Mergers & Acquisitions Argos still awaiting Venezuela verdict on ownership rights 14 December, 2020 SHARE THIS ARTICLE Share Tweet Post Email MOST READ People Cimpor appoints Cevat Mert as new CEO Former Tata Steel Director leads Cimpor June 20, 2024 Markets & Competition Ambuja Cements and ACC launch visionary digital Ambuja Cements and ACC leading digital transformation in June 20, 2024 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. Sign in Don't have any account? Create one SHOW Forgot your username/ password? Log in Terms Of Service Privacy Policy This site is protected by reCAPTCHA and Terms of Service apply Sign in as: User Registration * Required field Sign In Information Personal Information Agree Yes No Terms of Service:You consent that we will collect the information you have provided us herein as well as subsequent use of our platform to render and personalize our services, send you newsletters and occasionally provide you with other information. * Fields marked with an asterisk (*) are required. Register SaveCookies user preferencesWe use cookies to ensure you to get the best experience on our website. If you decline the use of cookies, this website may not function as expected.Accept allDecline allCW GroupNewsAcceptDecline