Previous Story
Ecuador faces arbitrations for more than $ 5,300 million
Posted On 09 Nov 2015
Image: El Universo
Litigations in international courts that remain active against the Ecuadorian government total demands that exceed $ 5,300 million. A report by the Attorney General, updated to 2013, recorded 16 cases presented by transnationals, especially oil and mining companies. Although the Attorney General, Diego Garcia, said these would be eleven cases.
Most of these claims are based on an alleged violation of the Bilateral Investment Treaties (BITs) signed by Ecuador with several countries. Some of them need to be resolved at the Center for Settlement of Investment Disputes (ICSID).
The latest decision of the ICSID in one case against Ecuador was made official last November 2nd: after nine years of paperwork, the body ordered Ecuador to pay $ 1.061’775.000 to Occidental (Oxy), which demanded compensation for the declaration of expiration of an oil exploitation contract in 2006. The Government is negotiating a payment agreement.
