MercoPress. South Atlantic News Agency
UK company reaches compensation agreement with Bolivian government
Bolivia has agreed to pay 31.7 million dollars to British electric utility Rurelec as compensation for the 2010 nationalization of its controlling stake in power producer Empresa Electrica Guaracachi, 10 million less than the amount determined by an arbitration tribunal, the Attorney General's Office said. Read full article
Comments
Disclaimer & comment rulesBolivia not likely to get much foreign investment if they have to go to the Bolivian courts for a decision.
May 27th, 2014 - 08:30 am - Link - Report abuse 0Another rogue nation that cannot or will not pay its debts !
May 27th, 2014 - 10:40 am - Link - Report abuse 0Yes, come and invest in my country and when it suits me I will take your company from you and when i'm pushed I will pay you a bit of compensation for millions less than its worth.
May 27th, 2014 - 11:34 am - Link - Report abuse 0The South American dream, who wouldn't want to invest there?
I just typed in “Hobbit wearing a bad wig” into google and it brought me here.
May 27th, 2014 - 12:07 pm - Link - Report abuse 0Bolivia seems to be in a much better shape 30 Bn USD in compensation than Argentina to pay Repsol in the course of 10 years 5 Bn USD in bonds
May 27th, 2014 - 01:54 pm - Link - Report abuse 0No, Bolivia CAN pay the 25% of the compensation that it chooses not to pay to the British company in compensation. The Permanent Court of Arbitration in The Hague is there precisely because of flagrant stealing by one party or another. When the errant party is a nation - Bolivia - secondary types of sanctions become necessary.
May 27th, 2014 - 05:36 pm - Link - Report abuse 0Rogue nations should be, in the first instance,
slung out of the United Nations.
International trade and Free Trade Agreements with Bolivia should be largely suspended.
Only these sort of sanctions will cause rogue nations like Bolivia to do the right thing.
6. They have been trying to work out a punishment/payment plan at the IMF for those nations who refuse to pay ICSID judgements.
May 27th, 2014 - 10:03 pm - Link - Report abuse 0It was mainly brought on by Argentina's continued refusal to pay what they legally owe but it would be applicable to all signatories.
My guess is it will be something like the IMF will pay on the country's behalf and take the voting shares and disbursements as collateral/repayment.
The Cowpat is about to be trod on if he keeps on with little wheezes like this.
May 27th, 2014 - 10:37 pm - Link - Report abuse 0Where will he get the money once he is ostracised by the international investment community?
Mind you he will keep getting re-elected until he pops his clogs or the Cuban doctors manage to kill him like they did with Chubby. And the way he looks in the photo it might not be that long.
Notice the last paragraph:
May 28th, 2014 - 07:50 am - Link - Report abuse 0“ The Investments Bill signed by President Morales in April established that any future controversies with foreign investors must be discusses and resolved before Bolivian courts. ”
Meaning waive all rights to the Permanent Court of Arbitration in The Hague,
That means that Ecuador, Bolivia and Argentina use the corrupt powers of their national judiciaries to circumvent the rulings of the courts of international law.
May 28th, 2014 - 10:32 am - Link - Report abuse 0These countries are beyond the law and should be treated as international pariahs.
@ 10 Geoff-
May 28th, 2014 - 08:38 pm - Link - Report abuse 0Precisely.
Bolivia and others will use whatever means and methods to win or stall. When they win, they use EU or US judicial systems.
When they lose or believe they will lose, they pull out of the International process, stating that they “ no longer recognize ” said courts ( Venezuela ), or some hastily drafted bill, pushed by the “ El Supremo ” sitting in power, that states “ local courts will resolve such matters. ”
Despite whatever was agreed to in the original contracts.
@8 ChrisR
May 29th, 2014 - 09:34 pm - Link - Report abuse 0“Where will he get the money once he is ostracised by the international investment community?”
He charges landing fees to the dung flies at $10 a pop ?
Have you seen how many flies can land on a cowpat?
@ 12 Pete Bog
May 30th, 2014 - 05:59 pm - Link - Report abuse 0“Have you seen how many flies can land on a cowpat?”
Oh yes!
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