Venezuela will pull out of the ICSID, a World Bank-affiliated arbitration panel, and won’t accept any of its rulings, Hugo Chavez said yesterday. Suits include Exxon's (XOM) multi-billion claim for a nationalized oil project and one from Owens-Illinois (OI). If Chavez follows through, though, it's unlikely to hit arbitrations already started.
Venezuela will pull out of the ICSID, a World Bank-affiliated arbitration panel, and won’t...
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