Court Judgement Effectively Kicks Chevron out of Argentina
Chevron has refused to make any payments towards the $19 billion it has been ordered to pay Ecuadorean villagers, and accuses Ecuadorean courts of fraud. The company has few assets in the Andean nation, so the plaintiffs are seeking enforcement of the ruling in other countries including Argentina, Brazil and Canada.
Argentina is a major location for Chevron, where it is the fourth largest oil producer in the country. An Argentine judge has just recently made an order to freeze Chevron's assets.
The freeze order applies to the entire $19 billon amount of the Ecuador judgment, meaning that Chevron will effectively be barred from investing further in Argentina unless it wants to risk seizure of those assets as well.
Does anyone know how much Chevron's current Argentine assets are worth?
Also, what happens to the frozen assets? I understand that Chevron won't be able to use them, but they aren't much use to the Ecuadoreans either; unless they can be sold.
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