Smurfit Westrock Awarded $469M by Arbitrators in Venezuela Dispute

Dow Jones08-30

By Josh Beckerman

Smurfit Westrock was awarded nearly half a billion dollars by a World Bank arbitration tribunal in a dispute with the Venezuelan government that led the company to pull out of the country six years ago.

The Irish packaging giant Thursday said the World Bank's International Centre for Settlement of Investment Disputes granted its Smurfit Holdings BV unit compensation in excess of $468.7 million, plus legal costs of $4.5 million, plus interest from May 31 until the date of payment.

Smurfit Westrock said it "will now pursue the full value of the Award from Venezuela."

Smurfit Kappa abruptly pulled out of Venezuela in 2018 after military officers arrested several managers and seized its plants. Authorities in the government of President Nicolás Maduro had accused the company of market speculation and demanded it lower prices of some goods, union leaders then said. Smurfit denied the charges.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

August 29, 2024 13:01 ET (17:01 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2463297267?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2024-08-30 01:01","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2463297267","market":"sg","top_or_hot":-1,"title":"Smurfit Westrock Awarded $469M by Arbitrators in Venezuela Dispute","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<pre>\n \n</pre>\n<p>\n  By Josh Beckerman \n</p>\n<pre>\n \n</pre>\n<p>\n  Smurfit Westrock was awarded nearly half a billion dollars by a World Bank arbitration tribunal in a dispute with the Venezuelan government that led the company to pull out of the country six years ago. \n</p>\n<p>\n  The Irish packaging giant Thursday said the World Bank's International Centre for Settlement of Investment Disputes granted its Smurfit Holdings BV unit compensation in excess of $468.7 million, plus legal costs of $4.5 million, plus interest from May 31 until the date of payment. \n</p>\n<p>\n  Smurfit Westrock said it \"will now pursue the full value of the Award from Venezuela.\" \n</p>\n<p>\n  Smurfit Kappa abruptly pulled out of Venezuela in 2018 after military officers arrested several managers and seized its plants. Authorities in the government of President Nicolás Maduro had accused the company of market speculation and demanded it lower prices of some goods, union leaders then said. Smurfit denied the charges. \n</p>\n<pre>\n \n</pre>\n<p>\n  Write to Josh Beckerman at josh.beckerman@wsj.com \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  August 29, 2024 13:01 ET (17:01 GMT)\n</p>\n<p>\n  Copyright (c) 2024 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Smurfit Westrock Awarded $469M by Arbitrators in Venezuela Dispute</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSmurfit Westrock Awarded $469M by Arbitrators in Venezuela Dispute\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-08-30 01:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://dowjonesnews.com/newdjn/logon.aspx?AL=N><strong>Dow Jones</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>By Josh Beckerman \n\n\n \n\n\n  Smurfit Westrock was awarded nearly half a billion dollars by a World Bank arbitration tribunal in a dispute with the Venezuelan government that led the company to pull out ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0385154629.USD","symbol_name":"贝莱德营养科学基金A2","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2463297267","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2463297267","pubTimestamp":1724950860,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"Smurfit Westrock was awarded nearly half a billion dollars by a World Bank arbitration tribunal in a dispute with the Venezuelan government that led the company to pull out of the country six years ago.The Irish packaging giant Thursday said the World Bank's International Centre for Settlement of Investment Disputes granted its Smurfit Holdings BV unit compensation in excess of $468.7 million, plus legal costs of $4.5 million, plus interest from May 31 until the date of payment.Smurfit Westrock said it \"will now pursue the full value of the Award from Venezuela.\". Smurfit Kappa abruptly pulled out of Venezuela in 2018 after military officers arrested several managers and seized its plants. Authorities in the government of President Nicolás Maduro had accused the company of market speculation and demanded it lower prices of some goods, union leaders then said. Smurfit denied the charges.","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU0385154629.USD":"贝莱德营养科学基金A2","LU0612318385.USD":"BGF NATURAL RESOURCES \"A2\" (USD) ACC","SW":"Smurfit WestRock PLC","LU0654597011.USD":"BGF NATURAL RESOURCES \"A4G\" (USD) INC","LU1803068623.USD":"TEMPLETON GLOBAL CLIMATE CHANGE \"AH1\" (USDHDG) ACC","LU1989763690.USD":"东方汇理世代食品基金A2 Acc","BK4585":"ETF&股票定投概念","BK4136":"纸材料包装","LU1989763427.SGD":"CPR Invest - Food For Generations A2 Acc SGD-H","LU0612318971.USD":"BGF NATURAL RESOURCES \"A5G\" (USD) INC","LU1430597077.USD":"BGF NATURAL RESOURCES \"A\" (USD) INC","BK4588":"碎股","LU0471298694.HKD":"BGF NUTRITION \"A2\" (HKD) ACC","LU0471298777.SGD":"Blackrock Nutrition A2 SGD-H","WRK":"Westrock Company","LU2360106947.USD":"BGF NUTRITION \"A4\" (USD) INC"},"translate_title":"Smurfit Westrock在委内瑞拉纠纷中被仲裁员裁定4.69亿美元","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WRK":1,"SW":0.9},"content_text":"By Josh Beckerman \n\n\n \n\n\n  Smurfit Westrock was awarded nearly half a billion dollars by a World Bank arbitration tribunal in a dispute with the Venezuelan government that led the company to pull out of the country six years ago. \n\n\n  The Irish packaging giant Thursday said the World Bank's International Centre for Settlement of Investment Disputes granted its Smurfit Holdings BV unit compensation in excess of $468.7 million, plus legal costs of $4.5 million, plus interest from May 31 until the date of payment. \n\n\n  Smurfit Westrock said it \"will now pursue the full value of the Award from Venezuela.\" \n\n\n  Smurfit Kappa abruptly pulled out of Venezuela in 2018 after military officers arrested several managers and seized its plants. Authorities in the government of President Nicolás Maduro had accused the company of market speculation and demanded it lower prices of some goods, union leaders then said. Smurfit denied the charges. \n\n\n \n\n\n  Write to Josh Beckerman at josh.beckerman@wsj.com \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  August 29, 2024 13:01 ET (17:01 GMT)\n\n\n  Copyright (c) 2024 Dow Jones & Company, Inc.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.4","shortVersion":"4.26.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2463297267"}