Welcome to the Crystallex HUB on AGORACOM

Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America

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Message: Will Venezuela Pay Out $1.4B?

It will be settled and we will get paid.

We are not talking 10 years. VZ could be forced to pay up but for that to happen we would need Kry/Tenor to want the money before more needs to be borrowed.

Crystallex has gotten the award recogonised in Canada but has not pushed to get it done in the US.

The Canadian story can be found at Law360

Law360, New York (July 27, 2016, 8:22 PM EDT) -- Crystallex International Corp. won another battle in its feud with Venezuela over a canceled gold mining project, after the Ontario Superior Court of Justice recently recognized and enforced the $1.39 billion arbitral award the company won in April from a World Bank tribunal. 
In a July 20 order, Justice Glenn A. Hainey said that he agreed to recognize and enforce the award during a July 11 hearing, in which Venezuela did not participate, after finding that Crystallex met all the necessary criteria and showed that enforcing the award would not violate Ontario public policy.

The International Centre for the Settlement of Investment Disputes tribunal, led by Laurent Levy and including Laurence Boisson de Chazournes and John Y. Gotanda, had issued the award against Venezuela in April, after finding that the country breached its investment treaty with Canada by wrongfully ousting Crystallex from an operating contract for the Las Cristinas mine, which contains one of the largest undeveloped gold deposits in the world.

"Based on the foregoing, the necessary conditions for the recognition of the final award have been established under Article 35, and there is no basis under Article 36 to refuse recognition and enforcement of the final award," the ICSID order stated.

The tribunal’s award — $1.2 billion for damages plus interest — totaled about $1.386 billion in April, according to Crystallex.

Although Venezuela did not respond to the instant suit, the country is trying to convince a D.C. federal court to set aside the award.

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