Del. Justices Uphold Venezuela Opposition's Citgo Control

Law360 (July 22, 2020, 10:16 PM EDT) -- Delaware's Supreme Court on Wednesday upheld without elaboration a Chancery Court finding that appointees of embattled Venezuelan opposition leader Juan Guaidó occupy the boards of that country's national oil company PDVSA, as well as Citgo Petroleum and two other Delaware-chartered affiliates.

The three-judge panel's decision was released days after Venezuela's Supreme Court declared Guaidó's political party void. It rejected arguments by appointees of Nicolás Maduro Moros, whose presidency remains in dispute, that the U.S. had not actually recognized the Guaidó government's actions, despite the declarations of the Trump administration.

The decision kept in place Vice Chancellor Kathaleen S. McCormick's August 2019 ruling...

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