Wednesday, June 14, 2017

WALL ST.JOURNAL – 14 June 2017 U.S. Ruling Helps Advance Venezuela Creditor Claims

"Court ruled that Canadian mining company Crystallex can seek to seize Venezuelan assets

By Julie Wernau


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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