![World Bank Tribunal Partially Lifts Suspension on Tidewater Award in Venezuela Case World Bank Tribunal Partially Lifts Suspension on Tidewater Award in Venezuela Case](https://gcaptain.com/wp-content/uploads/2015/03/1024px-Garza_Tide107.jpg)
World Bank Tribunal Partially Lifts Suspension on Tidewater Award in Venezuela Case
CARACAS, March 1 (Reuters) – A World Bank tribunal partially lifted a keep of enforcement on a compensation declare payable by Venezuela to grease service firm Tidewater, which means the corporate is due $27.4 million plus curiosity.
Tidewater was awarded $46.4 million by the International Centre for Settlement of Investment Disputes (ICSID) although Venezuela aimed to cut back that determine and in July filed for an annulment, together with a provisional suspension.
Eleven Tidewater ships have been seized in May 2009 by Venezuelan authorities as a part of their nationalization, based on the New Orleans-based firm.
Late President Hugo Chávez nationalized a raft of property throughout his 14-year rule, with 25 instances nonetheless pending towards Venezuela on the worldwide tribunal.
ICSID mentioned that the keep could be lifted with regard to the “undisputed amount” of $27.4 million plus curiosity. (https://goo.gl/zrptO7)
In an announcement on its web site, Tidewater mentioned the overall quantity due was $37.2 million and that it anticipated a full conclusion to the proceedings this yr. (http://goo.gl/QBSB1y)
“The company intends to take appropriate steps to vigorously enforce and collect the award,” the assertion mentioned.
“However, even with the partial lifting of the stay of enforcement, the company recognizes that the collection of the award may present significant practical challenges.”
Venezuela had argued {that a} partial suspension “necessarily implies a pre-judgement.” (Reporting by Girish Gupta; Editing by Alan Crosby)
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