Peru Wins Arbitration Dispute With Renco on Smelter Cleanup
- Renco asked $800 million, said unit was pushed into bankruptcy
- Case focused debate over international investor arbitrations
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Peru won an arbitration case over Renco Group Inc.’s claim that the government overstepped its authority by ordering an affiliate, Doe Run Peru, to clean up pollution linked to lead and zinc smelting in the mountain town of La Oroya and forcing it into bankruptcy.
An arbitration panel issued a partial award for Peru on July 15, the Ministry of Economy and Finance said Monday in a statement. New York-based Renco, owned by billionaire Ira Rennert, sought $800 million in compensation.