Crystallex Gains Right to Seize Venezuela's CITGO in US Court Reversal | WHAT REALLY HAPPENED

Crystallex Gains Right to Seize Venezuela's CITGO in US Court Reversal

A US judge has reversed a January ruling Thursday, opening the door to the potential seizure of Venezuela’s US-based oil assets by Canadian mining giant Crystallex and other transnational firms.

The Canadian multinational is looking to claim US $1.4 billion worth of compensation awarded in 2014 for the 2008 expropriation of the Las Cristales mining installations by the government of Hugo Chavez.

Delaware Judge Leonard Stark held off issuing a writ to attach a seizure order for now stating only that “Crystallex and PDVSA shall meet and confer and, no later than August 16, 2018, submit a joint status report providing their position(s) as to how this case should now proceed.”

Following the announcement, Venezuela’s state-run oil firm, PDVSA, to whom such oil assets belong, declared that it will appeal the ruling in what may prove to be a protracted legal battle.

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