The case of the day is Crystallex International Corp. v. Bolivarian Republic of Veneuela (3d Cir. 2019). I last wrote about the case in October 2016. Crystallex, a Canadian company that had invested in a Venezuelan gold mining project, won a $1.2 billion aribtral award against Venezuela after that country nationalized the gold deposits and transferred them to the state-owned oil company, PDVSA. Crystallex won confirmation of the award in Washington and then sought to attach PDVSA’s shares in PDVH, its American subsidiary, which is the ultimate parent of CITGO a Delaware corporation that, according to the court, is “best known for the CITGO sign outside Fenway Park in Boston.” You’ve got that right. PDVSA, and some of its other creditors as amici curiae,…
Tagged: arbitration, attachment, FSIA, Venezuela