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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: For you KRY mathematicians .........

LIBOR will be discontinued as a reference interest rate for awards as of the end of '21. Not sure if this affects KRY going forward but it's high time the saga comes to a conclusion.


Revelant paragraph:

Albert Einstein is rumoured to have described compound interest as ‘the most powerful force in the universe’ and the eighth wonder of the world. While he may not have had awards of interest on damages in mind, the interest element of an award can be a significant part of the overall outcome of an arbitration. One example is the 2016 arbitration award in Crystallex v Venezuela, where the Tribunal awarded interest at a rate of USD 6-month LIBOR + 1% on damages of USD 1.2 billion, with interest accruing from April 2008.1 Crystallex is currently seeking to enforce the award before the United States courts, and we estimate that approximately USD 350 million of interest has accrued.

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