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Cemex seeks arbitration in Venezuela takeover

Cemex seeks arbitration in Venezuela takeover

Mexican cement maker Cemex SAB is vowing to seek World Bank arbitration over Venezuela's move to nationalize its local cement plants this week.
The Monterrey-based company says it will take its case to the International Center for Settlement of Investment Disputes, an autonomous division of the World Bank.
Cemex said in a statement late Wednesday that it considers the confiscation of its assets a "flagrant violation" of Venezuela's Constitution and expropriation laws.
The company also says Venezuela's offer of US$650 million in exchange for its local operations "significantly undervalues its business in Venezuela."


Updated : 2021-06-25 00:32 GMT+08:00