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Tuesday, February 7, 2017

Venezuela: Gold Reserve's payment has been delayed


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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