Welcome to the Crystallex HUB on AGORACOM

Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

Free
Message: No Deal/Tenor-Vz

Caracas.- Petróleos de Venezuela (PDVSA) said it will take all necessary legal action to protect its assets against the claims of the Canadian company Crystallex, which seek to affect the nation's assets.

 

 On Tuesday, August 15, Crystallex petitioned the federal court in Delaware, in the United States, to seize Pdvsa's shares in PDV Holding, the parent company of Citgo Petroleum Corporation on US soil, in an attempt to execute an arbitration award against The Bolivarian Republic of Venezuela, AVN reported.

 

. However, PDVSA was not part of that arbitration and there is no ruling against the oil company in that regard.

 

. "The attempt to execute an award against the Republic seizing assets of PDVSA is totally unfounded," the state oil company said in a press release.

 

PDVSA reaffirmed its commitment to the Venezuelan population "in combating transnational entities that only respond to obscure interests and seek to damage the heritage, image and reputation of the country's main business."

 

. On May 1, the Federal Court of Delaware, in the United States, ruled in favor of the Venezuelan state company in a case filed by Crystallex International Corp, which requested payment of dividends from Citgo Petroleum Corporation, a Venezuelan subsidiary that operates in that US country .

 

 Crystallex challenged the payment of dividends in the amount of $ 2.8 billion on the grounds that the transaction prevented the execution by that company of an arbitration award against Venezuela.

 

 Despite the lawsuit filed by Crystallex, the Delawere Federal Court ruled that PDVSA enjoys immunity from jurisdiction under the Sovereign Immunity Act of the United States.

Here we go again. I think they are right when they applied "Sovereign Immunity Act of the United States" and won once before.  How is this any different?

Share
New Message
Please login to post a reply