Bloomberg by Greg Stohr 5/18/2020
The U.S. Supreme Court rejected an appeal by Venezuela in its fight to retain control of oil refiner Citgo Holding Inc., putting the country a step closer to losing its largest asset.
The justices, without comment on Monday, left intact a federal appeals court victory for a defunct Canadian gold mining company seeking to force the sale of Citgo’s parent company. The gold company, Crystallex International Corp., is trying to collect a $1.4 billion arbitration award, most of which remains unpaid.
The rebuff leaves Venezuela at risk of losing a much-needed source of revenue in Citgo. The country’s opposition leader, Juan Guaido, has been fighting to safeguard the assets since taking control of Citgo as part of his power struggle with President Nicolas Maduro.
More:
https://www.bloomberg.com/news/articles/2020-05-18/venezuela-rejected-by-u-s-supreme-court-in-citgo-stake-clash
