Decisión nº: 001056

In April 1999 the 1971 Fund Executive Committee, following a request from Petroleos de Venezuela SA (PDVSA) that the 1971 Fund reconsider its request for full payment of its claim against a bank guarantee, noted the lack of support from the majority of delegations and decided to maintain its position that the Fund should not make such a payment. Recognising that it was likely that the question of payments against bank guarantees would arise in the future, the Committee invited the Director to study the issues involved and to present a report to the governing bodies of the IOPC Funds for consideration at their October 1999 sessions.