CANADIAN MINERAL DEMAND AGAINST CITGO AND POST IN US (+ Translation) Crystallex International Corp., based in Toronto, said in a lawsuit filed in federal court in Delaware that PDV Holding Inc. promises more than half of its shares in Citgo Holding to secure a bond swap for Petroleos de Venezuela SA, Known as PDVSA. PDV Holding ndash; A PDVSA Delaware subsidiary ndash; Agreed to grant PDVSA's creditors a charge on 50.1 percent of its CITGO shares, which will "secure approximately $ 3.36 billion of new debt from PDVSA." "By giving a lien on a substantial portion of its assets without consideration as a defendant in a lawsuit seeking approximately $ 1.4 billion in damages, the defendant has acted with the intent of hindering and delaying its creditors," states the claim Crystallex. Crystallex received a $ 1.4 billion ruling against Venezuela by a World Bank court after the South American nation expropriated the company's mining operations in Las Cristinas, Venezuela, with one of the largest undeveloped gold deposits in the world.Following the confiscation and nationalization of Crystallex mining interests by the late Hugo Chavez in 2011, PDVSA sold 40 percent of the Las Cristinas assets to the Central Bank of Venezuela for $ 9.5 million, while Crystallex was taken to the bankruptcy. Last year, Crystallex brought a similar fraudulent transfer claim against PDVSA, PDV Holding and Citgo Holding, alleging that Venezuela used its state-owned companies to siphon US $ 2.8 billion from the United States to avoid paying billions of dollars in Arbitration judgments and judgments against him. In that lawsuit, Crystallex alleges that PDV Holding and PDVSA "orchestrated a plan to monetize their US assets and extract US revenues in order to evade potential arbitration creditors." The net result, according to the 2015 complaint, was that "Venezuela (through PdVSA and its subsidiaries) repatriated $ 2.8 billion in revenues, leaving its US-based subsidiary, Citgo Holding, insolvent on an accounting basis, While Venezuela faced dozens of arbitrations and litigation seeking billions of dollars in recoveries. " A Delaware judge recently denied PDVSA's motion to dismiss the Crystallex complaint of 2015. Crystallex says that the decision led PDV Holding to participate in the second fraudulent transfer, "this time gravely a little more than half of its main asset in An effort to dodge Crystallex and other creditors. " Initially, according to the new lawsuit, PDVSA proposed a bond swap for investors that would "exchange more than $ 7 billion of outstanding PDVSA bonds for lsquo; new notes" expiring in 2020, "using PDV Holding's Citgo shares as warranty. When that offer did not get enough interest before the deadline of September 29, 2016, PDVSA had to sweeten the offer, according to Crystallex's complaint."Ultimately, creditors representing $ 2.8 billion in bonds due in 2017 offered their promissory notes for approximately $ 3,367 million in new bonds due in 2020," the complaint said. Crystallex also says in its October 28 suit that PDV Holding does not get anything "in exchange for its extraordinary promise of 50.1 percent of Citgo Holding." The mining company says that the offer circular for the bond swap includes a warning to investors: "PDVSA can not guarantee that a creditor of the Bolivarian Republic of Venezuela will not be able to interfere with the exchange offerings. Attachment of property, court order, temporary or other restraining order. " Crystallex says the warning is significant because, "if the lien on the actions of the defendant of Citgo Holding is ever called, it will destroy the value of the defendant's largest asset." Crystallex seeks relief under the Uniform Fraudulent Transfer Act of Delaware and a court order prohibiting additional transfers from PDV Holding. It is represented by Jeffrey Moyer of Richards Layton in Wilmington, Del., And Robert L. Weigel of Gibson Dunn in New York City. Venezuela is being attacked by US companies in connection with the nationalization of oil production in 2010. Last year, the US Supreme Court refused to let Venezuela's bloc allegations that such attacks violate international law. https://translate.google.ca/translate?hl=en&sl=es&u=http://imperiocrucial.com/article/552385/Notas-del-D%25C3%25ADa-16112016&prev=search