Case Details

Valle Verde Sociedad Financiera S.L. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/12/18)

Subject of Dispute:

Banking enterprise
Economic Sector:

Finance
Instrument(s) Invoked:

BIT Spain - Venezuela, Republica Bolivariana de 1995
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

Valle Verde Sociedad Financiera S.L. (Spanish)
Respondent(s):

Bolivarian Republic of Venezuela (Venezuelan)
Date Registered:

July 25, 2012
Date of Constitution of Tribunal:

December 26, 2012

Composition of Tribunal

President:

Enrique BARROS BOURIE (Chilean) - Appointed by the Chairman of the Administrative Council
Arbitrators:

Franco FERRARI (Italian) - Appointed by the Claimant(s)
Raúl E. VINUESA (Argentine, Spanish) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

Mezgravis & Asoc, Caracas, Venezuela
Respondent(s):

Guglielmino & Asociados, Buenos Aires, Argentina
Procuraduría General de la República, Caracas, Venezuela
Language(s) of Proceeding:

English,Spanish
Status of Proceeding:

Concluded
Outcome of Proceeding:

April 27, 2018 - The Tribunal issues a procedural order for the discontinuance of the proceeding for lack of payment of the required advances, pursuant to ICSID Administrative and Financial Regulation 14(3)(d).

No References Available.

(a) Original Proceeding

Date	Development
July 25, 2012	The Secretary-General registers a request for the institution of arbitration proceedings.
October 8, 2012	Following appointment by the Claimant, Franco Ferrari (Italian) accepts his appointment as arbitrator.
November 2, 2012	The Claimant files a request for the Chairman of the Administrative Council to appoint the arbitrator not yet appointed pursuant to Article 38 of the ICSID Convention.
November 6, 2012	Following appointment by the Respondent, Raúl E. Vinuesa (Argentine/Spanish) accepts his appointment as arbitrator.
December 21, 2012	Following appointment by the Chairman of the Administrative Council, Enrique Barros Bourie (Chilean), accepts his appointment as presiding arbitrator.
December 26, 2012	The Tribunal is constituted in accordance with Article 37(2)(b) of the ICSID Convention. Its members are: Enrique Barros Boure (Chilean), President, appointed by the Chairman of the Administrative Council in accordance with Article 38 of the ICSID Convention; Franco Ferrari (Italian), appointed by the Claimant; and Raúl E. Vinuesa (Argentine/Spanish), appointed by the Respondent.
January 25, 2013	The Tribunal issues Procedural Order No. 1 concerning procedural matters.
March 1, 2013	The Secretary-General moves that the Tribunal stay the proceeding pursuant to ICSID Administrative and Financial Regulation 14(3)(d).
March 5, 2013	The proceeding is stayed for non-payment of the required advances pursuant to ICSID Administrative and Financial Regulation 14(3)(d).
March 13, 2013	The proceeding is resumed following payment of a required advance.
May 6, 2013	The Tribunal issues Procedural Order No. 2 concerning further procedural matters.
June 9, 2013	The Claimant files a request for allocation of costs.
June 17, 2013	The Respondent files observations on the Claimant's request for allocation of costs.
June 26, 2013	The Claimant files a response to the Respondent's observations of June 17, 2013.
July 24, 2013	The Tribunal issues Procedural Order No. 3 concerning a request for an interim order on allocation of costs.
October 11, 2013	The Claimant files a memorial on the merits.
April 16, 2014	The Respondent files a counter-memorial on the merits and a request to address the objections to jurisdiction as a preliminary question.
May 23, 2014	The Claimant files observations on the request to address the objections to jurisdiction as a preliminary question.
August 8, 2014	The Tribunal issues a decision on the Respondent’s request to address the objections to jurisdiction as a preliminary question; as a result, the proceeding on the merits is suspended.
September 30, 2014	The Secretary-General moves that the Tribunal stay the proceeding pursuant to ICSID Administrative and Financial Regulation 14(3)(d).
October 1, 2014	The proceeding is stayed for non-payment of the required advances pursuant to ICSID Administrative and Financial Regulation 14(3)(d).
May 11, 2015	The Secretary-General moves that the Tribunal discontinue the proceeding for lack of payment of the required advances, pursuant to ICSID Administrative and Financial Regulation 14(3)(d).
May 27, 2015	The proceeding is resumed following payment of the required advances.
June 11, 2015	The Tribunal issues Procedural Order No. 4 concerning procedural matters.
September 1, 2015	The Claimant files a request for provisional measures.
September 16, 2015	The Respondent files observations on the Claimant’s request for provisional measures.
October 2, 2015	The Claimant files a response to the Respondent’s observations of September 16, 2015.
October 19, 2015	The Respondent files a response to the Claimant’s observations of October 2, 2015.
October 26, 2015	The Claimant files a counter-memorial on jurisdiction.
November 17, 2015	The Tribunal issues Procedural Order No. 5 concerning the procedural calendar.
January 25, 2016	The Tribunal issues a decision on provisional measures.
February 16, 2016	The Tribunal issues Procedural Order No. 6 concerning production of documents.
April 12, 2016	The Tribunal issues Procedural Order No. 7 concerning procedural matters.
June 30, 2016	The Respondent files a reply on jurisdiction.
July 29, 2016	The Claimant files a rejoinder on jurisdiction.
September 21, 2016	The Tribunal issues Procedural Order No. 8 concerning security for costs.
December 23, 2016	The Tribunal issues Procedural Order No. 9 concerning procedural matters for the hearing on jurisdiction.
February 23, 2017 - February 24, 2017	The Tribunal holds a hearing on jurisdiction in Washington, D.C.
March 17, 2017	Each Party files a request for the Tribunal to decide on the admissibility of new evidence.
March 30, 2017	The Tribunal decides on the admissibility of new evidence.
April 12, 2017	Each party files a post-hearing brief.
August 29, 2017	The Acting Secretary-General moves that the Tribunal stay the proceeding pursuant to ICSID Administrative and Financial Regulation 14(3)(d).
September 12, 2017	The proceeding is stayed for non-payment of the required advances pursuant to ICSID Administrative and Financial Regulation 14(3)(d).
March 26, 2018	The Secretary-General moves that the Tribunal discontinue the proceeding for lack of payment of the required advances, pursuant to ICSID Administrative and Financial Regulation 14(3)(d).
April 27, 2018	The Tribunal issues a procedural order for the discontinuance of the proceeding for lack of payment of the required advances, pursuant to ICSID Administrative and Financial Regulation 14(3)(d).