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Venezuela nears World Bank arbitration court exit

Venezuela to exit World Bank’s international court in latest blow to investors

Venezuela will exit the World Bank’s international arbitration court next week in the latest blow to international investors in the country. The decision to leave the court – known as the International Centre for the Settlement of Investment Disputes (ICSID) – was announced in January, when president Hugo Chavez denounced the court as unfair and biased against Venezuela. A six-month notice period means that Venezuela will officially leave the court on 25 July. ICSID had long been a favourite target for Chavez, who had threatened to leave the Washington-based court since at least 2007. He finally followed through on the threat this year, just weeks after US supermajor ExxonMobil was awarded

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