Firm News

10 March 2015

Volterra Fietta client OI European Group B.V. (“OIEG”), the Dutch subsidiary of US glass container manufacturer Owens-Illinois, Inc., has been successful in an ICSID arbitration against Venezuela for the unlawful expropriation of OIEG’s majority interest in two plants in Venezuela. The compensation awarded is the fourth-largest ICSID award on record. It was rendered pursuant to the 1991 Netherlands-Venezuela bilateral investment treaty. The award can be found in Spanish here.