Swiss cement manufacturer Holcim, also present in Romania, has announced it had obtained a total of USD 650 M from Venezuela, as compensation for the nationalisation of its local subsidiary in 2008, Mediafax reports. ‘The total amount of due compensations is USD 650 M. A first instalment of USD 260 M has already been paid by the Venezuelan state, and the balance is due as four equal yearly scheduled payments’, a Holcim release states. In March 2009, the Swiss group filed an action of international arbitrage with the World Bank, demanding compensations from the government of Venezuela for its local plats following expropriation.
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