Crystallex Can't Target Oil Co.'s Shares, 3rd Circ. Hears

By Caroline Simson (February 7, 2019, 6:21 PM EST) -- Venezuela's state-owned oil company urged the Third Circuit on Wednesday to overturn a ruling allowing Crystallex International Corp. to seize shares in Citgo's parent company to enforce a $1.2 billion arbitral award against Venezuela, basing its argument in part on recently imposed U.S. sanctions.

Petróleos de Venezuela SA is asking the circuit court to reverse a "sweeping and unprecedented" decision issued by U.S. District Judge Leonard P. Stark in Delaware federal court last year, in which the judge allowed Crystallex to seize shares in Citgo's parent company, a PDVSA subsidiary called PDV Holding Inc. The order is currently stayed while the...

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