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Rusoro Defeats Venezuela's Second Attempt to Annul Arbitral Award
Rusoro Defeats Venezuela's Second Attempt to Annul Arbitral Award Canada NewsWi...
About this update from Rusoro Mining Ltd.
[{"type":"text","content":"\n \n \n \n Rusoro Defeats Venezuela's Second Attempt to Annul Arbitral 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.prntar{\nTEXT-ALIGN: RIGHT\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n Trading symbol (TSX-V):  RML\n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n June 8, 2022\n \n \n /CNW/ -\n \n Rusoro Mining Ltd.\n \n \n (the \"Company\" or \"Rusoro\")\n \n is pleased to announce that on\n \n June 7, 2022\n \n , the\n \n Paris\n \n Court of Appeal fully rejected a second application of the Bolivarian Republic of\n \n Venezuela\n \n (\"Venezuela\") to annul the arbitral award of\n \n August 22, 2016\n \n made in favor of Rusoro in the amount of\n \n US$967.77 million\n \n plus interest (current amount including interest as of\n \n June 7, 2022\n \n is\n \n US$1.67 billion\n \n ).\n \n Venezuela\n \n made the application on\n \n June 1, 2021\n \n following the judgment of the French Supreme Court (the Cour de Cassation) on\n \n March 31, 2021\n \n , which had reinstated the award in full (as reported by the Company in its news release of the same date). The Company may thus continue to vigorously pursue recognition and enforcement of the award or otherwise obtain fair compensation for the unlawful expropriation of its investments in\n \n Venezuela\n \n .\n \n \n Rusoro separately confirms that on\n \n November 23, 2021\n \n the New York Supreme Court entered judgment on the order it made for\n \n US$100 million\n \n plus interest (current amount is\n \n US$123,363,000\n \n as of\n \n June 7, 2022\n \n ) in favor of Rusoro against\n \n Venezuela\n \n for breach of a Settlement Agreement dated\n \n October 5, 2018\n \n (as reported by the Company in its News Release of\n \n October 6, 2021\n \n ) and is currently in the process of serving the judgment on\n \n Venezuela\n \n , following which it will vigorously pursue its payment or enforcement as partial payment for the unlawful expropriation of its investments in\n \n Venezuela\n \n .\n \n \n ON BEHALF OF THE BOARD\n \n \n \n \"Andre Agapov\"\n \n \n \n \n Andre Agapov\n \n , President & CEO\n \n \n \n...