Gold Reserve said on Monday the Lisbon Court of Appeal confirmed the Canadian miner’s arbitration award against Venezuela, giving it green light to enforce about $1.1 billion in Portugal.
The company said the judgment supports its ongoing efforts to enforce its arbitration award in Portugal, where it said it had obtained attachment orders “against multiple bank accounts” holding more than $1.4 billion.
“Recovery is not certain in the Portugal legal proceedings due to multiple factors,” it added. “Further court orders are required to attempt to collect against any of the attached funds.”
Venezuela’s Information and Communication ministry did not immediately reply to a request for comment.
The Canadian company said its efforts for enforcement of the arbitration ruling in Portugal are in addition to those being undertaken in the US, including its participation in a court-organized…
