Luxembourg banks freeze Ecuador’s assets following dispute with Perenco

A Luxembourg judicial authority ordered banks to freeze Ecuador's assets in the country's accounts due to a dispute over a US$391 million settlement that Anglo-French oil company Perenco says remains unpaid, according to a document accessed by Reuters.

Ecuador's government pledged in June 2021 to pay the debt awarded to Perenco by the World Bank's International Centre for Settlement of Investment Disputes (ICSID), which ruled that Ecuador had illegally terminated a production . . .

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