Holcim secures compensation from Venezuela
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14 September 2010
Holcim and the Venezuelan government have agreed details of a compensation package for the forced nationalisation of Holcim's assets and businesses in the country in 2008. The company will pay a total of US$ 650 million over the course of four years.
However, in March 2009 Holcim launched international arbitration proceedings against Venezuela, when negations were terminated, and with no payments having been received. As part of this latest agreement, these proceedings at the International Centre for Settlement of Investment Disputes (ICSID) have been suspended.
Holcim says it has now received an initial down payment of US$ 260 million. The remaining US$ 390 million will be paid in four annual instalments.
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