The United States Supreme Court This Monday, he refused to review a court ruling that authorizes the sale of shares in Citgo, a subsidiary of the Venezuelan state oil company. PDVSA in the United States controlled by opponents, AFP confirmed.
Citgo It is one of the assets of the Caribbean country that controls the Venezuelan opposition by decision of the United States, which continues to consider the opposition-majority parliament elected in 2015 to be “legitimate” despite the fact that its term ended in 2021.
Some companies have rulings that give them rights to seize Citgo shares to compensate for expropriations by the Venezuelan government.
Normally nations and public companies are considered separate entities, but some companies have argued that PDVSA is Venezuela’s “alter ego.”
“Certiorati denied,” reads the document published by the Supreme Court, in the section that includes the case of Venezuela and others against OI European Gorup BV and others.
Certiorari is a legal remedy that allows a party to request that a higher court review the case and determine whether any errors have been made.
Venezuela’s ad hoc board wanted the Supreme Court to review the ruling issued by a Third Circuit judge that gave the green light to the sale of Citgo shares.
On the social network serious patrimonial losses to the nation”.
Creditors’ claims against Citgo exceed $20 billion.
This makes “a negotiation with creditors (is) unviable in the absence of a political agreement,” adds the economist.
This same Monday in Houston, a judge ruled in favor of a group of 10 creditors who decided to join the embargo on the oil company.
The court “designates all creditors who, to date, have obtained a conditional or unconditional seizure order (…) against the shares of PDVH, property of PDVSA (…), as additional creditors of the judgment” , reads the ruling.
PDVH is the indirect shareholder of Citgo.
The tension between Caracas and Washington, which considers Maduro’s re-election in 2018 fraudulent, seems to have eased in recent months.
A certain relaxation is also palpable between the socialist leader and the opposition, with which in October he signed the Barbados agreement on the 2024 presidential elections.
In return and to encourage dialogue, Washington partially lifted sanctions on Venezuelan oil, gold and gas.
Source: Ambito
