A World Bank tribunal has issued an arbitration award ordering Venezuela pay steelmaker Tenaris some $172.8 million for the takeover of its Matesi Materiales Siderurgicos SA unit, adding pressure on the cash-squeezed country.
Venezuela has six months to pay Tenaris an $87.3 million award plus about $85.5 million in interest payments, a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) said in its decision. (bit.ly/1WhIdjd)
Venezuela faces some 20 major arbitration awards, most stemming from high-profile nationalizations during the presidency of the late leftist Hugo Chavez.
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