28 de marzo de 2017 10:57 AM
Actualizado el 28 de marzo de 2017 11:07 AM
A US court upheld on Saturday an award by a World Bank arbitration tribunal that orders Venezuela to pay USD 1.4 billion to Canadian mining company Crystallex, for the expropriation in 2008 of the Las Cristinas gold project.
The ruling was issued on Saturday by the Court for the District of Columbia, Washington DC.
In 2008, the government of late President Hugo Chávez withheld a key environmental permitthe Canadian minerto start developing the site. Next, it seized the Las Cristinas mine. Later on, in 2017, the government awarded the exploitation to a Chinese company.
In reply, Crystallex appeared at the International Centre for Settlement of Investment Disputes (Icsid), attached to the World Bank, looking for compensation for the nationalization of its assets, Efe reported.
Last year, Icsid ruled against Venezuela and concluded that the Venezuelan government must pay Crystallex a compensation for USD 1.2 billion, in addition to USD 200 million in interests, for a total amount of USD 1.4 billion.
The Venezuelan State appealed the decision and resorted to the Court for the District of Columbia. The tribunal, however, upheld the Icsid ruling.