Venezuela Says Mining Co. Can't Claim $1.4B In BNY Funds
By Christopher Crosby (October 17, 2017, 4:17 PM EDT) -- Venezuela's Ministry of Defense told a New York federal judge Friday that Canadian mining company Crystallex can't satisfy a $1.4 billion award the government owes it by seizing funds held in a Bank of New York Mellon account, arguing that the money belongs entirely to another company.
The ministry asked for permission to join the dispute in order to quash a July order allowing Crystallex to attach and seize an undisclosed amount of funds, arguing that they have been solely set aside to resolve its long-running contract dispute with Huntington Ingalls Inc.
In September, Huntington asked a Mississippi federal court, which...
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