Commodities Co. Gets OK To Seize Venezuelan Funds

Law360 (September 19, 2019, 4:37 PM EDT) -- A New York federal judge has granted a British Virgin Islands company's request to have nearly $8 million drawn from a Venezuelan state-owned mining company's bank account to help satisfy an arbitral award in a contract dispute.

U.S. District Judge Andrew L. Carter said that Commodities & Minerals Enterprise Ltd.'s request to transfer the funds from CVG Ferrominera Orinoco CA's account to help satisfy a $63 million award in a contract dispute should be granted. Commodities & Minerals had shown that it was trying to access CVG Ferrominera Orinoco, or FMO's, Bank of America account after securing a valid judgment that exceeds the...

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