Proposed compensation with respect to nationalization of Holcim Venezuela not acceptable

07.31.2009
 
 

In connection to the nationalization of Holcim Venezuela, Holcim has to date not received a compensation offer from the Republic of Venezuela that is acceptable from a legal or financial standpoint.

In connection to the nationalization of Holcim Venezuela, Holcim has to date not received a compensation offer from the Republic of Venezuela that is acceptable from a legal or financial standpoint.

 

Therefore, Holcim will continue with the arbitration proceedings as filed with the International Centre for the Settlement of Investment Disputes (ICSID) in Washington D.C. in March 2009. In the arbitration proceedings, the Group seeks full compensation for the expropriation of its former Group company, Holcim Venezuela, by the Venezuelan Government.

 

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Holcim is one of the world's leading suppliers of cement and aggregates (crushed stone, gravel and sand) as well as further activities such as ready-mix concrete and asphalt including services. The Group holds majority and minority interests in around 70 countries on all continents.
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