In October 2009, Gold Reserve Inc. filed
a demand for arbitration against Venezuela for compensation under the
Additional Facility Rules of the International Centre for Settlement of
Investment Disputes ('ICSID'), part of the World Bank, which was created to
arbitrate international disputes. On September 22, 2014, the ICSID awarded Gold
Reserve the sum of US $713 million plus legal costs and interest. Until the
August 8, 2016 announcement discussed below, Gold Reserve has unsuccessfully
attempted to enforce its arbitral award, which Venezuela has resisted or simply
been unable to pay. More…
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