MADRID/BOGOTA (Reuters) -Spanish telecoms firm Telefonica (NYSE:) stated on Wednesday that the World Financial institution’s Worldwide Centre for Settlement of Funding Disputes (ICSID) had ordered the Colombian authorities to pay it $380 million as a part of an arbitration course of.

Colombia was additionally ordered to pay Telefonica’s authorized charges for the dispute that began in February 2018 and compound curiosity at a fee of 5% as compensation of the damages induced, Telefonica stated.

Telefonica stated it opposed a sequence of measures handed by the Colombian authorities that resulted in Telefonica paying the quantity in 2017. The measures violated a bilateral treaty defending international investments signed by Spain and Colombia, Telefonica stated.

The ICSID didn’t reply to a request for remark, although its web site stated the case was closed on Oct. 2 in accordance with its arbitration guidelines.

A spokesperson on the Colombian finance ministry confirmed the arbitration.

The Colombian state’s authorized protection company stated in a press release it was inspecting the opportunity of interesting the choice with help from worldwide legislation agency Wordstone Dispute Decision.

The company will look at whether or not the arbitral tribunal “exceeded its powers by ignoring the authority of (Colombia’s) Constitutional Courtroom on issues of its jurisdiction,” amongst different issues, the assertion stated.

In July, Telefonica, which has already divested from many markets in Latin America, stated it had began talks with New York-listed Millicom to promote its stake in its Colombian unit for $400 million.