Latin America

Judi Lynn

(160,542 posts) Thu Oct 18, 2012, 02:38 AM Oct 2012

Court Orders First Handover of Chevron’s Ecuador Assets

Court Orders First Handover of Chevron’s Ecuador Assets
Posted by News Editor in Energy, Latest News, RSS on October 17, 2012 10:55 pm
Environment News Service (http://s.tt/1qmXx)

QUITO, Ecuador, October 17, 2012 (ENS) – An Ecuadorian court has frozen are all bank accounts owned by Chevron, Texaco, and their subsidiaries in partial payment of a $19 billion pollution damages judgment against Chevron.

Indigenous people and villagers living in the Ecuadorian Amazon were granted a court order this week that allows them to collect $200 million of Chevron’s assets in the country.

“This is a huge first step for the rainforest villagers on the road to collecting the entire $19 billion judgment,” said Pablo Fajardo, the lead lawyer for the plaintiffs.

Fajardo said the assets would be used to begin a cleanup of the ecological disaster left by Texaco, consistent with the mandates laid out by the Ecuador trial court.

More:
http://ens-newswire.com/2012/10/17/court-orders-first-handover-of-chevrons-ecuador-assets/

3 replies

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Court Orders First Handover of Chevron’s Ecuador Assets (Original Post) Judi Lynn Oct 2012 OP

Oh my, the exploding heads ... nt bemildred Oct 2012 #1

I'm surprised CVX left the money in the country to begin with. nt naaman fletcher Oct 2012 #2

They did try: bemildred Oct 2012 #3

bemildred

(90,061 posts)

1. Oh my, the exploding heads ... nt

Reply to Judi Lynn (Original post)

Thu Oct 18, 2012, 07:20 AM

Oct 2012

naaman fletcher

(7,362 posts)

2. I'm surprised CVX left the money in the country to begin with. nt

Reply to Judi Lynn (Original post)

Thu Oct 18, 2012, 09:24 AM

Oct 2012

bemildred

(90,061 posts)

3. They did try:

Reply to naaman fletcher (Reply #2)

Thu Oct 18, 2012, 09:26 AM

Oct 2012

The court order was signed by Judge Wilfrido Erazo in the Sucumbios Provincial Court. Among the assets the court ordered be handed to the plaintiffs are a $96.3 million debt Ecuador’s government owes Chevron, monies in various bank accounts held in Ecuador by Chevron and its subsidiaries, and licensing fees generated by the use of Chevron trademarks in the country.

Chevron has tried to remove all of its assets from Ecuador to avoid just such a seizure.

The $19 billion judgment, issued in early 2011 after an eight-year trial in the oil industry town of Lago Agrio, found that the U.S. oil company Texaco, since purchased by Chevron, deliberately dumped more than 16 billion gallons of oily toxic waste into the Amazon from 1964 through 1992.

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