Gold Reserve wins $1.1bn arbitration award in Portugal against Venezuela
Gold Reserve said on Monday the Lisbon Court of Appeal confirmed the Canadian miner's arbitration award against Venezuela, giving it green light to enforce about $1.1-billion in Portugal.
The company said the judgment supports its ongoing efforts to enforce its arbitration award in Portugal, where it said it had obtained attachment orders "against multiple bank accounts" holding more than $1.4-billion.
"Recovery is not certain in the Portugal legal proceedings due to multiple factors," it added. "Further court orders are required to attempt to collect against any of the attached funds."
Venezuela's Information and Communication ministry did not immediately reply to a request for comment.
The Canadian company said its efforts for enforcement of the arbitration ruling in Portugal are in addition to those being undertaken in the U.S., including its participation in a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum to pay 18 creditors for debt defaults and expropriations in the South American country.
Citgo Petroleum is Venezuela's most valuable overseas asset and has been the target of creditors seeking compensation for late President Hugo Chavez's nationalization wave and President Nicolas Maduro's failed debt payments.
Any recovery in the US court proceedings is expected to offset the amount that can be recovered from the legal proceedings in Portugal, Gold Reserve added.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation