El Salvador Seizes OceanaGold’s Assets for Legal Costs Payment
The government of El Salvador has seized properties, vehicles and bank accounts tied to OceanaGold because it says the company has not paid its legal costs after losing a decision in an international arbitration panel last year.
Last October, the World Bank’s International Center for the Settlement of Investment Disputes ordered the company to pay El Salvador $8 million for legal fees. The company had argued that El Salvador should pay nearly $250 million for not granting it a license to mine gold.
This March, the country’s congress voted to ban metal mining to protect its water sources.
In 2013, Australia-based OceanaGold purchased Pac Rim Cayman, which had initiated the arbitration process.
According to a statement from the Attorney General’s Office Wednesday, the three bank accounts seized held US$198,904.
Source: (April 19, 2017) Associated Press
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