Argentina: Chevron’s Assets Are Frozen

http://www.nytimes.com/2012/11/08/world/americas/argentina-chevrons-assets-are-frozen.html

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A civil court judge for the city of Buenos Aires ordered nearly all the assets of a local subsidiary of Chevron frozen, a lawyer for the plaintiffs told reporters Wednesday. The assets will remain frozen until the court rules on whether it will enforce a judgment of more than $18 billion against Chevron in Ecuador. A judge in Ecuador last year found Chevron responsible for environmental and other damages caused by Texaco, which was acquired by Chevron in 2001, during nearly 30 years of oil production in the Amazon. Because Chevron says it has no assets in Ecuador, the plaintiffs — including indigenous peoples — are sueing the oil company in Argentina, Canada, Brazil and Colombia. The company issued a statement calling the ruling unenforceable, according to Reuters.