Monday 1 June 2020
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business-standard - 10 days ago

Judge approves sale of Venezuela s prized US-refineries

A US judge on Friday approved moving forward with the sale of Venezuela s prized US-based CITGO refineries, allowing a Canadian mining company to collect USD 1.4 billion it lost in a decade-old takeover in the South American nation by the late socialist President Hugo Chvez. The ruling strikes a blow to Venezuela s opposition led by Juan Guaid, which was banking on profits from the Houston-based company to finance the crisis-torn nation s recovery if they were ever able to force President Nicols Maduro from power. The order by Chief Judge Leonard P Stark of US District Court in Delaware follows a decision by the US Supreme Court on Monday that upheld an earlier ruling by Stark authorizing CITGO s liquidation. Before moving ahead with CITGO s sale, the bankrupt Canadian mining company Crystallex must first get a license from US Treasury officials, which had temporarily shielded Venezuela s opposition from losing CITGO. Crystallex and attorneys for Venezuela also have to agree on how ..

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