Gold Reserve Files Multibillion-Dollar Claim Against Venezuela

Gold Reserve, a Canadian miner, has filed a claim against Venezuela for over US$7 billion while also seeking to collect on a prior billion-dollar arbitration award.

Gold Reserve, a Canadian mining company, has initiated an investment treaty claim against Venezuela amounting to over US$7 billion. This legal action coincides with the company’s ongoing efforts to enforce a previous arbitration award of one billion dollars it received from the Venezuelan government.

The assertion of legal claims by Gold Reserve underscores the ongoing tensions between foreign investors and the Venezuelan government, particularly in the mining sector. The company is not only pursuing a substantial new claim but also actively seeking to collect on prior awards, indicating a significant legal strategy focused on investment protection.

Original Source: globalarbitrationreview.com