The Paris Appeal Court's recent decision in favour of Air Canada upholding its USD $21 million claim from Venezuela is a significant development in a longstanding dispute between the airline and the South American country, reports CH-Aviation.
The court not only affirmed the compensation awarded to Air Canada by the United Nations' International Centre for Settlement of Investment Disputes but also ordered Venezuela to pay an additional EUR100,000 (CAD $146,247.50) in costs.
This dispute dates back to 2017 when Air Canada filed a case against Venezuela for failing to repatriate approximately USD $50 million in airline ticket revenues. The ruling favouring Air Canada marks a legal victory for the airline and sets a precedent in international investment dispute resolution.
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