Alfredo De Jesus News Alfredo De Jesús O. S Team Knock Out A Usd 370 Million Investment Claim Brought Against Venezuela

Alfredo De Jesús O.’s team knocks out a USD 370 million investment claim brought against Venezuela

The firm is proud to announce that a high caliber arbitral tribunal chaired by Yves Derains (France), and composed by Enrique Gómez Pinzon (Colombia) and Professor Brigitte Stern (France), has declined jurisdiction to hear a USD 370 million investment treaty claim brought by dual-nationals against its client, the Bolivarian Republic of Venezuela.

In this case, the Heemsen brothers nationals of Germany and Venezuela brought an investment claim against the Venezuela under the Germany-Venezuela BIT before the Permanent Court of Arbitration at The Hague alleging the expropriation of a plot of land knows as “La Salina”.

The Heemsen claimed that the 6 million square-metre plot was to have been the site of a residential property development, before it was expropriated by decree in 2012 for use in a port terminal project led by Venezuelan state-owned entity Bolipuertos.

The unanimous decision issued in 28 October 2019 upheld Venezuela’s jurisdictional objections ratione voluntatis and ratione personae and ordered the Heemsen brothers to pay Venezuela USD 2.5 million for the costs of the arbitration.

Venezuela was represented by Attorney General (E) Reinaldo Muñoz Pedroza, De Jesús & De Jesús in Caracas and Panama and Alfredo De Jesús O. – Transnational Arbitration & Litigation in Paris.

Our firm’s team acting in this case was composed of Alfredo De Jesús O., Eloisa Falcón López, Marie-Thérèse Hervella, Mónica Fernández Fonseca, Erika Fernández Lozada and Déborah Alessandrini.

Professor David Capitant of the University of Paris I acted as an expert on German law issues.

A full report available on Global Arbitration Review