Crystallex International Corporation applied for the recognition and enforcement of a US $1.202 billion international arbitration award against the Bolivarian Republic of Venezuela.
The award stemmed from Venezuela's expropriation of Crystallex's investment in a gold mining project, in breach of a bilateral investment treaty.
The court found that service on Venezuela was properly effected under the State Immunity Act and that Crystallex satisfied the requirements of Article 35 of the UNCITRAL Model Law for recognition and enforcement.
No grounds for refusal under Article 36 were raised or found, as the dispute was arbitrable and enforcement consistent with Ontario public policy.
The court granted the order for recognition and enforcement, including pre and post-award interest, and awarded costs to Crystallex.
