Honduras denounced the ICSID Convention via a written notice received by the World Bank on February 24, 2024. Under Article 71 of the ICSID Convention.
Background - In 2018, several foreign investors obtained international arbitration awards against the Venezuelan government, which nationalized various industries under.
Two affiliates of Mexican tortilla producer Gruma SAB de CV want a D.C. federal court to enforce their $500 million arbitral award against Venezuela, citing a magistrate judge's conclusion last month that the underlying arbitration was conducted fairly.
In October 2019, Lebanese banks closed down, and while they did eventually reopen, there are severe restrictions on the withdrawal and transfer of funds and foreign currency transactions – known as "de facto" capital controls. In light of the impact that these restrictions have had on businesses, investors may be tempted to challenge them through recourse to investor-state arbitration.