Holcim wants Venezuela to pay for taking control

[bridgit]

'Swiss cement manufacturer Holcim is seeking compensation from Venezuela through international channels after the leftwing government nationalised its operations.

Holcim said the Venezuelan government had failed to live up to its promise to pay $550 million (SFr620 million) according to an agreement signed in August and had stopped all communication.

Holcim's Venezuelan subsidiary was taken over in June along with two other international cement makers. The compulsory nationalisation was part of a campaign by Venezuelan president Hugo Chávez to take direct control of key industries.

Holcim signed a memorandum of understanding two months later to sell an 85 per cent stake of its operations for less than market value. No final binding agreement was signed, but the company has finally run out of patience with Venezuela's stalling with no sign of the money being handed over.'

http://www.swissinfo.org/eng/front/Holcim_wants_Venezuela_to_pay_for_taking_control.html?siteSect=105&sid=10488215&cKey=1237826105000&ty=st