Venezuela Says Crystallex Hasn't Proven Co. Is Its Alter Ego

By Nadia Dreid (August 13, 2021, 9:14 PM EDT) -- Canadian mining company Crystallex can't force the sale of Citgo's parent company to satisfy a $1.2 billion arbitration award against Venezuela because it can't prove that the state-owned oil company that holds the majority share is actually an "alter ego" of Venezuela, the Third Circuit was told.

The message came from Venezuela, Citgo and Petróleos de Venezuela S.A., or PDVSA — the state-owned oil company that owns most of the Citgo parent company that Crystallex is trying to have sold off to satisfy the judgment it won.

In a joint brief filed Thursday, the two companies and Venezuela asked the Third Circuit...

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