Koch brothers sue Venezuela to collect $409 million

AP News
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Posted: Dec 01, 2017 5:02 PM

WASHINGTON (AP) — Two companies that belong to billionaire brothers Charles and David Koch are suing Venezuela to collect $409 million awarded by an international arbitration panel.

Koch Minerals Sarl and Koch Nitrogen International Sarl say Venezuela has not paid any part of the award granted in October by the International Centre for Settlement of Investment Disputes. The award came after then-President Hugo Chavez expropriated FertiNitro in 2010.

The Venezuelan Embassy did not respond to a request for comment.

The lawsuit comes days after the Venezuelan government and the state oil company, PDVSA, defaulted on billions of dollars' worth of bonds.

The Koch brothers are well-known for their strong advocacy for conservative causes.