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Regulatory

Gold Reserve Prevails in ICC Arbitration Against BANDES

By The Northwire Desk — AI Analysis Nov 25, 2025 · 18:42 GRZ · 2.01 Gold Reserve Inc.
GRZ · Price

Executive Summary

  • Gold Reserve Ltd.’s affiliate, Gold Reserve Corporation, received a Final Award of $28,982,568.70 (plus €434,000 costs and post‑award interest) in its arbitration against Venezuela’s state development bank BANDES.
  • The award is pending enforcement; the company will pursue recognition and collection through courts in Portugal.
  • Successful enforcement could provide a material cash infusion for Gold Reserve, though risks are disclosed that enforcement may not be achieved.

Key Details

  • Award Amount: $28,982,568.70 (inclusive of pre‑award interest).
  • Additional Costs: €434,000 awarded for costs; post‑award interest accruing at SOFR + 2% per annum from the award date until full payment.
  • Arbitration Context: Proceeded against Banco De Desarrollo Economico Y Social De Venezuela (BANDES) to recover funds held in trust for Gold Reserve.
  • Enforcement Strategy: Gold Reserve will seek recognition and enforcement of the award in Portuguese courts, as outlined in its ongoing proceedings.
  • Risks Noted: Potential inability to enforce the award due to legal, regulatory (e.g., OFAC), or bankruptcy complications; possible additional costs or delays; uncertainty around settlements in related Lisbon proceedings.
  • Forward‑Looking Statements Disclaimer: Includes typical cautionary language regarding uncertainties surrounding enforcement and potential impact on the company’s financial position.

Notable Quotes

(No direct quotes from executives were provided in the release.)

Read the original news release →

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