Venezuela seeks annulment of Exxon award at World Bank tribunal

[Zorro]

Venezuela has requested the annulment of a World Bank tribunal award that orders it pay Exxon Mobil Corp <XOM.N> $1.6 billion in compensation for nationalizations, both sides said on Wednesday.

George Kahale, Venezuela's lawyer, said he did not know when the tribunal was likely to issue a decision on the request.

"The first step is for the appointment of the committee to hear the annulment application, and that has not happened yet," said the lawyer with Curtis, Mallet-Prevost, Colt & Mosle LLP.

"The schedule for the annulment process will not be determined until after the committee is appointed."

http://finance.yahoo.com/news/venezuela-files-annulment-exxon-award-world-bank-tribunal-000150909--finance.html

[COLGATE4]

1. Why would they ever expect that they'd have to pay

for equipment and assets that they expropriated? That's not the way of the 'Bolivarian Revolution'.