Canadian mining firm Gold Reserve has filed a claim surpassing US$7 billion against Venezuela. This action coincides with its efforts to collect over one billion dollars awarded in a prior arbitration case against the Venezuelan government.
The Canadian mining company Gold Reserve has initiated a substantial investment treaty claim exceeding US$7 billion against the Venezuelan government. This filing comes as Gold Reserve also pursues the collection of a previous arbitration award exceeding one billion dollars against Venezuela. The situation underscores the ongoing contention between international companies and the Venezuelan state surrounding investment and arbitration processes.
In summary, Gold Reserve is asserting a considerable claim against Venezuela while simultaneously seeking to recover a substantial prior award. This case highlights the ongoing complexities and challenges that arise in international investment treaties and arbitration disputes.
Original Source: globalarbitrationreview.com
