Final compensation installment of US$97.5 million for nationalization of Holcim Venezuela received
HOLCIM have announced they have received the last compensation installment in connection with the nationalization of Holcim Venezuela.
The Corporación Socialista Del Cemento, S.A. that is operating the former Holcim plant has transferred the remaining compensation amount of US$97.5 million. The payment, part of US$650 million in overall compensation payment, was originally due on 10 September 2014.
Holcim had been in contact with the relevant parties in Venezuela to address the final compensation installment after the country’s government failed to complete compensation payment related to the nationalization of the Swiss cement company’s operations in Venezuela.