Oil Co. Can't Enforce $449M Award Against Ecuador Yet
Law360 (February 24, 2020, 6:56 PM EST) -- An international tribunal on Friday continued to hold off enforcement of a $448.82 million arbitration award issued against Ecuador following a dispute with a Bahamas-incorporated oil company over the allocation of profits from two oil blocks in the Amazon.
The committee said it had three considerations in deciding whether the stay is required: the risk of non-payment of the award if Ecuador’s application for annulment is rejected, the risk of non-recovery of award payments if the award is annulled, and the balance of hardship claimed by both parties.
In weighing the parties’ hardships, the committee found a “dual risk.”
“The committee considers that...
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