Venezuela says $1.4 bln Crystallex award 'unfair'
Venezuela said on Thursday that a $1.4 billion award to Canada's Crystallex International Corp for the expropriation of a mining project was "unfair and disproportionate."
The World Bank's International Centre for Settlement of Investment Disputes this month ordered Venezuela to pay the sum as compensation for expropriating the Las Cristinas gold project that former president Hugo Chavez's government took over in 2008.
"The Bolivarian Republic of Venezuela expresses its disagreement with the ruling," said a statement from the Attorney General's Office, noting there had been "fatal errors" in the methodology used.
"The Republic will use the legal resources at its disposition to weaken the evidently unfair and disproportionate decision."
http://finance.yahoo.com/news/venezuela-says-1-4-bln-204733698.html
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