A. Spanish law firm B.Cremades & Asociados, experts in international arbitration, will initiate a procedure Against the Government of Nicolás Maduro for in Venezuela “Confiscation and forced occupation” of the Epsilon Tower in CaracasIt is a 15-storey building owned by a Barbados-based company and declared to be of “public benefit” since August 2010.
According to the plaintiffs, the ‘occupation’ of the building is carried out by the International Center for Productive Investment (CIIP), a Venezuelan government agency that is paradoxically responsible for promoting foreign investment in Venezuela. The vice president and the minister of Economy and Finance are part of the board of directors. Delcy Rodríguez, who will have an office in the building. This is the same leader who was involved in a diplomatic incident in Spain in January 2020 after it was learned that he had landed at Madrid’s Barajas airport and was able to meet then-minister José Luis Ábalos despite being banned from entering the EU. . .
The amount of the claim is as follows: $116 millionand the Spanish law firm rely on the Agreement on the Promotion and Protection of Investments signed in 1994 between the Bolivarian Republic and the Government of Barbados. trimester to Venezuelan government officials before submitting this matter to arbitration. The procedure will be carried out in accordance with the rules determined by the United Nations Commission on International Trade Law.
The claim comes from Bottlenose Investments Limited, a company incorporated and based in Barbados, a jurisdiction that protects the identity of shareholders. The notification regarding the dispute, which is acknowledged to have been received from the Ministry of Foreign Affairs of People’s Power and to which El Periódico de España of the Prensa Ibérica group has the right of access, is dated October 20 and has been addressed. Against four Venezuelan officials: President Nicolás Maduro, Minister of Foreign Affairs Yvan Gil Pinto, Vice President Rodríguez and Attorney General Reinaldo Enrique Muñoz.
Offices, shops and parking
The document summarizes the situation and emphasizes that Bottlenose acquired the ownership rights to Torre Epsilon between December 2008 and January 2009. As detailed in the notification, the above-mentioned rights are in total 5,529 square meters office, 1,182 m2 commercial area and 280 parking spaces In the Epsilon Tower.
The building, located in El Rosal Urbanization in the Chacao municipality of Caracas, was built by an architect. civic association His partners acquired ownership of different buildings through participation fees. 46.14 percent of these were purchased National Joint Stock Insurance Company La Previsora, He sold “all ownership rights” to Bottlenose in January 2009.
However, during the following year, the Venezuelan Government issued a series of decrees that resulted in the expropriation of La Previsora and declaration of “public and social benefit” According to the plaintiffs, Bottlenose’s property rights were completely disregarded and all of its shares and assets “among which the Epsilon Tower building was illegitimately intended to be included.” An attempt was also made to sell the building to a third party, Santa Bárbara Airlines, which initiated a judicial procedure that resulted in the dissolution of the purchase and sale agreement in 2014.
From the point of view of the plaintiffs, the compensation for the losses suffered by the Barbados company in its investment in Venezuela can in no case be less than the value of the property rights at the date of expropriation, according to the calculations of this party. It is estimated to be at least $116 million.
Allegedly, the measures taken by the Maduro Government against the company constitute serious violations and non-compliance with the Investment Treaty in force between both countries, as well as with International Law, which the company resorted to “to recover its rights and rights”. Receive full compensation for losses suffered.”
Notification is expiring request for an “amicable agreement” However, if this does not happen, the company will initiate the arbitration procedure, which will be entrusted to the Spanish lawyer specialized in the matter. Lawyer Bernardo Creams He had already joined a multimillion-dollar claim in 2018 filed by the so-called Filipino heirs of the Sultan of Joló against Malaysia for violation of a natural resource lease signed in 1878 over certain territories that are now part of Malaysia. Asian country..