Argos still awaiting Venezuela verdict on ownership rights

Colombia's Cementos Argos continues to await a decision by Venezuela's Supreme Court of Justice (TSJ) on the case of the expropriated Cementos Andino. [$]

{reg}[PAID={"id":"1,2,3,4,5","title":"The content you tried to access is only available to paid subscribers.","link":"1"}] Cementos Andino was purchased on January 9, 1998, by Argos from the Venezuelan state through a privatization process. The transaction was then valued at over $80 million and sold in an international bidding process led by the Venezuelan Investment Fund.

A legal case based on ownership claims has surfaced and now depends on a decision by the Supreme Court, which is unlikely to favor the Colombian cement company due to political rivalry between the two countries as well as reluctance by teh Venezuelan government to compensate for nationalized assets, EntornoInteligente reported.

Argos, in a statement, said that in 2006, after eight years work and investments of more than $100 million, "the founder of the original firm returned, who lost the company to the Venezuelan state after not being able to repay more than $250 million in debt, to take possession of it," according to EntornoInteligente.

"Today, Cementos Argos is awaiting a decision by the highest Court of Justice. And spare no effort in defending our legitimate interests and rights against the undue encroachment," Argos said in a statement.