In recent years, Venezuelan President Hugo Chavez announced his plans to nationalize foreign-owned cement companies. The cement companies of CEMEX Caracas Investments B.V. and CEMEX Caracas II Investments B.V. (CEMEX) initiated this arbitration proceeding against the Bolivarian Republic of Venezuela (Venezuela) at the International Centre for Settlement of Investment Disputes (ICSID). CEMEX is the largest supplier of cement in Venezuela (CemVen) carried out by three decrees and by occupation of CEMEX plants by Venezuelan armed forces at the same time. This proceeding focuses on whether ICSID has jurisdiction over this dispute under the Venezuela-Netherlands Bilateral Investment Treaty (BIT) and/or Article 22 of Venezuela's Investment Law (Article 22).
Shari Manasseh, Breaking the Cemnet: Venezuela's Move to Nationalize Cemex Leads to Dispute Over Arbitral Jurisdiction, 3 416 (2011).