Venezuela to leave World Bank's arbit...

Venezuela to leave World Bank's arbitration body

There are 1 comment on the WDBO-AM Orlando story from Jan 16, 2012, titled Venezuela to leave World Bank's arbitration body. In it, WDBO-AM Orlando reports that:

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.

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Dwight Baker

Eagle Pass, TX

#1 Jan 16, 2012
COURT before Judges ranks superior over arbitration!
By Dwight Baker
[email protected]
January 16, 2012

EXCERPT

Oil Minister Rafael Ramirez said Sunday disputes with foreign companies, including an unsettled disagreement with Exxon Mobil Corp., would be heard by Venezuelan judges not international forums such as the Washington-based International Centre for Settlement of Investment Disputes, or ICSID

MY TAKE

The new twist in perfection of laws is called arbitration. And the decisions that come about in arbitration depend on whom you know and how much money you are willing to put in to play.

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