Venezuelan Opposition Can Pick Citgo Board, Chancery Says

Law360 (August 5, 2019, 6:51 PM EDT) -- Opposition leader Juan Guaidó is the U.S.-recognized interim president of Venezuela and, thus, his appointees on the state-owned entity that determines who sits on Citgo's board are valid, a Delaware vice chancellor ruled Friday in a decision that impacts the South American country's vast and lucrative oil industry.

However, in her 46-page opinion, Vice Chancellor Kathaleen S. McCormick said she will give board appointees backed by Guaidó's rival, Nicolas Maduro, 10 days to challenge whether written consents for the directors appointed to the Citgo entities were properly carried out.

The decision noted that in January, "after a controversial presidential election," Venezuela's...

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