The District Court confirms the award, rendered in arbitration under the Canada-Venezuela bilateral investment treaty (the “BIT”).
In 2016 Rusoro, a Canadian company, obtained a USD 967 million award after having been deprived by Venezuela of its gold mining interests in twenty-four Venezuelan companies. Venezuela moved to annul the award in the state of the seat of arbitration. The decision has not yet intervened. Up to now, Rusoro has not received any compensation from Venezuela (as no-one following the initialization of the gold industry in Venezuela).
The District Court refuses to stay the proceedings pending the annulment action. Then, it denies to dismiss Venezuela’s motion petition or deny confirmation of the award as Venezuela failed to identify any basis under the New York Convention to deny confirmation of the award.