Publish in Legal Briefs - Wednesday, June 9, 2021
Ecuador has agreed to finally pay compensation to Anglo-French oil company Perenco, which suffered expropriations after a 2006 decree. (Photo: Ecuador Government)
World Bank tribunal rejects Ecuador’s case for annulment in 13-year old case.
BY LATINVEX STAFF
Debevoise & Plimpton secured a victory at World Bank's International Centre for Settlement of Investment Disputes (ICSID) for its client Anglo-French oil company Perenco by substantially defeating the Republic of Ecuador’s attempt to annul an arbitral award in Perenco’s favor arising out of Law 42, a 2006 decree enacted by then-President Rafael Correa that imposed a 99 percent windfall levy on foreign oil revenues.
Ecuador was represented by Dechert and French attorney Pierre Mayer.
Keywords: Arbitration, Debevoise & Plimpton, Dechert, Ecuador, Energy, Guillermo Lasso, Rafael Correa