LatinNews Daily - 10 August 2018

Venezuela: A US federal judge has authorised the seizure of Citgo Petroleum Corporation, the US subsidiary of Venezuela’s state-owned oil firm Pdvsa, to pay a debt owed by the Venezuelan government. Judge Leonard Stark from the US District Court in Wilmington, Delaware, approved the seizure of assets in the case brought against the Venezuelan government by Canadian mining firm Crystallex International Corporation over the nationalisation of its operations back in 2008. Crystallex has claimed US$1.4bn in compensation from the Venezuelan government, which to date has refused to pay. Judge Stark’s decision, which can be appealed, could lead to other Venezuelan creditors who have filed similar suits over lack of payment securing similar orders, increasing the chances that Pdvsa could lose control over Citgo.

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