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Tribunal majority grants compound interest and considers the award to be net of taxes
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Tribunal majority awards 1 bolivar as moral damages for one-month detention
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Assessment of damages leads to award of close to 400 million USD for various breaches
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Tribunal majority decides to assess damages based on investment’s fair market value
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Venezuela violated obligation to guarantee free transfer of funds
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Tribunal majority rejects full protection and security claim, finding that high threshold is not met
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Tribunal majority finds action of Venezuelan authorities to constitute breaches of FET standard
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FET standard includes minimum standard of treatment in addition to the non-discriminatory treatment specifically referred to within the BIT
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Tribunal majority finds that the claimant’s investment was illegally expropriated by Venezuela’s measures
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Lawful expropriation of investment requires that measures are taken in public interest with due process of law
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Tribunal majority declines jurisdiction over counterclaim raised by Venezuela
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Tribunal majority finds that it has jurisdiction to grant moral damages
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Dissenter opines that the tribunal should have declined jurisdiction
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Tribunal majority finds that claimant submitted letter which accepted Venezuela’s offer to arbitrate prior to denunciation of the ICSID Convention
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Article 72 of the ICSID Convention does not require perfected consent, and Venezuela is bound by obligations it undertook under the BIT until its sunset clause expires
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Article 25 of ICSID Convention does not require perfected consent
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Tribunal majority finds that determining whether the parties consented to arbitration before Venezuela’s denunciation of the ICSID Convention requires holistic assessment of ICSID Convention and BIT
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Indirect shareholding is enough to qualify as an investment for admissibility of claim
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Tribunal finds that claimant made an investment prior to termination of the BIT
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Claimant has a protected investment under the BIT
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Tribunal considers BIT’s definition of ‘investment’ sufficient and finds no need to apply criteria developed by ICSID case law
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Applicable law includes domestic law, with there being no hierarchical order
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Background: Dispute over taking of carboard manufacturer’s subsidiary by Venezuelan government leads to BIT claims
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Claimants had standing, as relevant BIT covered indirect investments
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