Venezuela Update Webinar: Exchange Controls and Possible International Remedies to Recover Stranded Funds, and OFAC Sanctions

The repatriation of funds has continued to be a serious problem in Venezuela. On March 9, 2016, the Government of Venezuela announced the creation of two new foreign exchange platforms: DIPRO and DICOM, as another attempt to “ease” its strict system of exchange controls. Companies have been subjected to eight exchange platforms of similar structure since 2003. While currency exchange has become increasingly difficult, if not impossible, in Venezuela, many companies have been forced to write off large balances and curtail operations. The lack of a free currency exchange market continues to implicate Venezuela’s international law obligations under bilateral investment treaties (BITs). Depending on how companies have structured their investments in Venezuela, remedies may be available for foreign investors to seek a negotiated solution or pursue international arbitration to recover their funds and obtain compensation for losses suffered.

Please join us on Wednesday, June 22, 2016, at 11:00 AM EDT for an update on Venezuela’s exchange controls situation, possible legal remedies for foreign investors, and an update on OFAC’s Venezuela sanctions.

Topics will include:

• Venezuela’s exchange controls regime
• New DIPRO and DICOM platforms, and other measures and legal instruments recently adopted by the Venezuelan Government
• Legal protections and potential recovery mechanisms for foreign investors provided in BITs signed by Venezuela
• Time limitations and other implications of pursuing international arbitration against Venezuela
• Settlement strategy and other efforts to seek a negotiated solution with the Venezuelan Government
• Update on U.S. OFAC’s Venezuela sanctions

Speakers include members of Crowell & Moring’s International Dispute Resolution and International Trade teams, and C&M International, based in Washington, D.C., and AraqueReyna’s Corporate and Alternative Dispute Resolution teams based in Caracas, Venezuela. Please click here to view a brief description on how BITs may be used to aid in the recovery of monies owed by Venezuela. We hope you can join us for this webinar.

There is no fee to attend this webinar.

Please click here to view the on-demand version of this webcast.
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Please click here to view the PowerPoint slides for this webinar.