Category: International Arbitration
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Romania Says UNESCO Designation Won’t Affect Gold Mine
Romania insists that UNESCO’s recognition of an ancient gold mine in Transylvania as a World Heritage Site will not affect a Canadian company’s open-pit mining project, defending the measure as a boon to local communities that suffered as the controversial project stalled — and not part of some scheme to appropriate the company’s assets. In…
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Ohio Investment Firm Can’t Rush $246M PDVSA Win
A New York federal judge found no reason to rush enforcement of two judgments against Venezuela’s state-owned oil company worth $246 million, citing numerous obstacles still impeding the sale of Petroleos de Venezuela’s U.S. asset Citgo. U.S. District Judge Peter Kevin Castel entered the money judgments Thursday in two cases involving private debts acquired by…
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PDVSA, US Co. Locked In Post-Trial Fight Over $150M Debt
U.S. manufacturer Dresser-Rand and Venezuela’s state-owned oil company have both submitted post-trial briefs and replies following a September bench trial over a defaulted $150 million promissory note, leaving the court to decide whether U.S. sanctions made it impossible for Petróleos de Venezuela SA to pay its debt. In a reply filed Friday in New York…
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NY Judge Says Time’s Up For Venezuela Over $40M Bond
The Venezuelan opposition government that’s aiming to oust President Nicolás Maduro will not get another chance to argue that U.S. sanctions make it impossible to repay $40 million owed to a Portuguese pipeline company over defaulted private notes. In an order filed Monday in New York federal court, U.S. District Judge George B. Daniels said…
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Oil Magnate Drops Bid To Seize Property In $506M Award Fight
A Moldovan gas and oil magnate has withdrawn his bid to seize a D.C. property in pursuit of his $506 million arbitral award against the government of Kazakhstan. In a motion filed Thursday in D.C. federal court, Anatolie Stati sought to withdraw July motions in which he’d argued the property was not immune from seizure…
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Swedish Trucking Co. Moves To Arbitrate Fundraiser’s Claims
Swedish sustainable trucking startup Einride says a California investor must arbitrate claims that he was never paid for his work in rescuing the company from the jaws of failure with a successful $110 million fundraising campaign. In a reply brief filed Thursday in California federal court, Einride said that the consultancy contract between “sophisticated venture…
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US Says $380M Award In 1MDB Fraud Case Is Fair Game
U.S. government officials say they have shown a clear connection between the perpetrator of a $1 billion 1MDB fraud, his companies, and the proceeds of a Venezuelan drilling project, warranting the seizure of a $380 million arbitral award. In an opposition brief filed Tuesday in California federal court, the U.S. government said its fourth complaint…
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Venezuela’s State Oil Co. Fights $1.9B Bond Order
Venezuela’s state-owned oil company told the Second Circuit that holders of $1.9 billion in defaulted bonds do not have a legitimate claim over its asset Citgo Holding, because the underlying deal was an illegal “Maduro-orchestrated transaction” condemned by the U.S.-recognized opposition government. According to an ad hoc board of Petróleos de Venezuela SA appointed by…