MEXICO CITY, June 10 (Reuters) - Mexican corn miller and tortilla maker Gruma said on Monday it has asked the World Bank to arbitrate in its negotiations with Venezuela over the nationalization of its factories there.
Gruma said it was stripped of control of its Venezuelan subsidiaries in January by Venezuela’s government.
The company filed the arbitration request with the World Bank’s International Centre for Settlement of Investment Disputes on June 6.
“It’s a request for arbitration so that the group’s companies can continue operating in Venezuela like any other foreign company,” a Gruma spokesman said.
“(Gruma) is still negotiating with the government of Venezuela,” he said.
The company continues to operate factories in Venezuela in partnership with authorities.
The government of late President Hugo Chavez nationalized large parts of the OPEC nation’s economy, from oil facilities to telecoms during Chavez’s 14 years in power.