Spanish buffet announces multimillion-dollar arbitration to Maduro over Caracas skyscraper takeover'Spanish buffet announces Maduro in arbitration over Caracas skyscraper takeover

The Spanish law firm B. Cremades & Asociados, which specializes in international arbitrations, intends to sue the government of Nicolás Maduro in Venezuela over the 'confiscation and forced occupation' of the Epsilon Building in Caracas, a 15-story building whose ownership is claimed by a company registered in Barbados, and''which has been declared a "public utility" since August 2010.

The building, according to the plaintiffs, is occupied by the State International Investment Center (CIIC), a Venezuelan government organization that is paradoxically responsible for attracting foreign investment to Venezuela. Its leadership includes Vice President and Minister of Economy and Finance Delcy Rodriguez, who presumably has her office in the building.

The amount of the lawsuit is 116''million dollars, and the Spanish law firm is relying on the Investment Promotion and Protection Treaty signed between the Bolivarian Republic and the Barbados government in 1994 to give the responsible Venezuelan officials three months to review the matter before arbitration. The procedure will be conducted in accordance with the rules established by the UN Commission on International Commercial Law.

The lawsuit is based on Bottlenose Investments Limited, a company incorporated and based in Barbados, a jurisdiction that protects shareholder privacy. The notice of dispute, with confirmation of receipt by the Ministry of People's Power for External Affairs, to which EL PERIÓDICO DE ESPAÑA has access, is dated October 20 last year''Venezuela by the Barbados company cannot in any event be less than the value of the title at the time of forfeiture, which the claimant calculates to be at least 116 million dollars.