Gold Reserve has filed a new investment treaty claim for over US$7 billion against Venezuela, while also working to collect an earlier award exceeding one billion dollars.
Gold Reserve, a Canadian mining company, has initiated a fresh investment treaty claim against the Venezuelan government, seeking over US$7 billion in damages. This legal action occurs concurrently with the company’s ongoing attempts to secure payment for a previous award exceeding one billion dollars, which was granted in earlier arbitration proceedings against Venezuela. The outcomes of both claims will significantly affect the future of Gold Reserve’s operations in the region and its financial standing.
In summary, Gold Reserve has launched a substantial claim for damages against Venezuela while pursuing a prior arbitration award. The dual actions reflect the company’s ongoing legal challenges in the country, which may significantly impact its operational viability and financial recovery.
Original Source: globalarbitrationreview.com
