Holcim has announced that it has signed an agreement with the Bolivarian Republic of Venezuela on terms for Venezuela’s compensation payment for the June 2008 nationalization of Holcim Venezuela. The company has also agreed to suspend the international arbitration procedure. Under the agreement, Venezuela will pay Holcim US$650million. Holcim has confirmed that it has received an initial payment of US$260million and the remaining US$390million will be paid in four equal yearly instalments.
Holcim has announced that it has signed an agreement with the Bolivarian Republic of Venezuela on terms for Venezuela’s compensation payment for the June 2008 nationalization of Holcim Venezuela. The company has also agreed to suspend the international arbitration procedure.
Under the agreement, Venezuela will pay Holcim US$650million. Holcim has confirmed that it has received an initial payment of US$260million and the remaining US$390million will be paid in four equal yearly instalments.
