Venezuela Loses 3rd Circ. Appeal Over $1.2B Award

By Caroline Simson (January 18, 2022, 2:35 PM EST) -- Venezuela has lost its bid to overturn an order allowing Crystallex to continue planning a sale of Citgo's parent company to enforce a $1.2 billion arbitral award against the country, after the Third Circuit ruled Tuesday that it lacked jurisdiction over the appeal.

The circuit court concluded that U.S. District Judge Leonard P. Stark's order from early last year denying Venezuela's motion to quash an attachment order he issued in 2018 cannot be appealed since the litigation remains ongoing. The order relates to shares in PDV Holding, the indirect parent of the oil giant Citgo, that are held by Venezuela's state-owned...

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