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Article: Venezuela praises British judge's ruling against Exxon Mobil asset freeze
- Article from:
- AP Worldstream
- Article date:
- March 18, 2008
- Author:
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A British judge ruled against Exxon Mobil Corp. on Tuesday, tossing out an order to freeze US$12 billion (7.6 billion) in assets that belong to Venezuela's state oil company in a case that stems from the nationalization of a joint oil project last year.
Such freezing orders are rare and occur in cases where there is "usually compelling evidence of serious international fraud," Judge Paul Walker ruled.
"In the present case, there is no suggestion whatever of fraud on the part of (Petroleos de Venezuela SA) or any entity or person associated with it," Walker said in a summary of conclusions released by the court.
During proceedings, Walker also signaled ...