Smurfit Westrock Wins Roughly $500 Million Award in Claims Against Venezuela-July 2024-www.financetom.com

Smurfit Westrock Wins Roughly $500 Million Award in Claims Against Venezuela

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Smurfit Westrock Wins Roughly $500 Million Award in Claims Against Venezuela

Aug 31, 2024 6:37 AM

12:37 PM EDT, 08/29/2024 (MT Newswires) -- Smurfit Westrock ( SW ) said Thursday it was awarded around half a billion dollars in a dispute with Venezuela.

An arbitral tribunal formed under the World Bank awarded the company $468.7 million, plus interest and legal fees, in relation to the company's arbitration claims against the country.

Smurfit had previously held the Venezuelan government responsible for the 2018 deconsolidation of its business Smurfit Kappa Carton de Venezuela over "continuing actions and interference" by the country, including seizure of its assets.

Smurfit said it would now pursue the full value of the award from Venezuela.

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