Gold Reserve’s executive committee
members, James Coleman, Rockne Timm and Douglas Belanger, have been meeting in
Caracas with senior Venezuelan officials. These officials indicated that the
payment to Gold Reserve has been delayed due to certain procedures and
processes which have slowed the completion of the related financing.The parties
previously agreed to temporarily refrain from enforcing the ICSID Award and
from seeking the decision on the annulment of the Award. Notwithstanding
Venezuela’s assurances to comply with the Settlement Agreement, the parties
have agreed to have the Paris Court of Appeal issue its decision on Venezuela's
motion for annulment on February 7, 2017. The Gold Reserve legal team believes
that the motion should be denied and Gold Reserve’s arbitration award will be
confirmed. More…
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