O-I's Dutch subsidiary, OI European Group (OIEG), has won an international arbitration against Venezuela as a result of the country nationalising two of its plants in 2010. OIEG has been awarded over $455m for what was deemed Venezuela's unlawful expropriation of OIEG's two plants, although it remains unsure as to when it will receive payment. The award was issued by a tribunal from the International Centre for Settlement of Investment Disputes. International law requires Venezuela to pay OIEG the amounts due, although as the country is in the midst of a severe recession it may seek to annul or delay the payment. The company has said that if Venezuela fails to meet is obligations, OIEG will seek to enforce the award against Venezuela's assets around the world or find alternative measures of redress. The tribunal found that Venezuela violated its obligations under a 1991 bilateral investment treaty between itself and the Netherlands, and awarded OIEG more than $372m in compensation plus interest which, calculated to-date, exceeds $84m. The tribunal also awarded costs and legal fees to OIEG.
