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Venezuela’s efforts to stay afloat financially have suffered another blow after a judge in the US gave a Canadian mining company permission to seize the shares of the Venezuelan holding company that owns Citgo, a US oil refiner. The judge on Thursday ruled that Canada’s Crystallex has the right to claim the shares of PDV Holding Inc to compensate it for around $1.4bn it is owed by the Venezuelan state. The case dates back to 2011 when Venezuela nationalised Las Cristinas, a gold reserve owned by Crystallex. The Canadian company took Venezuela to the World Bank’s international arbitration tribunal ICSID and won, but Venezuela refused to pay up.
more https://www.ft.com/content/70189b76-9c43-11e8-9702-5946bae86e6d