PDVSA Excused From Crystallex's $1.4B Arbitral Claim

Law360, Washington (May 1, 2017, 8:50 PM EDT) -- A federal judge dismissed Venezuela’s state-owned oil company from Canadian mining company Crystallex’s lawsuit seeking to stop it from shifting assets away out of U.S. subsidiaries to evade a $1.4 billion arbitral award, finding the court lacked personal jurisdiction over the South American company.

Petroleos de Venezuela SA, agreeing it was an instrument of Venezuela, argued Crystallex’s complaint failed to establish an exemption from the Foreign Sovereign Immunities Act. The court agreed that Crystallex failed to establish that a transfer of of $2.8 billion to PDVSA from its U.S. subsidiary occurred in the U.S. or caused “a direct effect” in the...

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