Gold Reserve Pursues Multibillion Dollar Claim Against Venezuela
Gold Reserve has filed a new claim exceeding $7 billion against Venezuela, adding to its efforts to collect on a prior arbitration award of over $1 billion. The company’s actions reflect a strong resolve to secure financial compensation from the Venezuelan government following earlier legal victories.
Gold Reserve, a Canadian mining company, has initiated a significant claim against the Venezuelan government, seeking over $7 billion based on investment treaties. This legal action accompanies Gold Reserve’s ongoing attempts to enforce a prior arbitration award exceeding $1 billion granted in its favor against Venezuela. The company remains focused on securing the funds entailed in the earlier ruling while pursuing additional compensation through this latest claim.
The initiation of a $7 billion claim against Venezuela by Gold Reserve underscores the company’s determination to solidify its legal standing following a prior arbitration victory. As Gold Reserve seeks to secure its financial interests, the outcome could have substantial implications for bilateral relations and investment security in Venezuela.
Original Source: globalarbitrationreview.com
