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Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
Message: Sequel to Jingles Letter (Jan 2009)
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Dear Mr.
It is in the government's interest to see that disputes are resolved fairly. As an Embassy in Caracas we have tried various steps to facilitate communication between Crystallex and Venezuela and to encourage a mutually acceptable solution. However, the Canadian government can not actually force Venezuela to honour its obligations. As a last resort, the Canada-Venezuela Foreign Investment Promotion and Protection Agreement (FIPA) provides Canadian investors with the right to access international arbitration to enforce the treaty's commitments. However, any formal dispute between a Canadian investor and the Government of Venezuela is ultimately a private matter and we would encourage companies that wish to claim a breach of the FIPA to seek private legal counsel.
The Canadian government provides various types of assistance to Canadian investors embroiled in disputes abroad. We monitor disputes closely and often share relevant information about laws, judicial systems and claims procedures. We can also provide information about attorneys and consular assistance to Canadian nationals. However, the government cannot become involved in a private commercial dispute and cannot advise Canadian investors on how to handle their disputes, nor does the government share in the costs of litigating such a case.
Regards,
José Páez
Trade Commissioner
Sent: April 14, 2010 11:06 AM
To: CRCAS ( G)
Subject: Crystallex International Corporation
To Whom it May Concern:
To: CRCAS ( G)
Subject: Crystallex International Corporation
To Whom it May Concern:
I have attached a copy of a response from the Canadian Embassy to a shareholder of Crystallex International that was from January of 2009. I am hoping that you can update me with current information regarding this subject. Also, specifically I have two questions. First, it appears that the Venezuelan government is content on doing nothing. Talk is cheap as they say. What can the Canadian government force upon the Government of Venezuela to make them honor their obligations? Second, would the Canadian government back Crystallex financially if international arbitration was the only way to correct this situation?
Any information is appreciated. Thank you for your time in this matter.
Cordially,
Copy of original letter.
Dear Mr.
Thank you for your correspondence of December 21, 2008, regarding recent statements on the part of the Venezuelan government with regard to Crystallex International Corporation's Las Cristinas project. Let me assure you that we share your concerns and are taking this matter very seriously.
The Canadian Embassy in Venezuela has worked closely with Crystallex for several years in its efforts to obtain the necessary authorizations in order to develop the Las Cristinas Project. Our Embassy has raised this issue repeatedly with senior Venezuelan government officials. We assure you that both the Canadian Embassy and officials in Ottawa are following up on the recent statements of the Venezuelan government concerning the take over of Las Cristinas. Senior officials, including Canada's Ambassador to Venezuela, have requested meetings with Venezuelan government officials in order to confirm reports concerning the status of the mining project.
You rightly point out that Canada has a Foreign Investment Promotion and Protection Agreement (FIPA) with Venezuela. This Agreement provides Canadian investors with guarantees against discrimination and expropriation without compensation, which, if breached, can be the basis for a monetary claim by affected investors before an international arbitration tribunal. The Government of Canada expects that the Government of Venezuela will fully honour its obligations under this Agreement.
The Government of Canada will continue to monitor developments closely and, in consultation with Crystallex, make every effort to defend the interests of the company and its shareholders.
Kind Regards,
Dan Bristow
Second Secretary (Trade)
Department of Foreign Affairs and International Trade
Canadian Embassy
Av. Francisco de Miranda con Av. Sur Altamira
Caracas, Venezuela
Tel: + 58 (212) 600-3134
Fax:+ 58 (212) 600-3036
Mitnet 394-3354
http://www.infoexport.gc.ca/ve
crcas-td@international.qc.ca
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