Reported 12 months ago
A U.S. appeals court overturned a judge's ruling on claims against Venezuela's PDVSA regarding Citgo, instructing the use of Venezuelan law. This decision could benefit opponents of President Maduro who control some PDVSA assets. Citgo's 50.1% stake, used as bond collateral, was in question under New York law, resulting in a multi-billion dollar default judgment. The 2nd Circuit Court emphasized Failla's expertise in assessing foreign law, supporting Venezuela's opposition's preference for resolving disputes under their country's laws. Citgo, Venezuela's essential overseas asset, remains a central point of contention.
Source: YAHOO