"Court ruled that Canadian mining company Crystallex can seek to seize Venezuelan assets
By Julie Wernau
A U.S. court ruled that a Canadian mining company can seek to seize Venezuelan assets, a step forward for dozens of companies pursuing legal claims against the South American country.
Crystallex International Corp. is trying to collect on a $1.4-billionjudgment from last year against Venezuela over
nationalizations carried out by the country. The company filed for
bankruptcy protection in 2011 after the Venezuelan government
expropriated a massive gold reserve, which Crystallex had the exclusive
right to develop.
On
Friday, U.S. District Judge Rudolph Contreras didn’t rule on which
assets Crystallex could legally seize but opened the door for the mining
company to argue that assets owned indirectly by Venezuela, such as U.S.-based oil refiner Citgo Holdings Inc., can be seized in lieu of payment...."
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