Venezuela Improperly Shorted Occidental Unit, Tribunal Says
Law360 (February 23, 2021, 7:52 PM EST) -- Venezuela wrongly directed dividends to a Brazilian investor to the detriment of an Occidental Petroleum unit, an international tribunal has ruled, though it denied the unit's other claims of unfair treatment.
In a partial award published Saturday, the Permanent Court of Arbitration tribunal agreed with Anadarko Petroleum Corp. that Petroritupano SA, an oil and gas company incorporated in Venezuela in 2006, failed to pay it dividends for the years 2008 and 2009, even though Venezuela directed such payments to Brazilian investor Petrobras Argentina.
The tribunal found that Venezuela therefore discriminated against Anadarko, the Occidental subsidiary which was incorporated in Barbados, in breach of...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!