For almost a decade now, Canadian gold miner Crystallex has sought to establish a single fact: Venezuela's state-owned oil company PDVSA is the "alter ego" of the state. In other words, Venezuela is so enmeshed in PDVSA's daily operations and personnel that they are essentially one and the same. The designation would allow Crystallex, which is backed by hedge fund Tenor Capital, to go after PDVSA assets in the US once sanctions are lifted. The company is still owed hundreds of millions from Venezuela as part of a .4bn arbitration award it won three years ago after the government nationalised its gold mining project in 2011.Earlier this week, Crystallex came one step closer to cementing the linkage between PDVSA and the state. A victory for the gold miner would create a window of
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For almost a decade now, Canadian gold miner Crystallex has sought to establish a single fact:...