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2006
Vestey v. Venezuela Vestey Group Ltd v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/06/4)
Nationality of the parties
Venezuela, Bolivarian Republic of
United Kingdom
Summary of matters at issue
Landholdings amounting to some 350,000 hectares in Venezuela for farming purposes.
Claims arising out of declarations by Venezuela's Land Institute on the lack of validity of a number of Verney's farms, labelled as "unproductive" by State authorities, following the introduction of a new land law in 2001 which created a Land Institute to examine titles to landholdings and to assess whether lands were being used in a productive manner.
Economic sector and subsector
Primary: A - Agriculture, forestry and fishing
1 - Crop and animal production, hunting and related service activities
Arbitral rules and administering institution
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Composition of tribunal
Kaufmann-Kohler, G.
Grigera Naón, H. A.
Dupuy, P.-M.
Status/Outcome of original proceedings
Decided in favour of investor
Decisions rendered
Amount of compensation
157.40 mln USD
98.10 mln USD
IIA breaches alleged/found
Direct expropriation

Full protection and security, or similar

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
Direct expropriation
Follow-on proceedings
ICSID annulment proceedings
ICSID annulment proceedings
Pending
None
Donoghue, J. E. (President)

Griffith, G. (Member)

Fathallah, R. (Member)
Link to Italaw's case page