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RUSORO ANNOUNCES SIGNIFICANT VICTORY IN PROCEEDINGS TO ENFORCE ARBITRATION AWARD
RUSORO ANNOUNCES SIGNIFICANT VICTORY IN PROCEEDINGS TO ENFORCE ARBITRATION AWARD Canada...
About this update from Rusoro Mining Ltd.
[{"type":"text","content":"\n \n \n \n RUSORO ANNOUNCES SIGNIFICANT VICTORY IN PROCEEDINGS TO ENFORCE ARBITRATION AWARD\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n July 10, 2023\n \n \n /CNW/ -\n \n Rusoro Mining Ltd.\n \n (TSXV: RML)\n \n (\n \n the\n \n \"Company\"\n \n or\n \n \"Rusoro\")\n \n is pleased to announce that it has achieved a significant appellate victory in proceedings to enforce an arbitration award it obtained against the Republic of\n \n Venezuela\n \n arising out of\n \n Venezuela's\n \n expropriation of Rusoro's gold mining assets, which as of today, with interest, totals over\n \n US$1.4 billion\n \n . The U.S. Court of Appeals for the Third Circuit, which is based in\n \n Philadelphia\n \n , affirmed that Venezuala's state-owned oil company is the country's alter ego and that its property may be seized in satisfaction of the Republic's judgment debt.\n \n \n A three-judge panel rejected\n \n Venezuela's\n \n argument that political turmoil in the country warranted a different outcome than the Third Circuit had reached back in 2019, when\n \n it concluded\n \n that the Republic controls its state-owned oil company, Petróleos de\n \n Venezuela\n \n , S.A. (\"\n \n PDVSA\n \n \").  The ruling re-affirms Delaware Federal Judge\n \n Leonard Stark's\n \n ruling on the issue for the second time in five years.\n \n \n The panel, comprised of Judges\n \n Stephanos Bibas\n \n ,\n \n Paul Matey\n \n and\n \n Arianna Freeman\n \n stated: \"Even accounting for those differences [regarding political turmoil], the district court correctly concluded that PDVSA remains the alter ego of\n \n Venezuela\n \n .\" \"…Reviewing PDVSA's other arguments would stretch the limited grant of our appellate jurisdiction well beyond the words written by Congress, we decline the invitation and will affirm the district court's judgment.\"\n \n \n \n Andre Agapov\n \n , CEO of the Company, stated: \"Rusoro welcomes the Court of Appeals' ruling and remains hopeful that, rather than continue to waste the Republ...