World
Bank tribunal ordered Venezuela to pay steelmaker Tenaris SA (TENR.MI) $162
million for expropriating two investments in the country, according to a
statement published by the Buenos Aires stock exchange on Wednesday. Luxembourg-based
Tenaris, the world's top producer of seamless steel pipes for the energy
industry, and its Talta Lda subsidiary had approached the International Center
for Settlement of Investment Disputes (ICSID) in 2012 after its investments in
Tubos de Acero de Venezuela SA and Complejo Siderurgico de Guayana were
expropriated. The ruling adds pressure on the cash-squeezed country after a
similar decision earlier this year, when the ICSID ordered Venezuela to pay
Tenaris some $172.8 million for the takeover of its Matesi Materiales
Siderurgicos unit. More…
Wednesday, December 14, 2016
Venezuela ordered to pay steelmaker Tenaris $162 million for takeover
World
Bank tribunal ordered Venezuela to pay steelmaker Tenaris SA (TENR.MI) $162
million for expropriating two investments in the country, according to a
statement published by the Buenos Aires stock exchange on Wednesday. Luxembourg-based
Tenaris, the world's top producer of seamless steel pipes for the energy
industry, and its Talta Lda subsidiary had approached the International Center
for Settlement of Investment Disputes (ICSID) in 2012 after its investments in
Tubos de Acero de Venezuela SA and Complejo Siderurgico de Guayana were
expropriated. The ruling adds pressure on the cash-squeezed country after a
similar decision earlier this year, when the ICSID ordered Venezuela to pay
Tenaris some $172.8 million for the takeover of its Matesi Materiales
Siderurgicos unit. More…
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