After two years of briefing and discovery, the tribunal unanimously concluded that Venezuela had breached the BIT. The tribunal outlined two particular violations of the BIT. First, it found that Venezuela's actions violated the BIT's guarantee of fair and equitable treatment. The tribunal criticized Venezuela for denying Crystallex the permit and rescinding its contract with the company, commenting that Venezuela's acts "lack[ed] transparency and consistency." Second, the tribunal concluded that Venezuela breached the BIT's ban on expropriation when the country decided to exploit Las Cristinas itself.