Shipbuilder Eyes Citgo Shares To Pay $138M Venezuela Award

Law360 (February 22, 2021, 8:12 PM EST) -- U.S. military shipbuilder Huntington Ingalls asked the Fifth Circuit to let it seize Citgo parent company shares, amid Venezuela's challenge of a confirmed $138 million arbitral award over a soured missile-armed ship refurbishment contract from 1997.

Huntington Ingalls Inc. won the award in 2018 and successfully confirmed it in a Mississippi federal court, but Venezuela claims the arbitration happened in the wrong venue so it asked the appellate court to reverse the award confirmation.

The shipbuilder's Friday brief requested the court to allow it access to shares of PDV Holding Inc., which is the indirect parent company of Citgo Petroleum Corp.,...

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