Argentina Appeals Court Upholds Embargo on Chevron Assets

From Fox Business

By Taos Turner

A lower court judge issued the embargo last year as part of a decades-old legal dispute involving claims that Chevron is responsible for environmental contamination in Ecuador.

“We are very pleased with the resolution of the Court of Appeals, which is well founded,” said Enrique Bruchou, lead attorney for the plaintiffs in Argentina.

An Ecuadorian court had previously awarded $19 billion to indigenous people who said they had been harmed by pollution. Chevron has denied the allegations and said the ruling is based on fraudulent evidence, which the plaintiffs deny.

“Chevron respectfully disagrees with the court’s decision,” the company said Wednesday in a statement from California. “Chevron Argentina intends to pursue all available legal remedies to reverse the interim measure.”

The Argentine embargo applies to 100% of Chevron’s capital in Argentina, 100% of dividends, all of Chevron’s stake in pipeline operator Oleoductos del Valle SA, 40% of Chevron’s oil sales to Argentine refineries and 40% of the money Chevron has or may eventually have in Argentine banks.

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