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Tuesday, March 28, 2017

U.S. court upholds Crystallex’s $1 billion award from Venezuela in dispute that has gone on for years

A U.S. court has upheld an award by a World Bank Tribunal that orders Venezuela to pay more than US$1 billion to Canadian mining company Crystallex, paving the way for the firm to seize assets for the 2008 expropriation of the Las Cristinas gold project. The tribunal known as the International Centre for Settlement of Investment Disputes (ICSID) last year ordered Venezuela to pay Crystallex US$1.2 billion plus accrued interest, which adds an additional US$200 million for a total of US$1.4 billion. More…

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