Venezuela completed an initial payment to defunct Canadian gold miner Crystallex International Corp. last week as part of a $1.2 billion amended settlement reached in September. That followed a United States district courts approval in August of Crystallexs request to seize control of shares from a U.S. subsidiary of Petroleos de Venezuela, S.A. that owns Citgo.
Crystallex received the final portion of the $425 million initial payment from Venezuela on Nov. 23, and requested that a Delaware court temporarily stay further proceedings until Jan. 10, according to court documents obtained by Lube Report. The $425 million payment is in addition to $75 million in funds previously received by Crystallex.
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