Loading ...Crystallex closer to being paid off by Venezuela
Delaware District Judge Leonard Stark -almost- made Canadian miner Crystallex’s wishes come through.
Stark complied with a request the company made back in September 2020 and approved the sale of PDV Holdings shares just before mid-January 2021. PDV Holdings is the parent company of refiner Citgo Petroleum Corp., which is owned by Venezuela.
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With this action, Crystallex wants to enforce a $1.4-billion arbitral award against the South American country, following a decade-long dispute over Venezuela’s 2008 nationalization of its gold mine in the southeastern Bolívar state. The amount is comprised of $1.2 billion, plus $200 million of interest awarded by a World Bank arbitration tribunal in 2016.