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Venezuelan Congress declares President Maduro has staged coup

Venezuelan Congress declares President Maduro has staged coup




CARACAS, Venezuela — The Associated Press




Published Sunday, Oct. 23, 2016 8:21PM EDT







Venezuela’s Congress on Sunday declared that the government had staged a coup by blocking a drive to recall President Nicolas Maduro in a raucous legislative session that was interrupted when his supporters stormed the chamber.


Opposition lawmakers vowed to put Maduro on trial after a court friendly to his socialist administration on Thursday suspended their campaign to collect signatures to hold a referendum on removing the deeply-unpopular president.


Lawmaker Julio Borges said the opposition-led congress is now in open rebellion after a majority of its members voted that the decision constituted a coup with government participation.


“We will bring a political trial against President Nicolas Maduro to get to the bottom of his role in the break with democracy and human rights here,” Borges said.


A day of fiery speeches was briefly thrown into chaos when dozens of red-shirted protesters who had been heckling opposition lawmakers outside the capitol burst onto the floor. Lawmakers ran out of the path of protesters who chanted: “Congress will fall!”


It was not immediately clear how the protesters entered the heavily guarded building, which has been under the opposition’s control since it won legislative elections in a landslide in December. The protesters began to file out of the building after Socialist party leader Jorge Rodriguez called on them to leave, leading the opposition to charge that Rodriguez was directing the protest.


Opposition spokesman Jesus Torrealba said the protest on the floor was a perfect illustration of the opposition’s complaint that democracy has been suspended in the oil country.


“The fact that lawmakers elected by 7.5 million people were silenced by 300 thugs sums up the situation better than any speech could,” he said.


Legislators also proposed efforts to replace national elections officials and Supreme Court judges.


Amid severe shortages and the world’s highest inflation, polls suggest as much as 80 per cent of voters want Maduro gone this year.


A push to take legal action against the president would throw the country further into a constitutional crisis, but would probably not prevail because the administration controls the courts and other major institutions.


The opposition is hobbled because it has been unable to make alliances with anyone in the ruling socialist party, according to Amherst College Political Science professor Javier Corrales.


“It’s important because in other constitutional crises elsewhere in Latin America, the behaviour of the ruling party was crucial,” he said.


Last week’s ruling suspending the recall vote because of alleged fraud in an earlier stage of signature-collection drew condemnation from the U.S. State Department and the Organization of American States.


On Sunday, congress approved a resolution officially asking the international community to step in to “protect the people’s right to democracy by any means necessary.”


Opposition leaders are also pledging to build pressure in the streets, starting with a nationwide protest on Wednesday dubbed “the taking of Venezuela.”




almost 8 years ago
Rusoro Awarded US$967.77 million

Rusoro Awarded US$967.77 million by an ICSID Additional Facility Tribunal for the Expropriation of its Investments in Venezuela


08:30 EST Tuesday, Aug 23, 2016


space


Trading symbol (TSX-V): RML


VANCOUVER, Aug. 23, 2016 /CNW/ - Rusoro Mining Ltd. (the "Company" or "Rusoro") welcomes the award (the "Award") issued on August 22, 2016 by the Arbitration Tribunal ("Tribunal") operating under the Additional Facility Rules of the World Bank's International Centre for the Settlement of Investment Disputes ("ICSID") in the arbitration brought by Rusoro against the Bolivarian Republic of Venezuela ("Venezuela"). The Tribunal awarded the Company damages of US$967.77 million plus pre and post-award interest which currently equates to in excess of US$1.2 billion.


Rusoro filed its request for arbitration before ICSID on July 17, 2012 under the Canada-Venezuela Bilateral Investment Treaty ("BIT"). In its Award, the Tribunal upheld Rusoro's claims that Venezuela breached its obligations under the BIT by unlawfully expropriating Rusoro's investments without paying compensation and by imposing certain restrictions on the export of gold. As a result of these breaches, the Tribunal ordered Venezuela to pay damages of US$967.77 million as of the date of the expropriation (16 September 2011), together with interest accrued between that date and the date of actual payment, calculated at a rate p.a. equal to US$ Libor for one year deposits, plus a margin of 4%, to be compounded annually. The amounts awarded must be paid net of any taxes imposed by Venezuela. The Tribunal also ordered Venezuela to contribute US$3.3 million towards Rusoro's costs in the arbitration.


The Award is due and payable immediately and Rusoro expects that Venezuela will comply with its international obligations and make prompt payment of the award. The Award is immediately enforceable in any of the over 150 member states party to the New York Convention.


Andre Agapov, President and CEO of Rusoro said, "On behalf of Rusoro's board of directors, its management and employees, and all of its stakeholders, we are pleased that the Tribunal has recognized Venezuela's breaches of Rusoro's rights in connection with its investments in the Venezuelan mining sector. The company looks forward to collecting on the Award on behalf of all of its stakeholders. We thank our legal team at Freshfields, led by Nigel Blackaby and Noah Rubins. We would also like to acknowledge our consultants and technical teams for their contribution and dedication. Finally, we thank our shareholders for their continued support throughout this prolonged and difficult process."


Calunius Capital has provided financing to Rusoro since the commencement of the arbitration in 2012. Mick Smith of Calunius Capital commented: "it has been a pleasure to work with Andre Agapov and the Rusoro team over this period, who have been so ably assisted by Freshfields in the arbitration. We are delighted to have helped achieve such an excellent result for Rusoro's shareholders and creditors".


ON BEHALF OF THE BOARD


"Andre Agapov"

Andre Agapov, President & CEO


about 8 years ago
Re: GRZ News and settlement

"The statement didn't say where Venezuela, whose oil-dependent economy has been pummeled by slumping energy prices, would obtain the funding."


http://www.bloomberg.com/news/articles/2016-08-08/gold-reserve-shares-surge-on-770-million-venezuelan-settlement



about 8 years ago
Re: value

CIBC IE does the same. :-(

about 8 years ago
Venezuela Sees Savior in Gold as Country Fights to Avoid Default

“The venture involves the largest gold producer in the world and the largest copper producer,” Merentes said, declining to name the companies that will join the project with Gold Reserve. “There are already global banks, investment funds and people with capital who want to invest. This agreement will bring liquidity to help the state meet its commitments.”

http://www.bloomberg.com/news/articles/2016-02-27/venezuela-sees-savior-in-gold-as-country-fights-to-avoid-default

over 8 years ago
wymwood
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