Post #1286

#News | Six corporations are set to join a court-ordered auction of CITGO shares following a recent judicial ruling. On Friday, the Third Circuit concluded that Venezuela’s state oil company PDVSA is the country’s “alter ego,” and thus liable for its debts. The measure exposes PDVSA’s US-based subsidiary CITGO to corporations looking to enforce international arbitration awards over assets nationalized by the Venezuelan state. The court confirmed an earlier ruling from a Delaware District Court, rejecting an appeal from the Venezuelan opposition-control ad hoc PDVSA board that argued that the country’s “political turmoil” should warrant an outcome different than a 2019 decision that established the alter ego. “Because reviewing PDVSA's other arguments would stretch the limited grant of our appellate jurisdiction [...] we decline the invitation and will affirm the district court's judgment," the Third Circuit’s three-judge panel stated. It is unknown at the time whether there will be a further appeal filed before the Supreme Court. https://venezuelanalysis.com/news/15803