Venezuela Withdraws from ICSID
July 26, 2012
Venezuelan President Hugo Chavez is saddled with new claims in arbitration for more than $600 million at the World Bank. This sudden rush to file claims against Venezuela is due to their withdrawal from the arbitration system known as ICSID. The Venezuelan government officially requested to withdraw on January 25, 2012 and parties had until July 25, 2012 to file new suits. Venezuela was a member of Washington-based ICSID since 1993.