ICSID Tribunal terminates arbitration proceedings against Venezuela for non-payment of advance costs

Pursuant to ICSID Administrative and Financial Regulation 14(3)(d), the Tribunal terminated the proceedings on 3 December 2021 after the lapse of the six-month notice period provided for the payment of the requested advances.

The arbitration proceedings were instituted by Barbados-based Saint Patrick Properties Corporation  in 2016.