| International Arbitration Panel Orders Ecuador to Take “All Measures Necessary” |
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18/02/2012 03:37 (93 Day 06:12 minutes ago) | |||||
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The FINANCIAL -- An international arbitration tribunal issued a Second Interim Award ordering Ecuador to prevent enforcement and recognition of the $18.2 billion Lago Agrio judgment, both within and without Ecuador.
According to Chevron Corporation, the tribunal, convened under the authority of the U.S.-Ecuador Bilateral Investment Treaty and administered by the Permanent Court of Arbitration at The Hague, is considering the claims of Chevron Corporation and TexPet that Ecuador has breached its obligations under the BIT and international law through the Lago Agrio litigation, the resulting judgment, and the appellate decision upholding the judgment.
In particular, the tribunal states that these measures must "preclude any certification" by Ecuador or its courts that would cause the judgment to become enforceable. Yesterday's Award is "immediately final and binding" on the parties and Chevron will promptly post a $50 million bond required by the tribunal. The Award expands on the tribunal's prior Interim Measures Order dated February 9, 2011 and First Interim Award dated January 25, 2012, which remain in effect.
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