The Special Prosecutor’s Office of the Republic of Venezuela expanded on Friday, through a statement, on the decision of the District Court of Delaware to protect the assets of Petróleos de Venezuela S.A. (PDVSA) in the United States, specifically of PDV Holding Inc, Citgo’s parent company.
Here is the complete press release:
On December 12, the District Court of Delaware adopted several decisions that reinforce the legal protection of the assets of Petróleos de Venezuela, S.A. (PDVSA) in the United States, and specifically, PDV Holding, Inc., Citgo’s parent company.
Thus, the Delaware District Court made the following decisions:
1. Suspend the case initiated by Crystallex International Corporation to obtain the seizure of shares of PDV Holding, Inc. until the Supreme Court of Justice of the United States issues a decision on the matter.
2. Deny the requests of OI European Group B.V. and Saint-Gobain Performance Plastics Europe to obtain the enforcement of arbitral awards against the Republic through embargo measures on PDV Holding, Inc.
3. Suspend ConocoPhillips’ motions until the Supreme Court of Justice reaches a decision in the Crystallex case.
These decisions confirm the protection of Citgo, especially after the Treasury Department, through the Office for the Control of Foreign Assets (OFAC), clarified last December 9th that no creditor can advance judicial measures against PDVSA.
In addition, this decision ratifies the recognition of the Government of President Juan Guaidó and ratifies the strategy adopted by him for the creation of the ad-hoc administrative board of PDVSA and the subsequent appointment of the board of directors of Citgo.
This Delaware Court ruling responds favorably to all the defense facts wielded by the Republic and PDVSA since the recognition of the President in charge Juan Guaidó, all of which contributes to create the appropriate conditions to advance in the public debt renegotiation process according to the guidelines published on July 1st.
Comunicado Oficial de la Oficina del Procurador Especial: pic.twitter.com/6XpWFmgn8w
— Procuraduría Especial de la República de Venezuela (@DeProcuraduria) December 13, 2019