I've been following the different cases against VZ and have seen VZ try and use sovereignty as a reason they can do what they want. Ifeelyellow posted this:
Bernard Mommer: ICSID decided on matters not referred to it
Caracas, 06 Sep. AVN. - The Governor of Venezuela to the Organization of Petroleum Exporting Countries (OPEC), Bernar Mommer, said the International Centre for Settlement of Investment Disputes (ICSID) decided on an aspect not raised to sue ConocoPhillips Venezuela court.
The transnational oil company sought compensation, royalties and repairs an amount exceeding the 30 billion dollars when he refused to migrate their agreement to participate in the Orinoco Oil Belt, nationalized in 2007.
In this sense, the ICSID tribunal, composed of three judges, issued on Tuesday a decision recognizing the right of the Venezuelan government to invoke national jurisdiction, as well as to establish a favorable tax scheme to the nation, and has been increasing the amounts of royalties and income tax (income tax) paid by foreign oil companies in the country. However, the court ruled that Venezuela "failed in its duty to bargain in good faith" and for that reason the nationalization of the Orinoco Oil Belt is illegal.
Maybe no_bear could speak to this better but IMHO when Kry transferred their right to the property for an Operating contract we eliminated the whole debate about sovereignty. Our case boils down to be a breach of contract. I don't see our case taking as long as some of the other case.
JJ
