LICENSE No. VENEZUELA-EO13884-2022-919533-1 [Application included]

Date issued: Nov. 20 2024

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TURBOFAC Commentary (948 words)

Notes:

1) Geneal Factual Background

As described in the PDF (see pp. 2-8), the German subsidiary (Anschütz) of a U.S. person entity lost an ICC arbitration in 2012 to an entity that meets the definition of “Government of Venezuela” and is owned by PdVSA (“DIANCA”). The arbitral award was conditioned on DIANCA dismissing its parallel litigation against Anschütz in Venezuela, and in 2016, Anschütz entered into an escrow agreement with JPMorgan whereby it deposited $4,018,247 into an escrow account that provided that Anschütz retained ownership of the funds, and that the funds would remain in escrow until such time as Anschütz certified that the conditions of the arbitral award (e.g. dismissal of the Venezuela litigation) were satisfied. The escrow agreement explicitly stated that DIANCA was not a party thereto. “DIANCA secured dismissal of the Venezuelan litigation in April of 2018, at which point Anschütz’s...