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Venezuela ordered to pay Tenaris $172.8 mln for steel takeover
February 12, 2016 / 3:13 PM / 2 years ago

Venezuela ordered to pay Tenaris $172.8 mln for steel takeover

CARACAS, Feb 12 (Reuters) - A World Bank tribunal has issued an arbitration award ordering Venezuela pay steel-maker Tenaris some $172.8 million for the takeover of its Matesi Materiales Siderurgicos SA unit under the late Hugo Chavez.

The cash-strapped South American nation has six months to pay Tenaris an $87.3 million award plus around $85.5 million in interest payments, a tribunal at the International Centre for Settlement of Investment Disputes (ICSID) said in its decision. (Reporting by Marianna Parraga and Alexandra Ulmer)

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