Organisation: PDVSA

Singapore’s High Court has refused to allow one of Venezuela’s ICSID creditors to enforce a US$500 million-plus award against the assets of a state-owned entity facing US sanctions.

20 July 2022

Venezuela has successfully appealed the US recognition of an ICSID award worth more than US$42 million in favour of a French plastics company on the basis that the enforcement proceedings were not properly served.

26 January 2022

A US appeals court has said it lacks jurisdiction to intervene in Canadian mining company Crystallex’s efforts to execute a US$1.4 billion ICSID award against Venezuela’s largest foreign asset as the lower court has yet to make a final decision.

19 January 2022

A Dutch appeal court has refused to recognise an ICDR emergency award blocking Curaçao’s state-run refining company from targeting assets owned by Venezuela’s national oil and gas company PDVSA.

07 October 2021

The US government has once again refused to allow Crystallex to sell off Venezuelan state-owned assets to satisfy an ICSID award, despite the Canadian mining company’s warning that it may pursue a NAFTA claim against the United States as a result.

24 September 2021

The Dutch Supreme Court has reinstated an ICC award against a subsidiary of Venezuela’s national oil and gas company PDVSA that was set aside two years ago on grounds of corruption.

16 July 2021

Clyde & Co can release US$325 million held on behalf of an arbitration client to the High Court in London after a US federal court dismissed an arrest warrant targeting the funds.

24 March 2021

A judge in California has refused to allow the US Department of Justice to seize escrow funds held by Clyde & Co for an arbitration client that are allegedly linked to the 1MDB embezzlement scandal in Malaysia.

12 March 2021

A Dutch court has upheld a Chinese state-owned company’s US$70 million ICC award against a subsidiary of Venezuela’s national oil and gas company PDVSA, dismissing arguments that the parties had not agreed to consolidate claims under multiple contracts.

09 March 2021

A UK judge has refused to compel Clyde & Co to make payments to an arbitration client from escrow funds that US authorities have linked to the 1MDB embezzlement scandal in Malaysia.

01 March 2021