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U.S. court rules against Maduro bid to oust opposition-backed Citgo board
Source: Reuters
BUSINESS NEWS AUGUST 3, 2019 / 12:02 PM / UPDATED 17 HOURS AGO
U.S. court rules against Maduro bid to oust opposition-backed Citgo board
HOUSTON (Reuters) - The board of Citgo Petroleum appointed by Venezuela’s congress chief was properly seated, a U.S. court ruled, dealing a blow to contested Venezuelan President Nicolas Maduro’s efforts to retake control of the Texas-based refiner.
Venezuelan congress chief Juan Guaido’s recognition by the Trump administration as the South American country’s legitimate leader makes his Citgo appointments valid, Delaware Chancery Court Vice Chancellor Kathaleen McCormick ruled on Friday.
The ruling provides U.S. court backing for Guaido as the country’s official leader with power to name directors of Citgo and its parent, Petroleos de Venezuela [PDVSA.UL] (PDVSA). However, McCormick delayed the ruling for 10 days to give Maduro’s lawyers time to challenge the process used to confirm the appointments.
“We are grateful that the court has rejected the Maduro regime’s efforts to use the U.S. judiciary to advance their anti-democratic objectives,” Citgo said in a statement.
-snip-
U.S. court rules against Maduro bid to oust opposition-backed Citgo board
HOUSTON (Reuters) - The board of Citgo Petroleum appointed by Venezuela’s congress chief was properly seated, a U.S. court ruled, dealing a blow to contested Venezuelan President Nicolas Maduro’s efforts to retake control of the Texas-based refiner.
Venezuelan congress chief Juan Guaido’s recognition by the Trump administration as the South American country’s legitimate leader makes his Citgo appointments valid, Delaware Chancery Court Vice Chancellor Kathaleen McCormick ruled on Friday.
The ruling provides U.S. court backing for Guaido as the country’s official leader with power to name directors of Citgo and its parent, Petroleos de Venezuela [PDVSA.UL] (PDVSA). However, McCormick delayed the ruling for 10 days to give Maduro’s lawyers time to challenge the process used to confirm the appointments.
“We are grateful that the court has rejected the Maduro regime’s efforts to use the U.S. judiciary to advance their anti-democratic objectives,” Citgo said in a statement.
-snip-
Read more: https://www.reuters.com/article/us-venezuela-citgo-court/u-s-court-rules-against-maduro-bid-to-oust-opposition-backed-citgo-board-idUSKCN1UT0F5