$100 Million Investors' Lawsuit Against Venezuela Under Way
Feb 15, 2016 05:39 AM EST
A $100 million investors' lawsuit against Venezuela, which includes fraud charges, and even criminal conspiracy, is about to take place, unfolding one of the most talked about cases against the country.
A controversial $100 million investors' lawsuit against Venezuela went in trial and it includes charges that make it seem as if it was from a movie. Counts of fraud, international criminal conspiracy, diamonds, junk bonds and a house fire in Switzerland are all being discussed.
The complaint, which was dated in 2004, describes in detail old promissory notes issued by a Venezuelan bank that used to be sponsored by the government. Because of this, the country is facing such charges.
The country has confirmed the debts and says it belonged to Bandagro, the government-sponsored agricultural development bank. Because Bandagro was backed by the government its debts need to be paid, as argued by attorneys for Skye Ventures in Columbus.
"This case is straightforward: it's about a bank's refusal to honor a debt," said Charles Cooper, in a report by ABC News. Cooper represents Skye Ventures and submitted a court document dated January 27 that summarized the investors' arguments.
However, lawyers defending the country argue that the notes were fake and had forced signatures. Additionally, the lawyers mentioned that the government never guaranteed the said notes.
"The evidence will show not only that the purported notes are fake, but also that the plaintiff seeks to capitalize on a long-running international fraud," said Albert Lucas, a Columbus attorney that represents the country, in a report by Yahoo News.
On January 27th, Venezuela submitted a defense, stating a case that the notes were fake, with the authenticity and legitimacy of the promissory notes as a main object of the case. The trial started last week with federal Judge Edmud Sargus, and will run up to four to six weeks.
"The truth is, as always, much simpler," added the attorneys for Skye Ventures, where the said notes were bought.