We may be looking to narrow at the CITIC/VZ deal if it is more than more election rhetoric like VenRus became.
While I believe it is good for us because it should solidify our ICSID case, I also think we should consider what Doug said about their hearing.
Doug Belanger, President, stated, “The oral hearings were the culmination of an extensive undertaking by the Company’s counsel, technical, legal and financial experts, as well as its employees, to present Gold Reserve’s case to the Tribunal. Upon review of the entire record of evidence, it is clear that Gold Reserve’s claims are well supported.”
Add to this the Exxon award From ICC which wasn't as bad as it seemed. Exxon got more than their initial investment of $750 million. I think the award was a little over $900 million but their were deductions for counter claims and money held by Exxon.
Exxon has a ICSID case yet to be settled which is more open to lost profit claims. Add in the other cases pending including ours and what VZ needs to get out of this is someone who has very deep pockets.
Who better than CITIC who is involved in all resources. It wouldn't surprise me to find out CITIC will be the one paying all the awards/settlements as part of getting access to these resources.
JJ
