Getting your player ready...
CARACAS, Venezuela — Venezuela plans to leave the World Bank’s international arbitration body and try to settle disputes with foreign companies within its own judicial system, Oil Minister Rafael Ramirez said Sunday.
Ramirez also announced that Venezuela would seek to renegotiate dozens of international investment-related agreements.
Venezuela’s decision to leave the organization would affect more than a dozen foreign companies that have unsettled disputes with the government of President Hugo Chavez over compensation for assets seized as part of nationalizations and state takeovers.
Denver Post wire services
