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Monday, February 13, 2012

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Legal Disputes: Venezuela World's Worst

LEAST EFFICIENT WORLDWIDE The Supreme Court in Venezuela. The country's legal system is the worst for settling business disputes worldwide. (Photo: Guillermo Ramos Flamerich)

South America country worst in legal dispute framework.

BY JOACHIM BAMRUD

Venezuela is the worst country in the world when it comes to having a legal framework that can help private businesses settle disputes, according to a Latin Business Chronicle analysis of an executive opinion survey from the Swiss-based World Economic Forum (WEF).

Many foreign companies have had to take their disputes with the government of Venezuela to international fora like The World Bank's International Centre for Settlement of Investment Disputes (ICSID) in Washington, D.C. and the Paris-based ICC (International Chamber of Commerce).

In the WEF survey of 142 countries worldwide, executives were asked to rate 7 as best and 1 as worst. Venezuela receives a score of ...

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Key words: Argentina, Brazil, Colombia, Costa Rica, Mexico, Panama, Peru, Uruguay, Venezuela

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