El Salvador: Oceana Gold Mining Conflict Continues

The Public Prosecutor's Office has frozen the company's property, vehicles and bank accounts, because it has not yet paid the $8 million plus interest owed from an international arbitration case which it lost to the Salvadoran State.

Wednesday, April 19, 2017

From a statement issued by the Attorney General of El Salvador:

The Attorney General of the Republic managed to freeze buildings, vehicles and bank accounts owned by the mining company Oceana Gold, formerly Pacific Rim, for non-payment of court costs to the State of El Salvador, under an international arbitration case initiated by the mining company with the International Center for Settlement of Investment Disputes (ICSID), which it lost and in which it was ordered to pay eight million dollars for expenses incurred by the country.

The application for Auto Pareatis measure was made in order to obtain the recognition and national authorization for the execution of the ruling rendered by the Arbitration Tribunal, ICSID, and in order to ensure compliance with the amount stipulated by the arbitration body.

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