Uncle Hugo seizes property again

[funk de fino]

Hugo seizes rigs belonging to a service company. They were in dispute about millions in payments being owed to the company from the state oil company so Chavez decides to seize the rigs.

http://www.thestreet.com/_yahoo/story/10791174/1/venezuelas-chavez-seizes-helmerich-rigs.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA

Helmerich & Payne issued a press release on Thursday indicating that it was surprised by the sudden seizure of its oil rigs.

http://www.reuters.com/article/idAFSGE65N0J720100625?rpc=44

"Our dispute with PDVSA has never been very complicated and our position has remained clear: We simply wanted to be paid for work already performed," Chief Executive Hans Helmerich said in a statement.

Don't we all Hugo. Don't we all.

 

[Childlike Empress]

If they aren't satisfied with the compensation they'll get, they can go to court, like ExxonMobil did. Noticed that one, funk?

Merida, June 14th 2010 (Venezuelanalysis.com) – Last Thursday the International Centre for Settlement of Investment Disputes (ICSID) ruled in favour of the Bolivarian Republic of Venezuela in the lawsuit against it by Exxon Mobil, which was filing for higher compensation following the nationalisation of its share of an Orinoco Oil Belt project. Also, on Sunday, President Hugo Chavez called for the formation of Socialist Petro-Industrial Bases.

The decision by the ICSID tribunal, a World Bank institution based in Washington that arbitrates investment disputes between member countries and individual investors, was the first ruling since the case began in 2008, following a series of claims and responses by the two parties. [...]

 

[McHrozni]

If they aren't satisfied with the compensation they'll get, they can go to court, like ExxonMobil did. Noticed that one, funk?

Ehm. You probably missed this part of the article.

On Thursday, the ICSID Tribunal concluded it had no jurisdiction over the claims of Mobil Corporation. The court ruled that ExxonMobil could not make the claim on the basis of Article 22 of the Investment Law of Venezuela, and therefore there was no basis for jurisdiction.

The court stated it had no jurisdiction over the claim, not that Hugo (or Exxon, true) was in any way correct.

Hugo certainly makes use of the lowliest possible tactics. Don't pay an oil company for their work, and when they cease their work for you accuse them of idling and seize their equipment. It's kind of difficult to get lower than that, but there are still people who are of an opinion (certainly not think) that he's somehow good for his country.

McHrozni

 

[DC]

 

[funk de fino]

If they aren't satisfied with the compensation they'll get, they can go to court, like ExxonMobil did. Noticed that one, funk?

He is owe them and other companies billions of dollars. When the company tries to get paid. He steals their rigs. They offered to sell them and heard nothing until he seized tem. That is good business practice eh. Seize first and pay up later.

You really ought to stop using that bias site.

Also. Epic fail number ?

On Thursday, the ICSID Tribunal concluded it had no jurisdiction over the claims of Mobil Corporation. The court ruled that ExxonMobil could not make the claim on the basis of Article 22 of the Investment Law of Venezuela, and therefore there was no basis for jurisdiction.

“Venezuela sees this as a favourable decision, though we’re aware that the trial doesn’t end here,” he said.

Exxon are still looking for more money. Hugo is not out of the woods yet.

 

[funk de fino]

Lets hope we can still be friends at the end of this thread

 

[Childlike Empress]

Ehm. You probably missed this part of the article.

No, i didn't.

 

[DC]

Lets hope we can still be friends at the end of this thread

you are off the ignore now

btw i didnt plan to defend the theft of oil rigs in this case

ETA: But im pretty sure McHronzi will make false claims soon, so i have to step in then

 

[McHrozni]

No, i didn't.

Oh, well then you just deliberately misrepresented what the article said. Or lied in our faces, if you prefer a more blunt wording. Good to know.
What is sad is that you needed to severely misrepresent an article Hugo's rag to get something marginally supportive for him. Yes, it's getting this bad down there.

McHrozni

 

[Childlike Empress]

I posted the first two paragraphs of an article and indicated that this was not the complete text. I assumed funk was able to follow the link and read the article. Drama queens.

 

[Giggywig]

No, i didn't.

If you didn't miss it, then why did you bring up the case? It's not a good example of the point you were making. It's a horrendous example. A good example of the opposite viewpoint, in fact.

 

[DC]

If you didn't miss it, then why did you bring up the case? It's not a good example of the point you were making. It's a horrendous example. A good example of the opposite viewpoint, in fact.

its not in favor of anyone, and the writers of the article see it as a favorable ruling for Venezuela. how is that an example for the oppiste side?

 

[Childlike Empress]

Ehm, "the trial doesn't end here". I did not claim it did.

 

[WildCat]

If you didn't miss it, then why did you bring up the case? It's not a good example of the point you were making. It's a horrendous example. A good example of the opposite viewpoint, in fact.

The lengths Dear Leader's apologists will go to in order to defend him...

 

[Giggywig]

its not in favor of anyone, and the writers of the article see it as a favorable ruling for Venezuela. how is that an example for the oppiste side?

The point I understood CE was trying to make was that foreign companies had recourse if their property was seized. The ruling shows that the avenue taken by Exxon is indeed no recourse at all, since the court did not have jurisdiction. If there is indeed recourse, that article does not show it.

 

[Virus]

Yep and Uncle Hugo has become buddies with the mass-murder and terrorist thug Basshar Assad:

http://www.google.com/hostednews/afp/article/ALeqM5gzdO0BMUS2pRKH7PRjoDiJHXGtow

"Our calling is to play a key role in freeing the world (by fighting) against imperialism, against capitalist and neoliberal hegemony that today threatens the survival of the human race," Chavez said.

So Mr Hugo and his dump economy and Mr Assad and his dump economy plus terrorist proxies killing Lebanese, Israelis and Iraqis are going to save us from capitalism. Thanks but no thanks.

 

[funk de fino]

The point I understood CE was trying to make was that foreign companies had recourse if their property was seized. The ruling shows that the avenue taken by Exxon is indeed no recourse at all, since the court did not have jurisdiction. If there is indeed recourse, that article does not show it.

It was indeed exactly what CE was trying to intimate. Picking the part that had "ruled in favour" of Hugo.

They ruled they had no jurisdiction and companies who have had products, property or economic value stolen by Hugo cannot get a fair deal it seems. This only makes Hugo look worse.

It seems to be, if you are owe billions, you just do not pay it and take what they own and then refuse to cooperate with the company and refuse to pay them a fair price. This company even offered to sell the rigs to Hugo. He just went ahead and seized them.

 

[ravdin]

When law and order breaks down on a small scale and people use the opportunity to seize whatever goods they want, we call it "looting". When Hugo Chavez and his thugs do it, the papers refer to it as "nationalization".

 

[DC]

When law and order breaks down on a small scale and people use the opportunity to seize whatever goods they want, we call it "looting". When Hugo Chavez and his thugs do it, the papers refer to it as "nationalization".

Usually looters don't give the lootet stuff to the Nation / the people.

if he stole things for him personally it could be considered looting, but as they are indeed Nationalizations, it is normal for newspapers call it Nationalization.

one might see them as unjustified Nationalizations others see them as justified, but they are in fact still Nationalizations.

 

[NoScotsman]

And Chavez wonders why he can get investment capital into Venezuela ...

Maybe his buddies in Iran, North Korea, and Sudan can lend him some money.