DECIDED BY: PIERRE MARIE DUPUY, PROFESSOR (CO-ARBITRATOR), DAVID A.R. WILLIAMS QC, PROFESSOR (CO-ARBITRATOR), PIERO BERNARDINI, PROFESSOR (PRESIDENT OF TRIBUNAL)
On September 22, 2014, an arbitral tribunal composed of Professor Piero Bernardini (President), Professor David A.R. Williams QC, and Professor Pierre Marie Dupuy issued an award in ICSID Case No. ARB(AF)/09/1, Gold Reserve Inc. v. Bolivarian Republic of Venezuela. The Tribunal awarded Claimant total damages of US$ 713,032,000 with interest, and legal costs of US$ 5,000,000, arising from Venezuela’s breach of the Treaty between the Government of Canada and the Government of Venezuela for the Promotion and Protection of Investments (“the Canada-Venezuela BIT”).
In early 1999, Claimant Gold Reserve Inc. (“Gold Reserve”) acquired, through its purchase of the shares the Brisas Company, two mining concessions in Southeastern Venezuela for the extraction of gold, copper and molybdenum.