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Venezuela likely to seek annulment in $455 mln Owens-Illinois award-lawyer
March 12, 2015 / 8:27 PM / 3 years ago

Venezuela likely to seek annulment in $455 mln Owens-Illinois award-lawyer

CARACAS, March 12 (Reuters) - Venezuela is likely to seek the annulment of a World Bank tribunal award that orders it pay U.S. bottle maker Owens-Illinois $455 million in compensation for nationalization, a lawyer for the South American country said on Thursday.

Owens-Illinois announced earlier on Thursday that the World Bank’s International Center for Settlement of Investment Disputes (ICSID) had issued a decision in the case.

“It’s probable that an annulment or other revisions will be sought,” said lawyer Diego Brian Gosis with Argentine firm Guglielmino & Asociados, adding that Venezuela has 120 days to request an annulment. (Reporting by Alexandra Ulmer; Editing by Jonathan Oatis)

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