Citgo Board Fight Should Be 'Crystal Clear,' Chancery Told

Law360, Wilmington (July 18, 2019, 10:20 PM EDT) -- It is "crystal clear" that opposition leader Juan Guaidó is the U.S.-recognized interim president of Venezuela, and thus, has authority to select those who control the state-owned entity that determines who sits on Citgo's board, counsel for Guaidó-backed members told a Delaware vice chancellor Thursday.

At a hearing in Wilmington, Vice Chancellor Kathaleen S. McCormick heard arguments over whether Guaidó or his rival Nicolás Maduro has the rightful authority to select board members for the state-owned Petróleos de Venezuela SA, which controls Citgo's holding company and determines who sits on subsidiary boards.

"They rather deliberately miss the forest through the trees," said...

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