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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

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Message: Re: 7th Monitors Report Now Up. - More Conclusions
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Dec 15, 2012 09:10AM

ICISD decision timeline from the Nov 29th Gold Reserve news release:

http://www.goldreserveinc.com/documents/nr%2012-16.pdf

Information contained in an article titled “ICSID Arbitration: How Long Does It Take?” which was first written for Global Arbitration Review and published in the GAR Journal, Volume 4 issue 5 - www.GlobalArbitrationReview.com suggests that it is typical for a tribunal to require from 6 to 18 months following the conclusion of proceedings, with the average being about 14 months, to issue a ruling. As a comparative, in April 2013, it will have been 14 months since the conclusion of the oral hearing in this case. In management’s opinion, this case has moved in a timely manner through the various stages of procedure as a direct result of the dedication and talent of our counsel, experts and long-time employees. While the process is lengthy, the substantial value of the Brisas asset and the breath and depth of evidentiary record requires thoughtful consideration by the Tribunal and, as a result, the actual timing of an arbitration case such as ours will of course be subject to the discretion of the ICSID Tribunal.

An ICSID Additional Facility Award is enforceable globally under the New York Convention, an international convention regarding the recognition and enforcement of arbitral awards with over one hundred forty State parties. There are clear, well documented procedures for identifying sovereign assets located in one or more of these States and for enforcing arbitral awards by attaching such assets.

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