Venezuela Warns Against Rushing Its Crystallex Award Appeal

Law360 (August 30, 2019, 5:03 PM EDT) -- Venezuela is fighting Crystallex's bid to rush the appeals process of a $1.2 billion arbitration award issued against the country, telling the Third Circuit that a hasty decision would cause "catastrophic, irreparable harm."

The crisis-plagued South American country asked the appellate court on Thursday not to rethink granting it more time to seek a rehearing of an order allowing Canadian miner Crystallex International Corp. to seize shares in Citgo Petroleum Corp.'s parent company — a subsidiary of Venezuela's state-owned oil company, Petróleos de Venezuela SA, or PDVSA.

In July, the Third Circuit affirmed a ruling allowing Crystallex to seize shares in PDVSA,...

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