Region: Venezuela

Billion-dollar award against Venezuela reinstated

France’s Court of Cassation has reinstated a Canadian gold mining company’s US$1.6 billion investment treaty award against Venezuela, two years after key findings on quantum were set aside.

01 April 2021

US court blocks DOJ’s seizure of Clyde & Co funds

A judge in California has refused to allow the US Department of Justice to seize escrow funds held by Clyde & Co for an arbitration client that are allegedly linked to the 1MDB embezzlement scandal in Malaysia.

12 March 2021

Maduro wins ICSID representation fight with Guaidó

Venezuelan president Nicolás Maduro has won the latest round of his battle with Juan Guaidó over who should represent the state in international disputes, after an ICSID tribunal refused to allow the opposition leader’s legal team to appear in a resubmitted claim by ExxonMobil.

04 March 2021

Clyde & Co spared order to transfer “1MDB” funds

A UK judge has refused to compel Clyde & Co to make payments to an arbitration client from escrow funds that US authorities have linked to the 1MDB embezzlement scandal in Malaysia.

01 March 2021

Venezuela liable over oil dividends

A tribunal at the Permanent Court of Arbitration has found that Venezuela discriminated against an Occidental Petroleum subsidiary over the distribution of dividends from an oil and gas venture – but dismissed all other claims.

22 February 2021

Dual nationals fail to revive Venezuela claim

A Dutch court has refused to allow a family of food investors to revive a US$240 million treaty claim against Venezuela that was rejected based on their dual nationality.

12 February 2021

Venezuela settles beef with cattle farmers

The administration of Venezuela’s opposition leader Juan Guaidó has agreed to pay around US$110 million to satisfy an ICSID award won by a British family business over the expropriation of its cattle farms.

20 January 2021

Crystallex can proceed with sale of PDVSA refinery

A Delaware court has granted Canadian miner Crystallex permission to sell shares in the US refinery business owned by Venezuela’s national oil and gas company PDVSA, saying each day the creditor cannot collect its US$1.6 billion ICSID award is an “affront” to the US judicial system.

15 January 2021

PDVSA to pay out on Conoco award

Venezuela’s state-owned oil group PDVSA has agreed to pay US$48 million to ConocoPhillips to end the US energy company’s bid to enforce an ICC award over the alleged expropriation of an offshore oil project.

08 December 2020

Reprieve for Maduro in battle over Venezuelan gold

The Court of Appeal in London has ruled that the UK government’s recognition of Juan Guaidó rather than Nicolás Maduro as lawful president of Venezuela is not necessarily conclusive for the purpose of determining who has control over US$1.95 billion in gold reserves held by the Bank of England.

05 October 2020

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