Back in 2011, Hugo Chávez unlafully experopriated Canadian gold mining company Crystallex’s Las Cristinas mine.
Following Venezuela’s acknowledging that it had mortgaged Citgo to Russia’s Rosneft, and Owed $1.4 Billion by Venezuela, Crystallex Sues Russia’s Rosneft & PDVSA Bondholders Over CITGO
After an investigation by Redd Intelligence and the Latin American Herald Tribune uncovered Venezuela’s secret mortgage of Citgo to Russia’s Rosneft, Crystallex has launched a suit against Rosneft and PDVSA’s bondholders to get CITGO back.
Canadian Gold miner Crystallex — which is owed $1.4 billion by Venezuela for the 2011 unlawful expropriation of its Las Cristinas gold mine project — on Wednesday launched suits against both Russia’s state controlled oil company Rosneft and PDVSA’s bondholders for the “fraudulent receipt” of Venezuela’s U.S. refiner Citgo in U.S. Federal Court in Delaware.
The addition of Rosneft and PDVSA’s bondholder collateral trustee GLAS Americas to the lawsuit comes after an investigation by REDD Intelligence and the Latin American Herald Tribune exposed the secret Russian transaction late last month.
A 49.9% stake in the three refineries and the extensive U.S. pipelines owned by Citgo was “used to raise new financing”,PDVSA admitted in a defensive statement after the potential Russian ownership of strategic oil and pipeline assets in the United States made front page headlines around the world.
Read the full article here, and don’t miss the part regarding possible action from the Committee on Foreign Investment in the United States (CFIUS).