Gold Reserve, a Canadian mining company, has filed a claim against Venezuela for over US$7 billion while also pursuing enforcement of a previous billion-dollar arbitration award against the state.
Gold Reserve, a Canadian mining company, has initiated a significant investment treaty claim against the Venezuelan government, filing for damages exceeding US$7 billion. This action occurs concurrently with the company’s ongoing attempts to secure payment on a prior arbitration ruling that awarded them a billion-dollar sum against Venezuela.
The company’s decision underscores its commitment to pursuing reparations related to its investments in the region. Gold Reserve is also striving to collect the previously established judgment, further emphasizing the financial stakes involved in its relationship with the Venezuelan state.
In summary, Gold Reserve has launched a new claim for over US$7 billion against Venezuela as it continues to seek enforcement of an earlier arbitration ruling. This situation illustrates the complexities and financial implications of foreign investments in Venezuela, reflecting the broader challenges faced by foreign companies operating in politically volatile environments.
Original Source: globalarbitrationreview.com
