The District Court of The Hague took the Chevron Corporation side today on the Republic of Ecuador dispute. Chevron published the Hauge Supreme Court release that rejected the attempt of the Ecuadorian judgment to collect $9.5 billion of environmental penalty.
- The international arbitral tribunal found that the Ecuadorian judgment of around $9.5 billion was procured against Chevron through corruption and egregious fraud by the legal team of the plaintiff.
- It has been found that the subsidiary has already completed the required environmental remediation program which was supervised, authorized, and approved by Ecuador
The Republic of Ecuador released the environmental claims on the judgment of the Ecuadorian against Chevron Corporation was based. It was concluded that the responsibility for current environmental conditions lies solely with the state-owned oil companies. The international arbitral tribunal has ordered Ecuadorian to take essential steps to prevent Chevron against the enforcement of $9.5 billion anywhere in the world, effective from April 15th, 2019.
Chevron: CVX +2.89% on these news