Venezuela
US multinational Kimberly-Clark has filed a formal request to take Venezuela to court regarding the expropriation of its abandoned factory by the government of Nicolas Maduro in July 2016.
Investors holding billions of dollars in defaulted Venezuelan bonds have formed at least one bondholder committee, which could signal an eventual legal dispute similar to the dispute with Argentina after it defaulted on its sovereign debt in early 2002.
DC court ruled in Rusoro’s favour, rejecting all of Venezuela’s defenses and holding that the award was valid and enforceable in the United States.
US Federal District Court Judge Richard J. Leon has ordered Rusoro’s $1.2 billion ICSID Expropriation award against Venezuela registered in the US.
Venezuela has steadfastly refused to pay the arbitration award.
Rusoro Mining Ltd. has announced that it has obtained a judgment against the Republic of Venezuela in the Superior Court of Justice in Ontario, Canada, of over US$1.3 billion.
The Koch Brothers have filed suit in Federal District Court in Washington, D.C., to collect a $409 million ICSID award against Venezuela.
In a series of recent awards, ICSID tribunals have adopted contrasting (and apparently irreconcilable) approaches to Venezuela’s denunciation of the ICSID Convention.
Crystallex International Corp. and Venezuela agreed to settle a US$1.2 billion dispute over the 2011 nationalization of a gold deposit in the South American nation.
Crystallex — owed $1.4 billion for the expropriation of its Venezuela mining subsidiary — has moved U.S. Federal Court in Delaware to seize Petroleos de Venezuela Holding, the parent company of PDVSA’s American unit Citgo Holding.
Canadian miner Crystallex has won U.S. court approval to bar China’s Haitong International Securities Group Ltd from transferring securities owned by Venezuela, in a move to recoup damages from an expropriation by the OPEC nation.
A U.S. appeals court said a lower court judge erred in entering a judgment to enforce the $1.6-billion award, since reduced to about $188-million.
Venezuela is taking its fight over a $1.4 billion arbitral award to the District of Columbia’s federal court of appeals.
Gold Reserve Inc. reports that it has received a $40 million payment on its $800 million judgment that it won at the World Bank’s International Center for the Settlement of Investment Disputes (ICSID) in 2014.
An International Centre for Settlement of Investment Disputes (ICSID) Committee has annulled nearly 90% of the US$1.6 billion Award which had been won by ExxonMobil affiliates in their ICSID arbitration against Venezuela.
A federal district court in Washington, D.C. recently confirmed a $1.2 billion arbitral award in favor of Crystallex International Corp
Although the original UNCITRAL panel that heard the case allowed jurisdiction, the French Court of Appeals that heard Venezuela’s appeal annulled parts of that jurisdiction decision.
A U.S. court has upheld an award by a World Bank Tribunal that orders Venezuela to pay more than $1 billion to Canadian mining company Crystallex, paving the way for the firm to seize assets for the 2008 expropriation of the Las Cristinas gold project.
Lawyers for Exxon Mobil have asked a federal judge to order Venezuela to pay the company more than $188.3 million—the amount Exxon Mobil says it is still owed as repayment for the 2007 expropriation of its oil assets.
An ICSID Annulment Committee’s decision to reduce the damages to be paid to Exxon by $1.4 billion seems like a cause for celebration-a victory of economic sovereignty over Big Oil. But as gifts to economic justice go, this one is a Trojan horse indeed.
