{"id":2013852,"date":"2023-08-27T21:00:04","date_gmt":"2023-08-28T01:00:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/venezuela-asks-us-supreme-court-to-rule-on-legal-immunity-of-citgo-parent\/"},"modified":"2023-08-27T21:03:16","modified_gmt":"2023-08-28T01:03:16","slug":"venezuela-asks-us-supreme-court-to-rule-on-legal-immunity-of-citgo-parent","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/venezuela-asks-us-supreme-court-to-rule-on-legal-immunity-of-citgo-parent\/","title":{"rendered":"Venezuela seeks US Supreme Court&#8217;s ruling on CITGO Parent&#8217;s legal immunity."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fvenezuela-asks-us-supreme-court-to-rule-on-legal-immunity-of-citgo-parent%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2013852&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The\u200d Venezuelan Government Seeks Supreme Court Review in CITGO Case<\/h2>\n<p>The Venezuelan government \u200bis making a plea to the U.S. Supreme Court to reconsider a\u2063 lower \u200dcourt&#8217;s\u200d decision \u2062that \u2062allows creditors to pursue\u2064 the assets of CITGO Petroleum, the parent company of \u2064Venezuela&#8217;s government-owned oil\u2063 company. This ruling could have significant implications for an upcoming auction \u2063of shares in CITGO&#8217;s \u200bparent company.<\/p>\n<h3>The Case: Bolivarian Republic\u200c of Venezuela v. OI European Group B.V.<\/h3>\n<p>The case, known as \u2062 <em>Bolivarian Republic of Venezuela v. OI European Group B.V.<\/em>, involves the Venezuelan government and its <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/exclusive-mexican-oil-worker-tortured-by-cartel-gunmen-near-texas-border\/\" title=\"EXCLUSIVE: Mexican Oil Worker Tortured by Cartel Gunmen near Texas Border\">government-owned oil company<\/a>, Petr\u00f3leos de Venezuela S.A. (PDVSA). The court \u2064file number is 23-140.<\/p>\n<blockquote>\n<h3>Related Stories<\/h3>\n<ul>\n<li><strong>Refiner Citgo Petroleum Posts Record $2.8 Billion Profit for 2022<\/strong> \u200d &#8211; 3\/9\/2023<\/li>\n<li><strong>SCOTUS Rules Turkish Bank\u2063 Not Immune From Prosecution in Iran \u200dSanctions Violation Case<\/strong> &#8211; 4\/19\/2023<\/li>\n<\/ul>\n<\/blockquote>\n<p>CITGO\u2063 Petroleum \u2063Corp., a U.S.-based company, is an indirect subsidiary of PDV Holding, a \u200dnon-operating holding\u200b company incorporated in Delaware and headquartered \u2064in Texas. \u200cPDV Holding owns \u2063100% \u200bof the shares of its direct \u200bsubsidiary, CITGO Holding Inc., which in turn is the sole stockholder of CITGO Petroleum Corp.<\/p>\n<p>The lead \u2064respondent in the case is OI European Group, a packaging products manufacturer based in\u2064 the Netherlands. Other respondents include Northrop Grumman Ship\u2063 Systems Inc. (now \u200cknown as \u200cHuntington Ingalls Inc.), Koch Minerals Sarl, \u200dand Gold Reserve Inc.<\/p>\n<p>The \u2064respondent companies have until September 15 to respond to the petition.<\/p>\n<p>Venezuela&#8217;s lead \u200battorney, Donald Verrilli of the law firm Munger, Tolles and Olson, emphasized the urgency of the case and stated \u200cthat the petitioners will oppose any requests for extensions of time for responding to the petition.<\/p>\n<p>ExxonMobil and ConocoPhillips, among\u2062 other companies, are\u200c hoping that the sale \u200bof shares\u2062 in PDV Holding \u2062will generate\u200d enough funds to satisfy their\u2064 outstanding claims against Venezuela or\u200c PDVSA. These \u200dclaims reportedly amount \u2062to around\u200b $20 billion.<\/p>\n<p>A lower court previously determined that\u2062 PDVSA is the &#8220;alter ego&#8221; of the Venezuelan government, which poses a risk that PDVSA&#8217;s principal asset in the \u2064United States\u2014the shares indirectly owning 100% of CITGO Petroleum Corporation\u2014could be sold\u2064 off. Venezuela is seeking a Supreme Court declaration that the &#8220;alter ego&#8221; ruling should not \u200bstand. The U.S. Court of Appeals for the 3rd Circuit affirmed a\u200d ruling allowing six companies to\u2062 add claims worth \u2064$3.4 billion to an ongoing\u2062 lawsuit.<\/p>\n<p>In its petition, Venezuela argues that\u2064 under the Foreign \u200dSovereign Immunities Act (FSIA), foreign states are generally immune from suit and attachment. However, the Supreme Court&#8217;s \u2062ruling in <em>Turkiye Halk Bankasi A.S. v. United States<\/em> \u200con April 19\u200d established that the immunity of an instrumentality of a\u2062 foreign state is not absolute.<\/p>\n<p>The\u200c case involved Turkiye Halk Bankasi, also\u2063 known as Halkbank, which was accused of participating in \u2064a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/venezuela-asks-us-supreme-court-to-rule-on-legal-immunity-of-citgo-parent\/\" title=\"Venezuela seeks US Supreme Court's ruling on CITGO Parent's legal immunity.\">criminal conspiracy involving money laundering<\/a>, bank fraud, and \u2063assisting Iran in evading U.S. economic\u2063 sanctions. The Supreme \u200dCourt held \u200dthat the FSIA does not provide immunity from criminal prosecution.<\/p>\n<p>Despite this ruling, \u200bthe\u200c FSIA operates within the context \u200bof the Executive Branch&#8217;s exclusive authority to&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Venezuelan government seeks the U.S. Supreme Court&#8217;s review of a ruling permitting creditors to pursue the assets of CITGO Petroleum&#8217;s parent company. The court&#8217;s decision may impact the imminent auction of CITGO&#8217;s shares, as ordered by the court.<\/p>\n","protected":false},"author":168,"featured_media":2013853,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2013852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2013852","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/168"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2013852"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2013852\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2013853"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2013852"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2013852"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2013852"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}