Venezuela must pay 469 million dollars to Smurfit Westrock
Venezuela must pay $469 million to Smurfit Westrock, according to the ruling of the International Centre for Settlement of Investment Disputes from the World Bank.
The Irish company would receive this compensation for the confiscation of its assets in Venezuela in 2018, including $468.7 million for the assets, $4.5 million in legal costs and accrued interest until payment, according to a statement from Smurfit cited by the news agency Reuters.
“We will be holding the Venezuelan government accountable for this ruling in full,” said Tony Smurfit, the company’s chief executive.
Venezuela has lost several international arbitration cases following the nationalizations of President Hugo Chávez.
Currently facing Claims for $21 billion due to expropriations and unpaid debts in a court case in the United States, the news agency reports.
Smurfit’s investments in Venezuela were protected by a treaty with the Netherlands.
The court rejected Venezuela’s objections and found that the country violated the treaty by illegally expropriating, unfairly treating and applying arbitrary and discriminatory measures, in addition to not allowing unrestricted repatriation of dividends.
In July 2024, WestRock and Smurfit Kappa merged, creating Smurfit Westrock, a global producer of sustainable packaging with operations in 40 countries.
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