Rusoro Mining Ltd announced that the Republic of Venezuela voluntarily dismissed its appeal of the USD 1.62 billion, representing the original award amount of USD 968 million plus approximately USD 652 million of interest as calculated by the Company, award judgment rendered by the US District Court in Washington DC in favor of Rusoro Mining, and against Venezuela. That judgment confirmed the award of an international arbitration tribunal based in Paris, which found that Venezuela had expropriated Rusoro's mining-related investments in that country in violation of international law, and ordered Venezuela to compensate Rusoro for the damages it suffered as a result of Venezuela's seizure of its investments.Venezuela's decision to abandon its US appeal comes on the heels of a ruling earlier this year by the French Court of Cassation, France's highest court, rejecting Venezuela's arguments that the arbitration award is invalid. The French court's ruling enables Rusoro to continue its enforcement efforts on a global basis.
Rusoro Mining Ltd announced that the Republic of Venezuela voluntarily dismissed its appeal of the USD 1.62 billion, representing the original award amount of USD 968 million plus approximately USD 652 million of interest as calculated by the Company, award judgment rendered by the US District Court in Washington DC in favor of Rusoro Mining, and against Venezuela. That judgment confirmed the award of an international arbitration tribunal based in Paris, which found that Venezuela had expropriated Rusoro's mining-related investments in that country in violation of international law, and ordered Venezuela to compensate Rusoro for the damages it suffered as a result of Venezuela's seizure of its investments.Venezuela's decision to abandon its US appeal comes on the heels of a ruling earlier this year by the French Court of Cassation, France's highest court, rejecting Venezuela's arguments that the arbitration award is invalid. The French court's ruling enables Rusoro to continue its enforcement efforts on a global basis.
