The Ministry of Economy and Finance confirmed that Ecuadorean assets abroad were not put at risk by granting the Anglo-French company Perenco, which allegedly attempted to freeze Ecuadorean accounts in the UK and Singapore.
Through a statement, the state portfolio noted that “the Ecuadorean state’s ability to meet its obligations, with creditors and suppliers around the world, has not been affected by the actions of Perenco in some jurisdictions.”
The entity recalled its obligation to pay the oil company, which – after ruling in its favour by the arbitration court – owes the Ecuadorean state a payment of US$374 million. This amount was set as compensation for the damages the company claimed it had suffered as a result of the adoption of Law No. 42 of April 25, 2006 and Decree 667 on oil surpluses of October 4, 2007., during the presidency of Rafael Correa.
The ministry indicated that it will act responsibly in paying to protect the interests of the state. The oil company still has debts with the Internal Revenue Service (SRI) and the state wants to propose a payment mechanism. This case is responsible for a court in New York.
“The Ecuadorean state is acting responsibly in order to ensure the recovery of what is owed to it in taxes. At no time was there any intention of the country not to comply with this decision, which is the result of decisions taken by the government of Rafael Correa,” noted the Ministry of Economy and Finance.
? Newsletter | Tweet embed stating that the ability of the Ecuadorean State to meet its obligations, with creditors and suppliers around the world, has not been affected by the actions taken #Birenko undertakes in some jurisdictions.
? https://t.co/Yc4RkScN90 pic.twitter.com/E3M3djmfln
– Finance Economics Ec (FinanzasEc) August 30 2022
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