Crystallex’s request for arbitration registered by the World Bank’s ICSID
Crystallex International Corporation (TSX:KRY)(NYSE Amex:KRY) announced today that its February 16, 2011, Request for Arbitration before the Additional Facility of the World Bank’s International Centre for Settlement of Investment Disputes (“ICSID”) against the Bolivarian Republic of Venezuela (“Venezuela”) has been registered by the Secretary General of ICSID.
The arbitration, pursuant to the Agreement between the Government of Canada and the Government of the Republic of Venezuela for the Promotion and Protection of Investments (the “Treaty”), was commenced by Crystallex following the Venezuelan Government’s failure to propose any resolution to the dispute notified by Crystallex on November 24, 2008 and the subsequent unlawful termination on February 3, 2011, of the Las Cristinas Mine Operation Contract (“MOC”).
Crystallex’s claim is for breach of the Treaty’s protections against expropriation, unfair and inequitable treatment and discrimination. Crystallex is seeking restitution by Venezuela of Crystallex’s investments, including the MOC, the issuance of the Permit to develop Las Cristinas and compensation for interim losses suffered, or alternatively full compensation for the value of its investment in excess of US$3.8 billion.
The details of the registration are available on ICSID’s website at http://icsid.worldbank.org/ICSID/.
Crystallex International Corporation is a Canadian based company, whose principal asset is its interest in the Las Cristinas gold project located in Bolivar State, Venezuela. Crystallex shares trade on TSX (symbol: KRY) and NYSE-Amex (symbol: KRY).