Venezuela can temporarily stay - but not throw out - the
enforcement of a $1.6 billion arbitration award to ExxonMobil subsidiaries
imposed after it nationalized its oil industry, a federal judge ruled. The
World Bank's International Center for Settlement of Investment Disputes (ICSID)
ruled for Mobil Cerro Negro late last year in one of the arbitrations prompted
by the 2007 takeover of Venezuela's oil industry by its late leader Hugo
Chavez. When Mobil Cerro Negro and other
subsidiaries sued to collect the award in federal court here, Venezuela raised
a jurisdictional argument that U.S. District Judge Paul Engelmeyer called a
case of "first impression" for the court. More…
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