#Reuters. Reuters: Gold Reserve won an arbitration award of 1.1 billion dollars in Portugal against VenezuelaGold Reserve said on Monday that the Lisbon Court of Appeal confirmed the arbitration award of the Canadian mining company against Venezuela, giving it the green light to enforce approximately 1.1 billion dollars in Portugal.
By Reuters
The company's shares rose 1.5% to 2.63 Canadian dollars in afternoon trading. The company stated that the ruling supports its ongoing efforts to enforce its arbitration award in Portugal, where it said it had obtained seizure orders "against multiple bank accounts" totaling over 1.4 billion dollars.
"Recovery is not guaranteed in the judicial proceedings in Portugal due to multiple factors," it added. "More court orders are needed to attempt to collect any of the seized funds."
The Ministry of Information and Communications of Venezuela did not immediately respond to a request for comment.