Seven Years of Legal Turmoil
The Citgo sale saga began seven years ago after Crystallex International Corp., a defunct Canadian mining company, won a $1.2 billion arbitration against Venezuela for seizing its mining project. Since then, dozens of creditors, including Gold Reserve, have joined the fight for proceeds from Citgo — Venezuela’s most valuable seizable U.S. asset.
The case now moves closer to a final decision on the winning bidder, as Judge Stark continues to preside over what he described as a “daunting but necessary process” to bring closure to years of international financial and legal entanglement.
