Spanish agriculture company Grupo Agroinsumos Ibero-americanos and associated firms have filed an arbitration case against Venezuela via a World Bank tribunal, seeking compensation for the 2010 nationalization of its operations.
Late socialist leader Hugo Chavez expropriated the firms’ Venezuelan subsidiaries, which sold supplies such as seeds, fertilizers and pesticides.
Agroinsumos, along with related firms Inica Latinoamericana, Proyefa Internacional and Verica Atlantica, are seeking “prompt, adequate and effective compensation” through the International Centre for Settlement of Investment Disputes, or ICSID.
Source: Farming uk
