Exxon Mobil (NYSE:XOM) was happy with the decision from an international arbitration panel which moved them a step closer to being compensated from the theft of their assets by Venezuelan President Hugo Chavez, who nationalized them.
At this stage, what was decided was that the process was valid and Exxon could go forward with the claims process. In other words, it dealt solely with issues of jurisdiction in the matter and nothing else.
"The message to companies facing host-state interference with their assets is clear: cases associated with foreign investors like Exxon can gain the protection of international treaty law," said James Loftis, a partner in the international litigation practice at Vinson & Elkins.
In going forward, the amount of damages, along with the merit of the claims of Exxon are still to be determined, and the next part of the process will be to determine whether or not Venezuela will have to pay Exxon for confiscating their assets held in the country.
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