WCBE

Court Sides With Venezuela In Case Brought By Columbus Firm

Sep 4, 2017

A federal appeals court in Cincinnati has rejected a 100 million dollar investors' lawsuit against Venezuela in a case that included allegations of fraud, hints of an international criminal conspiracy and references to diamonds, junk bonds and a mysterious house fire in Switzerland.

At issue were 3-decade-old promissory notes issued by a now-defunct government-sponsored Venezuelan bank. Skye Ventures in Columbus, where the purchase took place, says Venezuela confirmed the debts were the government's obligations and must be paid. Attorneys representing Venezuela say the notes were fakes with forged signatures and were never guaranteed by the government. The court upheld a judge's ruling in favor of Venezuela.