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Venezuela will pull out of the ICSID, a World Bank-affiliated arbitration panel, and won’t...

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.
Comments (2)
  • youngman442002
    , contributor
    Comments (5131) | Send Message
     
    seize everthing he owns in the USA now...and no more gold shipments if any...
    10 Jan 2012, 08:24 AM Reply Like
  • maudie
    , contributor
    Comments (482) | Send Message
     
    At least the Venezuelan congress gave dictatorial powers to Chavez back in '07. “I'm here to say that we can't wait for an increasingly dysfunctional Congress to do its job. Where they won't act, I will.” So let it be written; So let it be done.
    10 Jan 2012, 10:09 AM Reply Like
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