ICSID Denies 2 Requests By Venezuela To Reconsider Past Orders In $8.5B Award Row

Mealey's (February 17, 2023, 2:00 PM EST) -- WASHINGTON, D.C. — The International Centre for Settlement of Investment Disputes (ICSID) on Feb. 16 published two recent decisions by an ad hoc committee hearing the Bolivarian Republic of Venezuela’s challenge to an $8.5 billion award issued against it for expropriating the investments of three Dutch oil companies, rejecting Venezuela’s request to reconsider an order partially lifting a stay of enforcement on the award and refusing a request by Venezuela’s President Nicolás Maduro-retained counsel to remove counsel hired by purported interim President Juan Guaidó....