net_left adver left

Exclusive-Luxembourg banks told to freeze Ecuador assets amid Perenco dispute, documents show

Tuesday, August 2, 2022

By Rowena Edwards and Karin Strohecker

LONDON (Reuters) -A Luxembourg bailiff has ordered banks to freeze assets held by Ecuador at accounts in the country as a result of a dispute over a $391 million settlement award that Anglo-French oil company Perenco says remains unpaid, a document seen by Reuters show.

Ecuador's government pledged in June 2021 to honor the debt, awarded Perenco by the World Bank's International Centre for Investment Disputes (ICSID) which ruled Ecuador had unlawfully ended a production-sharing agreement with the company. The country's solicitor general said last year that due to tight finances the government had contacted Perenco to negotiate a payment plan.

"Perenco has to date, more than one year later, still not received a single dollar from Ecuador," Perenco said in a statement on Monday, adding it will "take steps to enforce its payments rights against Ecuador in Luxembourg and other jurisdictions."

The ministry of economy in Ecuador and the energy ministry were not immediately available to comment outside of regular business hours. Global law firm Hogan Lovells, legal advisors to Ecuador on U.S. law, declined to comment.

A spokesperson at the London office for Cleary Gottlieb Steen & Hamilton LLP's, legal advisers to the dealer manager on Ecuador's eurobonds, did not immediately respond to a request for comment.

A document seen by Reuters shows a Luxembourg bailiff, Pierre Biel & Geoffrey Galle, on July 28 ordered 122 banking entities operating in Luxembourg to freeze assets in accounts used by Ecuador on behalf of Perenco. An employee at the bailiff declined to comment when contacted by Reuters because they are not authorized to speak to parties not involved in the case.

Reuters could not immediately establish what assets Ecuador held in Luxembourg accounts. The banks named included Deutsche Bank (ETR:DBKGn), Credit Suisse and HSBC.

Credit Suisse and Deutsche Bank declined to comment, while HSBC did not immediately respond to requests for comment.

The Latin American country two years ago defaulted on $17.4 billion of foreign debt as the nation buckled under one of the region's worst coronavirus outbreaks following years of economic stagnation.

As part of the debt restructuring that followed, Ecuador sold new bonds maturing in 2030, 2035 and 2040 which are listed on the Luxembourg stock exchange.

Many of these bonds had interest payments falling due on July 31.

It was not immediately clear what impact a freeze might have on Ecuador's ability to make those payments. Holders of Ecuador's international bonds include major asset managers such as BlackRock (NYSE:BLK), PIMCO and JPMorgan (NYSE:JPM), according to data available on EMAXX, which provides details of funds' holdings based on their public disclosures. PIMCO declined to comment, while BlackRock and JPMorgan were not immediately available for comment.

The case that led to the ICSID award stemmed from a 2007 decree issued by then-President Rafael Correa that boosted the Ecuadorean state's take from sales of oil produced by private companies exceeding a certain level.

Perenco sued Ecuador in 2008 and was ultimately awarded $412 million in May last year. Perenco is entitled to $391 million after taking into account compensation it was ordered to pay Ecuador for environmental damage caused in the areas where it operated in Blocks 7 and 21.

President Guillermo Lasso, a conservative former banker who took office in May 2021, has promised to revive Ecuador's economy and attract investment - especially in oil and mining.

"Perenco remains hopeful that Ecuador's Government will finally honour its international obligations, demonstrate its commitment to the rule of law, and uphold its promises to foreign investors, by promptly satisfying the Award without further delay," the company said in its statement.

Leave your comment
HOT AUTO TRADE BOT SOFTWARE adver right
APPROVED BROKERS
net_home_top HOT AUTO TRADE BOT SOFTWARE
19-08-2022 15:16:57 (UTC+7)

EUR/USD

1.0083

-0.0005 (-0.05%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (10)

EUR/USD

1.0083

-0.0005 (-0.05%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (10)

GBP/USD

1.1886

-0.0044 (-0.37%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (6)

USD/JPY

136.68

+0.81 (+0.59%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

AUD/USD

0.6899

-0.0019 (-0.27%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

USD/CAD

1.2977

+0.0030 (+0.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

EUR/JPY

137.82

+0.74 (+0.54%)

Summary

Neutral

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (2)

Sell (4)

EUR/CHF

0.9661

+0.0008 (+0.09%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (7)

Sell (0)

Gold Futures

1,765.85

-5.35 (-0.30%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (7)

Silver Futures

19.142

-0.322 (-1.65%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

Copper Futures

3.6258

-0.0057 (-0.16%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (2)

Sell (4)

Crude Oil WTI Futures

89.64

-0.86 (-0.95%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Brent Oil Futures

95.73

-0.86 (-0.89%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

Natural Gas Futures

9.096

-0.092 (-1.00%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

US Coffee C Futures

213.98

-0.82 (-0.38%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (5)

Euro Stoxx 50

3,758.85

-18.53 (-0.49%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

S&P 500

4,283.74

+9.70 (+0.23%)

Summary

Sell

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (0)

Sell (8)

DAX

13,621.18

-76.23 (-0.56%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

FTSE 100

7,535.35

-6.50 (-0.09%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (0)

Sell (8)

Hang Seng

19,772.50

+8.59 (+0.04%)

Summary

Neutral

Moving Avg:

Buy (6)

Sell (6)

Indicators:

Buy (1)

Sell (3)

US Small Cap 2000

2,000.73

+13.41 (+0.68%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (4)

Sell (2)

IBEX 35

8,371.07

-59.23 (-0.70%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

BASF SE NA O.N.

43.360

-0.080 (-0.18%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (7)

Bayer AG NA

53.44

-0.62 (-1.15%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (4)

Sell (3)

Allianz SE VNA O.N.

176.76

-1.76 (-0.99%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (6)

Adidas AG

166.08

-1.44 (-0.86%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Deutsche Lufthansa AG

6.354

-0.212 (-3.23%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (8)

Siemens AG Class N

109.84

-0.42 (-0.38%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

Deutsche Bank AG

8.679

-0.189 (-2.13%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

 EUR/USD1.0083↑ Sell
 GBP/USD1.1886↑ Sell
 USD/JPY136.68↑ Buy
 AUD/USD0.6899↑ Sell
 USD/CAD1.2977↑ Buy
 EUR/JPY137.82Neutral
 EUR/CHF0.9661Neutral
 Gold1,765.85↑ Sell
 Silver19.142↑ Sell
 Copper3.6258Sell
 Crude Oil WTI89.64↑ Sell
 Brent Oil95.73↑ Sell
 Natural Gas9.096↑ Sell
 US Coffee C213.98↑ Sell
 Euro Stoxx 503,758.85↑ Sell
 S&P 5004,283.74Sell
 DAX13,621.18↑ Sell
 FTSE 1007,535.35↑ Sell
 Hang Seng19,772.50Neutral
 Small Cap 20002,000.73↑ Buy
 IBEX 358,371.07↑ Sell
 BASF43.360↑ Sell
 Bayer53.44Neutral
 Allianz176.76↑ Sell
 Adidas166.08↑ Sell
 Lufthansa6.354↑ Sell
 Siemens AG109.84↑ Sell
 Deutsche Bank AG8.679↑ Sell
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,600/ 6,700
(0/ 0) # 1,730
SJC HCM6,620/ 6,720
(0/ 0) # 1,749
SJC Hanoi6,620/ 6,722
(0/ 0) # 1,751
SJC Danang6,620/ 6,722
(0/ 0) # 1,751
SJC Nhatrang6,620/ 6,722
(0/ 0) # 1,751
SJC Cantho6,620/ 6,722
(0/ 0) # 1,751
Cập nhật 19-08-2022 15:17:00
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,752.64-5.94-0.34%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V25.34025.840
RON 95-III24.66025.150
E5 RON 92-II23.72024.190
DO 0.05S22.90023.350
DO 0,001S-V24.88025.370
Dầu hỏa 2-K23.32023.780
ↂ Giá dầu thô thế giới
WTI$89.62+0.280.31%
Brent$95.73-0.12-0.13%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.235,0023.545,00
EUR22.981,7524.268,73
GBP27.175,3928.334,31
JPY167,13176,93
KRW15,2618,59
Cập nhật lúc 15:09:15 19/08/2022
Xem bảng tỷ giá hối đoái
adver main right