Also VISTA? And CRYSTALLEX?
I invested in 2 of the three.
This is what was finalized with Rusoro but I do not know if they were actually compensated by Venezuela. If not, the country owes an additional interest payment of $155,000,000
DECISION JULY 18, 2016
For the foregoing reasons, the Tribunal unanimously rules as follows:
1. Declares that any alleged breach of the Treaty committed by Bolivarian
Republic of Venezuela and based on the 2009 Measures is time-barred.
2. Declares that the Tribunal lacks jurisdiction to adjudicate the counter-claim submitted by the Bolivarian Republic of Venezuela.
3. Declares that the Bolivarian Republic of Venezuela breached Art. VII of the BIT by expropriating Rusoro’s investment in Venezuela without payment of compensation.
4. Declares that the Bolivarian Republic of Venezuela breached paragraph 6 of the Annex to the BIT by issuing the 2010 BCV Resolution and imposing
additional restrictions on the export of gold.
5. Orders the Bolivarian Republic of Venezuela to pay Rusoro
USD 966,500,000 as compensation for the expropriation of its investment.
6. Orders the Bolivarian Republic of Venezuela to pay Rusoro USD 1,277,002 as damages suffered as a consequence of the breach of paragraph 6 of the Annex to the BIT.
7. Orders the Bolivarian Republic of Venezuela to pay Rusoro interest on the amounts of compensation and damages awarded in the two preceding
paragraphs, accrued between 16 September 2011 and the date of actual
payment, calculated at an interest rate p.a. equal to USD LIBOR for one year deposits, plus a margin of 4%, with a minimum of 4% p.a., to be compounded
annually.
8. Orders the Bolivarian Republic of Venezuela to pay Rusoro USD 3,302,500 as costs of this arbitration.
9. Declares that the compensation, damages and interest granted in this Award are net of any taxes imposed by the Bolivarian Republic and orders the Bolivarian Republic to indemnify Rusoro with respect to any Venezuelan taxes imposed on such amounts.
10. Dismisses all other claims or counter-claims.
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