Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
D.C.
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Mass.
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
N.Carolina
N.Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
S.Carolina
S.Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
W.Virginia
Wisconsin
Wyoming
Law Firm Website Design Companies : The Good, The Bad, and The Ugly


Venezuela's state oil company has asked a British court to lift a $12 billion freeze granted to U.S. oil major Exxon Mobil pending arbitration over the seizure of oil fields in the South American country.

Lawyers for PDVSA argued on Thursday that the court had no right to impose the freeze because the assets under dispute, the parties and the arbitration that Exxon has applied for were not in or connected with Britain.

Leftist President Hugo Chavez told foreign oil companies last year to cede a majority stake in oil projects or leave the country. Most agreed and accepted bids for stakes in their projects from PDVSA that analysts said were below market value. Exxon opted to pull out rather than concede and has applied for international arbitration to win damages.
Pending the outcome, America's largest company convinced courts in Britain, the United States and the Netherlands to freeze Venezuelan assets to ensure funds for compensation.

Acting for PDVSA, lawyer Gordon Pollock told the court, "It is not the role or function of the English courts to offer worldwide freezing orders" to anyone who asked for them.

Pollock said the English court had stretched beyond its jurisdiction in this instance given such asset freezes were normally only awarded in cases involving "egregious fraud".

"This is not a fraud case ... it is a contractual dispute." In Caracas, Venezuela's Oil Minister Rafael Ramirez said Venezuela made three basic arguments against the ruling.
First, the asset freeze was outside the arbitration process, which PDVSA was following in good faith. Second, PDVSA is a state company and therefore should be immune from such freezes, he said.

Finally, he said such freezes were used against companies in financial difficulties, which was not the case for PDVSA -- a company industry analysts believe can easily pay Exxon compensation for its seized assets.


Legal News | Breaking News | Terms & Conditions | Privacy

ⓒ Breaking Legal News. All Rights Reserved.

The content contained on the web site has been prepared by BLN as a service to the internet community and is not intended to constitute legal advice or a substitute for consultation with a licensed legal professional in a particular case. Law Firm Website Design by Law Promo
   More Legal News
   Legal Spotlight
   Exclusive Commentaries
   Attorney & Blog - Blog Watch
   Law Firm News  1  2  3  4  5  6 
   Lawyer & Law Firm Links
San Francisco Trademark Lawyer
San Francisco Copyright Lawyer
www.onulawfirm.com
Philadelphia Employment Lawyer
Attorney Marc E. Weinstein
www.meweinsteinlaw.com
Indiana Medical Malpractice Attorneys
Indianapolis Medical Malpractice
www.rwp-law.com
Canton Criminal Lawyer
Canton DUI lawyer
www.cantoncriminalattorney.com
Downtown Manhattan Business Law Attorneys
Business Fraud Lawyers
www.woodslaw.com
Chicago Business Law Attorney
Corporate Litigation Attorneys
www.rothlawgroup.com
Surry County Criminal Defense Lawyers
Yadkin County Family Law Attorneys
www.dirussolaw.com
Oregon DUI Law Attorney
Eugene DUI Lawyer. Criminal Defense Law
www.mjmlawoffice.com
Houston Car Accident Attorneys
Wrongful Death Attorneys Houston
Houston Wrongful Death
New Rochelle Accidents Attorneys
New Rochelle Personal Injury
www.kboattorneys.com
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
www.lawrsm.com
Chicago, DuPage IL Workers' Compensation Lawyers
Chicago Workplace Injury Attorneys
www.krol-law.com
St. Louis Missouri Criminal Defense Lawyer
St. Charles DUI Attorney
www.lynchlawonline.com
Santa Ana Workers' Compensation Lawyers
www.gentryashtonlaw.com
Eugene Bankruptcy Attorney
Bankruptcy Attorney Eugene
willamettevalleybankruptcy.com
Lorain Elyria Divorce Lawyer
www.loraindivorceattorney.com
Connecticut Special Education Lawyer
www.fortelawgroup.com
   More Legal News  1  2  3  4  5  6
   Legal News Links
  Click The Law
  Daily Bar News
  The Legal Voice
  The Legal Report
  Legal News Post
  Crisis Legal News
  Legal News Journal
  Law Firm Marketing
  Attorney Web Design
  Immigration Law Web Design
  Law Firm Directory