Core Viewpoint - Gold Reserve Ltd. has received a favorable Final Award in its arbitration against BANDES, the Venezuelan state development bank, amounting to approximately $28.98 million, including pre-award interest and additional costs [1]. Summary by Sections Arbitration Outcome - Gold Reserve Corporation, an affiliate of Gold Reserve Ltd., was awarded a total of $28,982,568.70 in the arbitration against BANDES, which includes pre-award interest [1]. - The tribunal also awarded costs amounting to €434,000 and post-award interest calculated at the 12-month SOFR + 2% from the date of the Final Award until full payment is made [1]. Recovery Efforts - Gold Reserve plans to pursue the recovery of the awarded amounts through ongoing recognition and enforcement proceedings in the courts of Portugal [2]. Financial Implications - The awarded amount reflects significant financial implications for Gold Reserve, potentially impacting its liquidity and operational capabilities as it seeks to enforce the award [1][2].
Gold Reserve Prevails in ICC Arbitration Against BANDES