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Tue Jan 24, 2012, 08:47 AM

US Supreme Court dismisses Venezuela's appeal in Bandagro case


The US Supreme Court turned away an appeal from the Venezuelan government and paved the way for a suit that US investor group Skye could file in US courts for Venezuela's refusal to honor the payment of USD 900 million in bank notes allegedly issued in 1981 by the then state-run Banco de Desarrollo Agropecuario (Bandagro).

In September 2010, the 6th U.S. Circuit Court of Appeals in Cincinnati ruled that US Courts have jurisdiction to decide whether Venezuela should pay the bank notes.

The Venezuelan government had filed a request to make the decision null and void.

Venezuela may have to repay the USD 900 million debt owed to Skye Ventures for two promissory notes with a total nominal value of USD 100 million plus USD 800 million in interest rates.

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