Venezuela Hit With $600 Million of New Arbitration Claims
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The administration of Venezuelan President Hugo Chavez faces new demands for compensation worth at least $600 million at the World Bank after companies rushed to present their claims before the South American nation pulled out of the arbitration system.
Spain’s Valle Verde Sociedad Financiera SL and Barbados-based companies Blue Bank International & Trust Ltd and Transban Investment Corp. filed separate claims to the bank’s International Centre for Settlement of Investment Disputes, said DLA Piper LLP, the law firm representing the investment firms.