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| Venezuela compensate Holcim for the nationalization Swiss cement giant Holcim signed a settlement with the Bolivarian Republic of Venezuela agreeing on the terms for Venezuela's compensation payment for the June 2008 nationalization of Holcim Venezuela C.A. and the suspension of the international arbitration procedure currently pending before the International Centre for Settlement of Investment Disputes (ICSID) in connection with that nationalization. The agreed total compensation amount is USD 650 million, of which a first down-payment of USD 260 million was received. The remaining compensation amount of USD 390 million will be paid in four equal yearly installments. write your comments about the article :: © 2010 Construction News :: home page |