Supporting Claimant at International Arbitration Hearing at ICSID

Prizma's Mehrdad Nazari was engaged by White & Case to serve as an Expert Witness for Claimant in the case of Gold Reserve Inc. v. Bolivarian Republic of Venezuela which is before the International Centre for Settlement of Investment Disputes (ICSID). According to its press release, Gold Reserve claims damages of approximately $2.1 billion arising from violations of provisions of the Canada-Venezuela bilateral investment treaty resulting in the effective expropriation of Gold Reserve's sizable investments in the Brisas gold/copper project and the Choco 5 property.

22 Sep 2014 update: Gold Reserve Awarded $740.3 Million by ICSID for the Expropriation of the Brisas Project by Venezuela

Mehrdad Nazari, Senior Corporate Responsibility & ESIA Advisor and a recognized expert on IFC Performance Standards & Equator Principles, provided detailed analyses of a variety of documents and witness statements, and contributed written submissions relating to ESIAs, stakeholder engagement and consultation, resettlement planning, strategic environmental assessment (SEA), mine closure planning and biodiversity issues to the tribunal.

Mr. Nazari also attend the arbitration hearing held in February 2012 in DC. The hearing focused on the evidentiary record in the case. This hearing was hosted by the World Bank in Washington, DC, and was presided over by an international, three-member tribunal.

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