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Message: Mining Co. Says Venezuela's $2.8B Transfer Was Fraudulent

This article thanks to ifeelyellow.

July 13, 2016, A Canadian mining company told a Delaware federal court Wednesday that it's been unable to enforce a $1.39 billion arbitration award against Venezuela because the country has put $2.8 billion in U.S. assets out of reach through fraudulent transfers involving its state-owned oil company.

Crystallex International Corp. is asking the court to find that the transactions, which involve subsidiaries of state-owned oil company Petroleos de Venezuela SA, were fraudulent and to order that the money be returned to the U.S.

>http://agoracom.com/ir/Crystallex/forums/discussion/topics/670755-venezuelan-parliament-passes-new-oil-and-mining-laws-in-first-discussion/messages/2100936#message

Reforms to mining law

The National Assembly also approved Tuesday a reform to the nation’s Mining Law passed by President Hugo Chávez by executive decree in 1999.

The legislation proposes an amendment to article 22 of the existing law, stipulating that all mining concessions granted by the Venezuelan government must be previously authorized by the nation’s parliament, which reserves the right to modify the terms of any agreement.

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