Venezuela: final compensation installment delayed

Venezuela: final compensation installment delayed
Published: 06 October 2014

Tagged Under: Holcim Venezuela Latin America 

Holcim is yet to receive the last compensation installment in connection with the nationalisation of Holcim Venezuela in 2008, the company said in a statement today.

Corporación Socialista Del Cemento, SA, which is operating the former Holcim plant, has not transferred the remaining compensation amount of USD$97.5m due on 10 September 2014.

The Swiss cement major said it is in contact with the relevant parties in Venezuela to address this situation and, if necessary, "will pursue all legal steps to collect the amounts due."