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Message: Opposition presents arguments in Delaware Court to protect Citgo

Opposition presents arguments in Delaware Court to protect Citgo

In a statement, they explained that the company Crystallex sued the Venezuelan government in 2016 and since then they have been in a legal battle with the country's assets in the US through

 
 
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  • LUIS CHÁVEZ

06/17/2020 09:56 pm

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Caracas.- Representatives of the opposition of Juan Guaidó presented this Wednesday before the Delaware Court new arguments to prevent Crystallex International from executing the embargo of the only property of PDV Holding, which is owned by Citgo.

Through a statement made on Twitter, they explain that they seek to defend and preserve their "main asset abroad" from the danger they face due to "the irresponsible policies of expropriation and indebtedness" of Hugo Chávez and President Nicolás Maduro.

In 2016, the Crystallex corporation decided to sue the Republic before the ICSID of the World Bank, after Hugo Chavez in 2011 expropriated the Las Crstinas gold mine and with them the contractual rights of the company. It won an award for an amount close to 1,200 million dollars.

In August 2018, according to the document, the company managed to obtain a preliminary embargo on Citgo in the Delaware court, later the Maduro government presented a confidential document in which it proposed to sell Citgo as a form of payment.


They highlighted that after Juan Guaidó was recognized as "legitimate president, they took control of PDVSA's subsidiaries in the US, as well as" the leadership of the legal battle for their defense. "

In this way, they appealed the decision of the Delaware Court and presented the following arguments:

1.- Today Venezuela is represented by the Legitimate Government led by President (E) Juan Guaidó, and this respects and defends the independence that exists between the Republic and state companies. Therefore, a Republic debt cannot be collected with a legal company that is different and autonomous like PDVH.

2.- We are presenting the validity of the protection issued by the Asset Control Office (OFAC) of the United States Department of the Treasury, prohibiting any creditor from seizing PDVSA assets, thus ratifying the protection of PDVH and therefore CITGO ; protection that was achieved thanks to the actions of the Legitimate Government, in our effort to exhaust all resources to preserve the assets of the Nation.

3.- A motion is being presented before the Delaware District Court, before the aforementioned Judge Stark, which allows the attorneys representing the Republic in the trial, to request the non-execution of the sentence.

Finally, they made it clear that if the Delaware Court Judge does not accept the arguments presented, Citgo "would be protected because any embargo and / or potential judicial sale that is claimed against a Venezuelan asset in the United States, requires the issuance of an OFAC license ”.
 
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COMUNICADO | Gobierno Legítimo introduce nuevas acciones legales para proteger a CITGO de la negligencia de Maduro.

 
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