As we’ve mentioned in various articles, Venezuela continues to face an increasing number of lawsuits and payment orders. One such case involves Venezuela US SRL, which is in a dispute with the republic over unpaid dividends, currently being reviewed by a court of appeals.
In this context, Venezuela US SRL submitted documentation to the Columbia Court of Appeals, confirming its status as a wholly-owned subsidiary of Occidental Petroleum Corporation, a publicly traded company.
This action was carried out through the Corporate Disclosure Statement, which primarily aims to comply with Circuit Rule 26.1, requiring the identification of parent companies and affiliates holding publicly traded securities.
Thus, Venezuela US SRL responded to the court’s order in the case against the Bolivarian Republic of Venezuela for the failure to pay investment dividends in Petroritupano S.A. The Columbia Court recognized an arbitral award in favor of the company and ordered the payment of over USD 109 million. Venezuela appealed this decision.
Corporate Disclosure Statement of Venezuela US SRL
Before the United States Court of Appeals for the District of Columbia, Venezuela US SRL demonstrated its corporate structure. This was achieved by submitting a Corporate Disclosure Statement certifying that the company is a wholly-owned subsidiary of Occidental Petroleum Corporation, a publicly traded firm.
This disclosure formally establishes a direct link between a significant American energy conglomerate and the appellate litigation against the Bolivarian Republic of Venezuela. The case, identified by the number 25-7096, is an appeal of a ruling by the U.S. District Court for the District of Columbia.
The document was submitted in accordance with Rule 26.1 of the Circuit. The purpose of this statement is to identify public parent and affiliate companies to prevent potential conflicts of judicial interest.
It was thus determined that Occidental Petroleum Corporation is the parent entity that wholly controls Venezuela US SRL, the party litigating against the Bolivarian Republic of Venezuela in this matter.
The Court of Appeals’ Order
The Court of Appeals for the District of Columbia had previously issued a procedural order establishing a timeline for the submission of essential documents by both parties.
The most significant directive from the court was the indefinite suspension of the phase for submitting written arguments “until further order from the court.” This decision indicates that substantive argumentation will not begin until all preliminary procedural requirements are fulfilled.
Additionally, the appealing party, the Bolivarian Republic of Venezuela, is under a continuous obligation to report on the status of judicial transcripts, necessitating submission of reports every 30 days.
The Timeline
The court order established a precise timeline for both parties to submit the necessary documentation for the appeal process to move forward.
The court placed the responsibility for submitting a series of essential documents on the appealing party, while also requiring ongoing reporting on the transcripts.
Moreover, the appealing party was required to submit a final status report three days after receiving the complete transcript; notify all reports to the involved parties and every court reporter.
On the other hand, the appellee, Venezuela US SRL, had to submit a parties certificate, resolutions, and related case documents; a notice of appearance; and procedural motions, if any.
The suspension of the argumentative phase of the case means that neither party will submit their substantive legal pleadings until the court expressly authorizes it, which will presumably occur once all procedural requirements are met and the case file is completed, including transcripts.
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