Exxon Loses Venezuelan Asset Freeze and Ordered to Pay Compensation
"Venezuelan President and all around badass Hugo Chavez was awarded a complete victory over the largest oil company in the world by a British judge. As BoRev reported Tuesday:
This morning a judge tossed Exxon Mobile’s $12 billion asset freeze against Venezuela out of court, on the grounds that it was stupid. The U.S. State Department, you may remember, loudly supported Exxon in the case, which was probably the kiss of death for it in the first place.
The judge has also ordered Exxon to pay for Venezuela’s state oil company’s legal costs and compensation for damages. The oil giant secured $12 billion in freezes on Venezuela’s state oil company’s assets last month, and had a US court freeze $300 million in Venezuelan assets in a US bank. Exxon says the London ruling will not affect these orders, though Venezuela’s Energy Minister disagrees. Chavez himself has called the US measures “legal terrorism” sponsored by his enemies in Washington."
Exxon Loses Venezuelan Asset Freeze and Ordered to Pay Compensation - The Largest Minority Court reverses Exxon freeze on Venezuela assets | Business | Reuters