Venezuela seizes Cemex facilities
Home Channel News, Sept 8, 2008
Monterrey, Mexico-based Cemex, a producer of cement building products, has threatened arbitration in an ongoing fight against Venezuela's plan to nationalize its cement production operations.
In a statement, Cemex said it will submit a complaint seeking international arbitration with the International Center for Settlement of Investment Disputes, following the Venezuelan Government's seizure of Cemex's business unit in that country.
Venezuela approved a "forced acquisition" of the shares and property of the Cemex local unit, a day after the country's national guard, oil workers and Energy and Oil Minister Rafael Ramirez seized Cemex's facilities.
COPYRIGHT 2008 Reproduced with permission of the copyright holder. Further reproduction or distribution is prohibited without permission.
COPYRIGHT 2008 Gale, Cengage Learning
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