"Gambrinus Corp, a Barbadian company, filed an arbitration claim before the International Centre for Settlement of Investment Disputes (ICSID) against the Government of Venezuela for the 2010 expropriation of Fertinitro, a group of fertilizer companies based in Venezuela. The claim is based on the international investment treaty between the Bolivarian Republic of Venezuela and Barbados which guarantees just compensation to investors for expropriated and nationalized property. Gambrinus, which is duly incorporated in Barbados, is an affiliate of Venezuela's Empresas Polar.
"Gambrinus is a minority shareholder, along with a number of other international co-investors. Gambrinus held a 10% ownership in Fertinitro, along with three other co-investors: Venezuelan state petrochemicals company Pequiven, Koch Minerals Sàrl/Koch Nitrogen International Sàrl (European affiliates of Koch Industries) and the Italian energy company ENI. Fertinitro's expropriation occurred without any notice or warning to any of its private shareholders.
"Since the expropriation occurred more than a year ago, Gambrinus, has unsuccessfully attempted to enter into a dialogue with the government of Venezuela to secure a just compensation for the nationalization of their ownerships interests in Fertinitro. All efforts at dialogue have failed. As a last resort and after exhausting all other avenues to dialogue with the Venezuelan government, Gambrinus was left with no other option but to seek restitution before an international arbitration tribunal, just as Koch Minerals did a few months ago in a similar claim filed with ICSID."
Contacts:
Gambrinus Corp
Timothy G. Nelson, 212-735-2193
