May 11, 2008
Ecuador wary of World Bank arbitration in Occidental case
President Rafael Correa said Saturday he has 'no confidence' in the World Bank arbitration branch that is hearing U.S. oil company Occidental's lawsuit against Ecuador.
Ecuador 'handed over its sovereignty' when it signed international accords binding it to the bank's International Center for Settlement of Investment Disputes, Correa said during his weekly radio address. The ICSID is an autonomous court established to resolve investment disputes.
Los Angeles-based Occidental Petroleum Corp. is seeking $1 billion in damages from Ecuador, alleging its property was confiscated illegally when the Andean nation canceled its operating contract in May 2006. Read more
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