Venezuela's President Hugo Chavez withdraws from arbitration (photo:dpa)

Venezuela: President Hugo Chavez forces foreign investors to settle disputes in Venezuelan courts

Venezuela’s decision to withdraw from the World Bank’s international dispute arbitration scheme is likely to deter foreign investors. It is a huge step backwards and sends out negative messages to foreign companies wanting to invest in Latin America writes GIS guest expert Emilio J. Cardenas, former Ambassador of Argentina to the United Nations.

RAFAEL Ramirez, Venezuela’s oil minister’s announcement that his country is leaving the World Bank’s international arbitration system is a huge step backwards for the global economy and foreign investment.

It means the country will try to settle its numerous investment disputes in Venezuela...

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Dr. Emilio J. Cardenas
It means the country will try to settle its numerous investment disputes in Venezuelan courts and will try to renegotiate dozens of existing international bilateral investment protection agreements
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