Venezuela Starts Paying After Settling $1.2B Arbitration Award for Seized Gold Mining Rights
Venezuela resisted paying for terminating gold-mining rights until after the plaintiff sought Citgo assets.
December 03, 2018 at 04:18 PM
4 minute read
The original version of this story was published on Delaware Business Court Insider
The Venezuelan government has paid $500 million of the $1.2 billion it owes to Canadian mining company Crystallex International Inc. under a settlement following an arbitration award over lost mineral rights, according to court papers.
Crystallex said in a court filing that Venezuela completed an up-front payment of $425 million Nov. 23 on top of $75 million paid earlier, and plans to satisfy the rest of judgment by Jan. 10.
On Monday, U.S. District Chief Judge Leonard P. Stark of the District of Delaware granted a request from both sides to temporarily stay the case to allow Venezuela to meet its remaining obligations. Under Stark's order, the parties must report their progress by Jan. 24.
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