Ecuador: Chevron Appeals $18bn Judgement
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Monday, 30 January 2012 |
Chevron has filed an appeal against an $18bn judgement in an alleged pollution case to the Provincial Court of Sucumbios. The oil major, which filed on Friday's deadline, said that an appelate court - which upheld the $18bn judgement - based its ruling on "fraudulent" evidence.
The provincial court now has three days to evaluate the merits of Chevron's appear and decide whether the case should pass on to Ecuador's highest court. Chevron did not post a bond with the Sucumbios court to stay enforcement of the judgement, citing a ruling from the Court of Arbitration in the Hague that the judgement should be enforced until further notice. The plaintiffs in the case are seeking to enforce the $18bn judgement against Chevron, which does not have significant assets in Ecuador, internationally to recoup the money.
Chevron's legal dispute in Ecuador dates back to alleged pollution made by Texaco between the 1970s and early 1990s. The company has alleged substantial corruption and racketeering in the case.
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