Holcim receives Venezuela payment

Holcim has received the final US$ 95.7 million compensation payment from Venezuela, following the expropriation of its businesses in the country in August 2008. The payment, the final instalment in the total of US$ 650 million compensation, had been due in September. Holcim reported in October that it had not received the funds

The payment relates to the forced nationalisation of Holcim’s Venezuelan business in August 2008. Following the launch of arbitration proceedings in March 2009 the Venezuelan government agreed in September 2010 to pay US$ 650 million in compensation. This comprised an initial sum of US$ 260 million and four annual instalments of US$ 97.5 million.