{"id":7349,"date":"2016-10-10T12:01:45","date_gmt":"2016-10-10T12:01:45","guid":{"rendered":"https:\/\/diazreus.com\/judge-rules-venezuelan-iron-ore-company-agency-instrumentality-venezuela-350-million-mining-dispute\/"},"modified":"2016-10-10T12:01:45","modified_gmt":"2016-10-10T12:01:45","slug":"judge-rules-venezuelan-iron-ore-company-agency-instrumentality-venezuela-350-million-mining-dispute","status":"publish","type":"post","link":"https:\/\/diazreus.com\/ru\/judge-rules-venezuelan-iron-ore-company-agency-instrumentality-venezuela-350-million-mining-dispute\/","title":{"rendered":"Judge Rules Venezuelan Iron Ore Company an Agency or Instrumentality of Venezuela in $350 Million Mining Dispute"},"content":{"rendered":"

L\u00e9alo en Espa\u00f1ol aqu\u00ed<\/b><\/a><\/p>\n

<\/u>MIAMI — October 6, 2016 — United States District Judge Andrew Carter of the Southern District of New York recently ruled that Venezuela\u2019s iron ore company C.V.G. Ferrominera Orinoco, C.A. (FMO) is an \u201cagency or instrumentality\u201d of the Bolivarian Republic of Venezuela. The court\u2019s determination could potentially derail a $350 million global arbitration and litigation assault on FMO brought by the Plaintiff, Commodities & Minerals Enterprise, Ltd. (CME), a British Virgin Islands company.<\/p>\n

The ruling stems from a complaint initiated by CME earlier this year in which it sought and obtained an ex parte order of maritime attachment for hundreds of millions of dollars.<\/p>\n

FMO\u2019s attorneys, Diaz Reus partners Michael Diaz, Jr<\/a>., Gary Davidson<\/a>, and Brant Hadaway<\/a>, moved to dismiss the Complaint and vacate the Order of Attachment, arguing that FMO is an \u201cagency or instrumentality\u201d of the Venezuelan government and, as such, is immune from pre-judgment attachment under the Foreign Sovereign Immunities Act (FSIA).<\/p>\n

Judge Carter\u2019s ruling means that FMO is presumptively immune from prejudgment attachment under the FSIA. The Court has set a mid-October deadline for CME to brief the Court to the extent it claims that an exception to the FSIA applies.<\/p>\n

\u201cWe are pleased with the result that we achieved on behalf of FMO,\u201d says Hadaway. Davidson explains, \u201cWe were always confident in our position that FMO was an agency of Venezuela, and we are gratified that Judge Carter has issued this decision now, as it has far-reaching implications not only in the case before him, but in the arbitrations pending in Switzerland, the UK, and the U.S.\u201d Hadaway adds that \u201cwe will oppose any argument presented that an exception to the FSIA applies. FMO is one significant step closer to obtaining a dismissal of the proceeding in its entirety.\u201d<\/p>\n

Judge Carter\u2019s ruling comes on the heels of another significant victory for FMO in the New York litigation. On August 25, 2016, Judge Carter denied CME\u2019s petition for an anti-suit injunction seeking to enjoin FMO from proceeding with a declaratory action filed by FMO in Venezuela. Judge Carter noted that FMO\u2019s FSIA jurisdictional challenge left it \u201cdoubtful the Court would have the necessary jurisdiction to issue an anti-suit injunction.\u201d The Court determined that even if it had jurisdiction, it would be improper for the Court to issue the requested injunction, noting, among other things, that \u201cprinciples of comity\u201d warranted denial of CME\u2019s motion.<\/p>\n

About Diaz, Reus & Targ, LLP<\/strong><\/p>\n

Diaz Reus offers a global law practice centered around national and transnational parallel proceedings and transactions in sovereign, trade, commerce, finance, and fraud; civil litigation and arbitration; asset identification, location, tracing and recovery; white collar crime, regulatory, and criminal investigations and defense in matters of corruption, bribery, money laundering, FCPA, OFAC, SDNs, and the Bank Secrecy Act; and politically sensitive investigations including the recovery of U.S. immigration status and visas.<\/p>\n

For more information, contact Gary Davidson gdavidson@diazreus.com<\/a>\u00a0or\u00a0Brant Hadaway bhadaway@diazreus.com<\/a>\u00a0305-375-9220.<\/p>\n","protected":false},"excerpt":{"rendered":"

L\u00e9alo en Espa\u00f1ol aqu\u00ed MIAMI — October 6, 2016 — United States District Judge Andrew Carter of the Southern District of New York recently ruled that Venezuela\u2019s iron ore company C.V.G. Ferrominera Orinoco, C.A. (FMO) is an \u201cagency or instrumentality\u201d of the Bolivarian Republic of Venezuela. The court\u2019s determination could potentially derail a $350 million global arbitration and litigation assault … Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":3539,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rs_blank_template":"","rs_page_bg_color":"#ffffff","slide_template_v7":"","inline_featured_image":false,"footnotes":""},"categories":[551],"tags":[631,557,567,579,632],"class_list":["post-7349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-551","tag-brant-c-hadaway-ru","tag-uncategorized-ru","tag-uncategorized-ru-4","tag-uncategorized-ru-11","tag-uncategorized-ru-32"],"acf":[],"yoast_head":"\nJudge Rules Venezuelan Iron Ore Company an Agency or Instrumentality of Venezuela in $350 Million Mining Dispute<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/diazreus.com\/ru\/judge-rules-venezuelan-iron-ore-company-agency-instrumentality-venezuela-350-million-mining-dispute\/\" \/>\n<meta property=\"og:locale\" content=\"ru_RU\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Judge Rules Venezuelan Iron Ore Company an Agency or Instrumentality of Venezuela in $350 Million Mining Dispute\" \/>\n<meta property=\"og:description\" content=\"L\u00e9alo en Espa\u00f1ol aqu\u00ed MIAMI — October 6, 2016 — United States District Judge Andrew Carter of the Southern District of New York recently ruled that Venezuela\u2019s iron ore company C.V.G. 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