Argentine Judge Orders Seizing 100% of Chevron Argentine Assets

[marmar]

An Argentine judge ordered the seizure of 100 percent of Chevron Corp. (CVX)’s assets in the country, Enrique Bruchou, an Ecuadorean attorney, said today on a conference call.


http://www.bloomberg.com/news/2012-11-07/argentine-judge-orders-seizing-100-of-chevron-argentine-assets.html

[Angry Dragon]

1. should be interesting

[byeya]

2. More of this please!

[Judi Lynn]

3. UPDATE 2-Argentine judge embargoes Chevron assets-lawyer

UPDATE 2-Argentine judge embargoes Chevron assets-lawyer

Source: Reuters

UPDATE 2-Argentine judge embargoes Chevron assets-lawyer
Wed Nov 7, 2012 3:43pm EST

Nov 7 (Reuters) - An Argentine judge has embargoed $19 billion in Chevron Corp assets in the South American country over an environmental damages lawsuit in Ecuador, a lawyer for the plaintiffs told reporters on Wednesday.

Indigenous tribespeople and farmers in the Ecuadorean Amazon have sued the U.S.-based oil major in Argentina and Colombia to collect a $19 billion award.

A 2011 decision by a court in Lago Agrio, Ecuador, ordered Chevron to pay the sum as a result of water contamination and inappropriately disposing of oil industry waste during crude production in the Amazon over a period of nearly 30 years.

Because Chevron has few assets in Ecuador that can be taken as compensation, the plaintiffs are trying to get the ruling enforced in other countries.

More:
http://www.reuters.com/article/2012/11/07/argentina-chevron-idUSL1E8M7IVV20121107?rpc=401