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Gold Reserve Announces Filing of New Legal Actions in Portugal to Obtain Judgments Against Attached Funds
Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“ Gold Reserve ” or the “...
About this update from Gold Reserve Ltd.
[{"type":"text","content":"Gold Reserve Announces Filing of New Legal Actions in Portugal to Obtain Judgments Against Attached Funds\n\n\n\n\n\n\n Gold Reserve Ltd. (TSX.V: GRZ) (OTCQX: GDRZF) (“\n \n Gold Reserve\n \n ” or the “\n \n Company\n \n ”) is pleased to announce an important development in its ongoing efforts to enforce its arbitral award dated September 22, 2014 (the “\n \n Award\n \n ”) against the Bolivarian Republic of Venezuela (“\n \n Venezuela\n \n ”). The present total amount owed under the Award, inclusive of interest, exceeds $1.1 billion.\n \n\n Effective April 2, 2025, the Company has now filed two new legal actions in the Lisbon District Court to obtain the judgments that are necessary to execute against the multiple bank accounts in Lisbon over which the Company has previously obtained attachment orders. The new legal actions seek to obtain judgments determining that the amounts in the attached accounts can be properly executed against in satisfaction of the amounts owed by Venezuela to the Company. The Company understands that the funds in the attached accounts total more than $1.4 billion.\n \n\n As previously announced, the Lisbon Court of Appeal recently issued an Order granting the Company’s application to have the Award recognized in Portugal.\n \n\n Recovery is not certain in the Portugal legal proceedings because, among other things, further court orders are required to execute against any of the attached funds, the priority of the Company’s attachments on each bank account is not identical and is not definite, and the priority of the Company’s attachments vis-à-vis other creditors is not identical and is not definite.\n \n\n The Company’s recognition and enforcement efforts in Portugal are in addition to those being undertaken in the United States, including the Company’s ongoing participation in the sales and bidding procedures established by the U.S. District Court for the District of Delaware for the sale of the shares of PDV Holdings, Inc. (“PDVH”), the indirect parent company of CITGO Petroleum Corp. Any recovery in the Delaware proceedings will likely set-off and reduce the amount that can be recovered on the Award in the Portugal legal proceedings, and vice-versa.\n \n\n\n Cautionary Statement Regarding For...