Loading ...Crystallex, Venezuela Agree to Settle $1.2 Billion Mine Dispute.
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Venezuela agreed to settle a $1.2 billion dispute over the 2011 nationalization of a gold deposit in the South American nation.
The Canadian mining company, which was forced into bankruptcy in 2011 after the seizure of the Las Cristinas deposit, had asked the judge to approve the deal, saying it “may be the largest settlement that Venezuela has ever agreed to” relating to an arbitration award. That would put the deal at more than $1 billion, based on Venezuela’s prior settlements.
Gold Reserve, another Canadian company that also came to an accord with Venezuela over expropriated assets, said Wednesday that the sanctions have held up its payments due from Venezuela. Since the sanctions were imposed in August, intermediary banks have grown unwilling to pass along the cash from Venezuela to Gold Reserve’s U.S. bank accounts, the company said in a statement.
Comment:
I don’t feel sorry for any corporations that operate outside their own borders, into other countries. They got away with it, (just like slavery and suppressed woman) until it ended. Globalization is going into reverse because eventually people smarten up. (just like slavery and suppressed woman)
Like I said to everybody after the 2008 Crash…”If you are getting away with something, stop before you get caught”. Bernie Madoff was first.