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Gold Reserve makes push in Luxembourg to collect Venezuela award
By Alexandra Ulmer
Monday, April 13, 2015
Gold Reserve Inc. has served banks in Luxembourg with the equivalent of writs of garnishment relating to around $700 million in interest payments on Venezuelan bonds and funds, cranking up its push to collect an arbitration award from the South American country.
"These banks were chosen because they are designated as paying agents or transfer agents in listing memoranda relating to various bonds issued by Venezuela and listed on the Luxembourg Stock Exchange," the Toronto-listed gold mining company said in a statement on Monday.
"So far, the banks have denied holding funds for the account of Venezuela, which appears to contradict the information contained in the listing memoranda. As a result, the company intends to have the issue determined by the appropriate court or judge having jurisdiction in Luxembourg over such matters."
The fresh push by Gold Reserve Inc. to collect its arbitration award is likely to worry cash-strapped Venezuela, which is struggling to foot hefty bond payments and seeking to delay payment of major arbitration awards. ...
... For the remainder of the report:
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