Corbyn had promised a radical socialist program of higher public spending, sweeping nationalization and taxes on the wealthy.

But the industry withered after a 1962 coup introduced a disastrous "Burmese Way to Socialism" and sweeping nationalization.

Once led by Tony Blair and Gordon Brown, it now proposes sweeping nationalization and an overhaul of the banking system.

The high-profile compensation case is typical of the sweeping nationalizations during late president Hugo Chavez's 14-year rule.

Critics say Chavez's sweeping nationalizations and aggressive regulations weakened the private sector and left the country more dependent on imports.