Citgo Says It Doesn't Belong In Venezuela Arbitration Fight
Law360, New York (February 4, 2016, 7:31 PM EST) -- Citgo, the U.S. oil refiner owned by Venezuela's government, asked a Delaware federal judge Wednesday to toss a Canadian gold miner's suit that seeks to enforce a potential arbitral award against the South American country for allegedly stealing billions of dollars' worth of mining rights.
Citgo Holding Inc. and its U.S. parent PDV Holding Inc. said mining company Crystallex International Corp. can't sue for fraudulent transfer under Delaware law because they don't owe the gold company anything in a related arbitration. Crystallex's requests to force Venezuelan state oil company Petroleos de Venezuela S.A. to return $2.8 billion in dividends it allegedly...
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