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A U.S. court of appeals on Friday rejected Venezuela's bid to prevent six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past...
(Reuters) - A U.S. court of appeals on Friday rejected Venezuela's bid to prevent six companies from joining a proposed court auction of shares in a C...
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A U.S. court of appeals on Friday rejected Venezuela's bid to prevent six companies from joining a proposed court auction of shares in a Citgo Petroleum parent to enforce judgments for past expropriation of assets.
The decision allows the six to move ahead with their about $3 billion in combined claims against Venezuela state oil firm PDVSA in a Delaware federal court. "For the second time in five years, we conclude that PDVSA is the alter ego of Venezuela, and we will affirm the District Court's denial of sovereign immunity to PDVSA," the three judge panel ruled.
The decision allows the six to move ahead with their about $3 billion in combined claims against Venezuela state oil firm PDVSA in a Delaware federal court. "For the second time in five years, we conclude that PDVSA is the alter ego of Venezuela, and we will affirm the District Court's denial of sovereign immunity to PDVSA," the three judge panel ruled.