Venezuela Ordered to Pay ExxonMobil in Assets Dispute
Venezuela's state-owned oil firm says it will pay U.S. oil giant ExxonMobil $255 million in compensation for nationalized assets - less than one-third of what the U.S. company said it was awarded by an arbitration panel.
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#1 Jan 7, 2012
EXXON MOBIL will win in the end
By Dwight Baker
Venezuela Ordered to Pay Exxon Mobil in Assets Dispute
Exxon Mobil sought arbitration after the government of Venezuelan President Hugo Chavez nationalized an oil project in 2007. The company also is pressing its case before a World Bank tribunal.
Sovereign immunity waives a holder from all legal liability for their actions. It is proposed that this immunity from responsibility is a "shield which [The World Bank] wants resort to, for escaping accountability and security by the people." As the United States has veto power, it can prevent the World Bank from taking action against its interests.
Nothing I mean nothing is going to be won as a final degree in TORT claims against those who have the biggest wallet.
We as a people best wake up to that and take steps to bring about changes.
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