Argentine judge embargoes $19 bn Chevron assets
that foreign investment is welcome in Latin America, but that investors must adhere to the same environmental standards that apply in their own countries.
Chevron, Argentina's fourth-largest oil producer, said it was not aware of any Argentine court order and reiterated its position that the Ecuador ruling is unenforceable.
The Ecuador judgment is a product of bribery, fraud, and it is illegitimate ... We do not believe that the Ecuador judgment is enforceable in any court that observes the rule of law, the company said in a statement.
Bruchou said the company can appeal, but would have to file for an appeal in Ecuador because the judge issued the embargo after a request by an Ecuadorean court. The plaintiffs plan to file similar suits in Colombia as well as in as yet unidentified countries in Asia and Europe.
A U.S. appeals court in January said that a U.S. judge did not have the authority to stop courts in other countries from enforcing the judgment. Chevron appealed the decision, but the U.S. supreme court rejected the appeal in October.
LONG LEGAL FIGHT
Filled with intrigue, accusations of corruption, bribery and dirty tricks, the complicated case has been fought for nearly two decades, mainly in courts in Ecuador and the United States.
Chevron filed for arbitration in 2009, accusing Ecuador of violating a treaty with the United States requiring the OPEC-member country to guarantee Chevron a fair trial.
The company has also accused the plaintiffs, their legal team and their advisers of fraud
Be the first to comment.
