Paris Court of Appeal Rules to Recognize Gold Reserve’s ICSID Award as a Judgment of the Court
30 January 2015 - 7:15AM
Business Wire
Gold Reserve Inc. (TSX.V:GRZ) (OTCQB:GDRZF) (the “Company”) is
pleased to report that following the January 8, 2015, hearing held
before the Paris Court of Appeal, the Court today has granted the
Company’s request for the exequatur, or recognition, of the
Company’s ICSID Award as a judgment of the Court. The Court
dismissed the Republic of Venezuela’s request to stay the execution
of the Award pending the outcome of its application to annul (or
set aside) the Award, holding that none of the grounds alleged by
the Republic of Venezuela, including the lack of jurisdiction of
the arbitral tribunal, the violation of international public order,
or alleged errors in the calculation of the damages awarded,
constituted a sufficient ground to stay the execution of the
Award.
Gold Reserve’s President, Doug Belanger, stated, “We are
obviously very pleased with the outcome of the hearing and are
confident that the Republic’s applications to annul the Award and
the decision dismissing the Republic’s request for correction will
also be ultimately dismissed. It is important to note that a
petition to have an award set aside is only available in very
limited circumstances, intended primarily for cases in which the
petitioner claims the arbitral tribunal exceeded its powers or
denied the parties due process in the arbitration. This procedure
does not permit a review on the merits of the Award.”
This judgment is of particular significance as it was rendered
following a full hearing of the parties, by a court of appeal
level, recognized internationally for its expertise on arbitration
matters. It will be useful to assist Gold Reserve in the
enforcement proceedings it has instituted elsewhere in the world,
including, in particular, the United States, and should limit the
ability of the Republic to delay unduly the inevitable outcome.
Although the Company continues to have an open dialogue with
representatives from Venezuela and is hopeful that this matter can
be resolved amicably, the Company remains firmly committed to the
enforcement and collection of the Award, including the full amount
of accruing interest, and will continue to vigorously pursue all
available remedies accordingly.
The Award that has now been made a judgment of the court is in
the amount of approximately US $746 million, and it continues to
accrue interest at the rate of Libor plus 2% per annum.
Information regarding the Company can be found in its regulatory
filings and by going to the following websites:
www.goldreserveinc.com, www.sec.gov and www.sedar.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This release contains “forward-looking statements” or
“forward-looking information” as such terms are defined under
applicable U.S. and Canadian securities laws (collectively referred
to herein as “forward-looking statements”) with respect to the
ICSID Award related to the expropriation of the Company’s Brisas
Project by the Venezuela government. Forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by management at this time, are
inherently subject to significant business, economic and
competitive uncertainties and contingencies such as, among other
things, the Company’s ability to collect such Award.
We caution that such forward-looking statements involve known
and unknown risks, uncertainties and other risks that may cause the
actual outcomes, financial results, performance, or achievements of
Gold Reserve to be materially different from our estimated
outcomes, future results, performance, or achievements expressed or
implied by those forward-looking statements. Factors that could
cause actual results to differ materially from those in the
forward-looking statements include the timing of and amount of
collection of the Award, if at all.
This list is not exhaustive of the factors that may affect any
of Gold Reserve's forward-looking statements. Investors are
cautioned not to put undue reliance on forward-looking statements.
All subsequent written and oral forward-looking statements
attributable to Gold Reserve or persons acting on its behalf are
expressly qualified in their entirety by this notice. Gold Reserve
disclaims any intent or obligation to update publicly or otherwise
revise any forward-looking statements or the foregoing list of
assumptions or factors, whether as a result of new information,
future events or otherwise, subject to its disclosure obligations
under applicable U.S. or Canadian securities laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Gold Reserve Inc.A. Douglas Belanger, 509-623-1500Fax:
509-623-1634President
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