The company has filed a petition against the South American country in a New York court in a bid to enforce the arbitration decision
Tony Smurfit, CEO of Smurfit Westrock. Photo: Bloomberg
Almost a year after Smurfit Westrock (formerly Smurfit Kappa) was awarded almost $469m (€403m) against the Venezuelan state after the company’s assets in the country were seized, the company is still awaiting a decision by the International Centre for Settlement of Investment Disputes (ICSID) that would pave the way for enforcement of the award.
A Dutch unit of the packaging company headed by chief executive Tony Smurfit filed a petition against Venezuela last year in the US. This was done in an effort to enforce an arbitration award made in its favour after the government of the South American country took control of the company’s assets there.
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