Latest development Jan 19, 2021
The D.D.C. entered judgment on the stipulation between Vestey and Venezuela.
The award
- Amount awarded
- $98.1M in damages plus interest, and $0.6M in costs
- Current estimate
- Stipulated D.D.C. judgment on the award and annulment costs, with pre-judgment interest agreed at $5M to August 31, 2020
- Award holder
- Vestey Group Ltd
- Respondent
- Bolivarian Republic of Venezuela
- Forum
- ICSID ARB/06/4 · UK–Venezuela BIT
Challenges
An ICSID ad hoc committee declined to annul the award on April 26, 2019 and ordered Venezuela to pay £685,849 in annulment costs.
Enforcement
D.D.C. No. 18-cv-1456 (Judge Hogan) entered a stipulated order for judgment on January 19, 2021. Vestey agreed not to execute against Venezuelan assets in the U.S. or the UK for 18 months or until OFAC sanctions allow. Vestey is not in the Citgo sale priority order.
Recovered to date
None reported.
Notes
No later enforcement or payment found. Payment status not confirmed.