WILLEMSTAD - The Court of First Instance of Curaçao has ruled in favor of the European Credit Insurance Groul Credendo, granting their request to enforce an international arbitration award against Venezuelan firm Bariven S.A. This decision, delivered in July 2024, concludes a lengthy legal battle over a significant financial claim. 

The dispute originated from an arbitration ruling issued on May 13, 2019, by the International Court of Arbitration of the International Chamber of Commerce (ICC) in Paris. In that ruling, Bariven was ordered to pay Credendo USD 14,625,753.20, in addition to interest and legal fees. Despite the arbitration panel's clear verdict, Bariven failed to comply with the payment. 

The case progressed through various legal stages, including a crucial decision by the Court of Amsterdam on April 20, 2021, which granted exequatur. This legal recognition allowed for the enforcement of foreign arbitral awards. 

In recent developments, Credendo sought to enforce the ICC's 2019 award, claiming that the amount owed, with accrued interest, now totals approximately USD 25 million. Their request was supported by the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958), a framework that facilitates the international enforcement of arbitration decisions. 

Bariven did not participate in the proceedings or contest the enforcement request, which expedited the court's decision. The Court of First Instance in Curaçao found no grounds for refusing the enforcement request under the applicable UNCITRAL Model Law on International Commercial Arbitration. 

The court's decision includes several key rulings. The arbitration award from May 13, 2019, is recognized and enforceable in Curaçao. Credendo is granted permission to enforce the arbitration award against Bariven. Bariven is also ordered to cover procedural costs amounting to NAf 450 in court fees, NAf 309 in bailiff costs, and NAf 1,500 for legal representation. Additionally, the decision is declared immediately executable, allowing Credendo to proceed with enforcement without further delay. 

This ruling highlights Curaçao’s commitment to upholding international arbitration awards and represents a significant victory for Credendo in their efforts to secure payment from Bariven. 

Looking ahead, Credendo is expected to take further legal steps to collect the outstanding amount from Bariven. This decision also sets a precedent for the enforcement of international arbitration awards within Curaçao's jurisdiction.