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Venezuela Spurned by U.S. Supreme Court in Citgo Stake Clash (1)

May 18, 2020, 9:09 PM

The U.S. Supreme Court rejected an appeal by Venezuela in its fight to retain control of oil refiner Citgo Holding Inc., putting the country a step closer to losing its largest asset.

The justices, without comment on Monday, left intact a federal appeals court victory for a defunct Canadian gold mining company seeking to force the sale of Citgo’s parent company. The gold company, Crystallex International Corp., is trying to collect a $1.4 billion arbitration award, most of which remains unpaid.

The rebuff leaves Venezuela at risk of losing a much-needed source of revenue in Citgo. The country’s ...

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