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Ecuador , Sunday 30 August 2026

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

Published on: Monday 01 August 2022

Exclusive-Luxembourg banks told to freeze Ecuador assets amid Perenco dispute, documents show LONDON (Reuters) -A Luxembourg bailiff has ordered banks to freeze assets held by Ecuador in Luxembourg accounts 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. Ecuador's economy ministry said on Monday afternoon it had not been formally informed of the asset freeze and would establish payment terms for the settlement, which it said was for some $374.3 million.


News source: https://finance.yahoo.com/news/exclusive-luxembourg-banks-told-freeze-070616674.html

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