Venezuela ordered to pay for expropriation of Margarita island airport

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Monday, November 24, 2014

Chilean airport operator IDC and its Swiss partner Flughafen Zürich won a case presented to the World Bank's arbitration court ICSID against the Venezuelan government for the expropriation of the concession to operate the airport on Margarita island.

The tribunal ordered Venezuela to pay US$19.4mn plus interest from the date of the December 30, 2005 expropriation, bringing the total to US$33.7mn, Chilean newspaper El Mercurio reported. Venezuela will also have to pay US$535,000 in court costs as well as US$1.87mn in lawyer fees.

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IDC and Flughafen Zürich – operator of Zürich airport – were seeking US$50mn-60mn in damages, the paper quoted their lawyer Andrés Jana as saying.

The 20-year concession was awarded in 2003.