Venezuela misses final Holcim payment
By Chris Sleight07 October 2014
Holcim says it has not received a US$ 97.5 million compensation payment form the Venezuelan government which was due on September 10.
The payment relates to the forced nationalisation of Holcim’s Venezuelan business in August 2008. Following the launch of arbitration proceedings in March 2009 the Venezuelan government agreed in September 2010 to pay US$ 650 million in compensation. This comprised an initial sum of US$ 260 million and four annual instalments of US$ 97.5 million. It is the final instalment which has not been received.
Holcim said it is in contact with the relevant parties in Venezuela to address the situation and, if necessary, will take legal steps to collect the amounts due.