Venezuela to Withdraw from World Bank's Arbitration Body 

Tuesday 24th January 2012 | Sam P'yang

Venezuela announced that it plans to leave the World Bank's arbitration body it emerged today.

Instead it plans to to settle disputes with foriegn parties via it's own domestic court system and unstelled disputes will be presided over by Venezuelan Judges and court officials, annouced Rafael Ramírez, the countries oil minister.

This decision by Venezuela to leave the World Bank's arbitration Body will have dramatic conequences on a number of foreign companies that trade in the region. Time will tell if this discourages foreign multi-nationals from doing business in the country and howthis move by Venezuela will impact the local economy.

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