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07sep18

International tribunal rules in favor of Chevron in Ecuador case

Chevron Corp said on Friday an international tribunal ruled in its favor and that Ecuador had violated its obligations under international treaties.

The tribunal unanimously held that a $9.5 billion pollution judgment by Ecuador's Supreme Court against Chevron "was procured through fraud, bribery and corruption and was based on claims that had been already settled and released by the Republic of Ecuador years earlier."

The tribunal was administered by the Permanent Court of Arbitration in The Hague.

American lawyer Steven Donziger won an $18 billion judgment in 2011, representing villagers who blamed environmental contamination between 1964 and 1992 on Texaco, which Chevron bought in 2001.

The award was later reduced to $9.5 billion and in July Donziger was suspended from practicing law in New York by a state appeals court.

Chevron, which has said it never had any assets in Ecuador, has successfully fought efforts to enforce the judgment in Argentina, Brazil, Canada and the United States.

[Source: CNBC, Reuters, 07Sep18]
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