Securities Law

Ecuador’s Luxembourg Accounts Frozen, Complicating Payments (2)

Aug. 1, 2022, 11:13 PM

• Perenco said move follows Ecuador’s failure to pay $412 mln
• Dispute stems from confiscation of assets in Ecuador in 2009

A court froze the bank accounts Ecuador uses in Luxembourg to make payments on its sovereign bonds, according to a French oil company embroiled in a dispute with the government following the expropriation of its assets.

Perenco SA said in a statement that it is trying to enforce payment of $412 million awarded to it by the International Center for Settlement of Investment Disputes last year. The company didn’t name the court involved.

“Perenco has to date, more than one year later, still not received a single dollar from Ecuador,” the company said. The move “raises the possibility of the ...