Chavez: Venezuela won't recognize arbitration body

January 8, 2012 - 2:50 PM

CARACAS, Venezuela (AP) — Venezuelan President Hugo Chavez said Sunday that his government should pull out of a World Bank-affiliated arbitration body and won't recognize its decisions.

Exxon Mobil Corp. is one of more than a dozen companies with arbitration cases against Venezuela pending before the World Bank-affiliated International Centre for Settlement of Investment Disputes, or ICSID.

Chavez announced his decision while referring to a more than $900 million award that Exxon Mobil recently won in another arbitration case before the International Chamber of Commerce.

"Now they're threatening us in the ICSID," Chavez said. "We have to get out of that ICSID. And I'll go ahead and say it: We won't recognize any of ICSID's decisions."