Crystallex v. Venezuela

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Case Details

Year of Filing: 2011

Claimant(s): Crystallex International Corporation

Respondent(s): Bolivarian Republic of Venezuela

Arbitral Rules: ICSID AF

Legal Instrument: Treaty

Treaty: Canada-Venezuela BIT

Administrative Case Number: ARB(AF)/11/2

Arbitral Tribunal

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Major Developments

Key Decision:

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Counsel

Counsel for Claimant:

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Counsel for Respondent:

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Crystallex v. Venezuela: U.S. Appeals Court OK’s enforcement of billion dollar ICSID award through attachment of shares in U.S. based refinery company Jul 29, 2019

Venezuela round-up: an update on recent developments in investment claims against the state Dec 10, 2018

Canadian miner, backed by its funder, defeats Venezuela’s attempt to set-aside $1.4 billion BIT award Mar 27, 2017

In-Depth: Arbitrators in Crystallex case sidestep debate over lawful vs unlawful expropriation, and accept validity of two of four damages valuation methods Apr 9, 2016

In-Depth: unpacking the facts – and jurisdictional objections – of the Crystallex v. Venezuela arbitration Apr 6, 2016

In-Depth: tribunal sees a legitimate expectation created by Environment Ministry conduct, and sees later permit-denial as premised on specious concerns Apr 6, 2016

Billion Dollar award against Venezuela is reward for investor that had battled its creditors for time to pursue ICSID claim – and also a huge win for New York hedge fund that backed the case Apr 5, 2016

Gold Reserve and Venezuela settle dispute; Canadian miner reportedly invited to partner on exploiting deposits at center of ICSID case, as well as those at issue in Crystallex case (where a final award also looms) Feb 24, 2016

Challenges filed against Feliciano and Sands at ICSID; replacement arbitrators named in two other cases, after tribunal departures Jan 8, 2014

Arbitrator steps down after being challenged in multi-billion dollar Venezuelan gold mining dispute Dec 12, 2013

Creditors of distressed mining company fail in bid to block third-party financing of ICSID arbitration against Venezuela Jul 9, 2012

Venezuela claims round-up: three tribunals named, two new arbitrations filed by victims of nationalizations, and one investor looks for funding Oct 12, 2011

Venezuela prevails as claim for nationalization of telecoms investment is dismissed on jurisdictional grounds; six foreign investor claims against Venezuela registered in 2011 at ICSID Aug 4, 2011