By Najat Kantouar
Telefonica said the World Bank's arbitration arm sided in its favor in a long-running dispute with Colombia, ordering the Latin American country to pay $379.8 million in compensation.
In 2018, the Spanish telecommunications company filed a complaint with the World Bank's International Centre for Settlement of Investment Disputes after a Colombian court issued its local subsidiary a fine of $379.8 million, relating to a series of government measures.
The ICSID on Wednesday ordered Colombia to repay the entire amount claimed by the company plus interest, Telefonica said.
The Colombian government couldn't immediately be reached for comment.
Write to Najat Kantouar at najat.kantouar@wsj.com
(END) Dow Jones Newswires
November 13, 2024 11:06 ET (16:06 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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