount is added the interest on the compensation granted at the Libor rate applicable to six-month deposits denominated in US dollars plus four percentage points, capitalized annually from October 4, 2010 to the date on which Venezuela has paid in full.
Additionally, the ICSID ordered Venezuela to pay more than 1.1 million dollars for the costs of the procedure and another 16.3 million dollars for expenses incurred by the Grupo Agroinsumos Ibero-Americanos in defending its rights.
