Venezuela seizes Cemex facilities

Monterrey, Mexico-based Cemex, a producer of cement building products, has threatened arbitration in an on going fight against Venezuea’s plan to nationalize its cement production operations.

In a statement, Cemex said it will submit a complaint seeking international arbitration with the International Center for Settlement of Investment Disputes, following the Venezuelan Government’s seizure of Cemex’s business unit in that country.

Venezuela approved a “forced acquisition” of the shares and property of the Cemex local unit, a day after the country’s national guard, oil workers and Energy and Oil Minister Rafael Ramirez seized Cemex’s facilities.