News

Florida court confirms arbitration award in Ecuador bribery dispute

30 May 2018

A Florida court has confirmed an award at the International Centre for Dispute Resolution (ICDR) that rescinded an Australian company’s purchase of an Ecuadorean engineering consultancy in light of evidence that the sellers had engaged in a “far-reaching and intricate bribery scheme” to procure government contracts.

Peru joins Colombia in Andean antitrust leniency fight

25 May 2018

Peru’s competition authority has joined Colombia’s in opposing two Andean regional bodies that may punish companies that had been granted leniency in those bodies’ member countries.

Antitrust leniency fight divides Colombia from regional body

Antitrust leniency fight divides Colombia from regional body

17 May 2018

The General Secretariat of the Andean Community should close its investigation into an alleged soft paper cartel and not fine companies that already have been granted leniency in its member countries, Colombia’s antitrust authority has said.

Ferrere helps US airline with Ecuadorean launch

01 May 2018

Ferrere (Ecuador) has helped US commercial airline Spirit launch a new route between the US and Ecuador as part of the latter’s continued commitment to its open skies policy.  

Fintech fund invests in LatAm cloud market

18 April 2018

Shoosmiths in Birmingham and Galicia Abogados in Mexico City have helped local financial technology venture capital fund Dalus Capital invest in Latin American Google cloud consulting company Xertica for US$6.5 million.

Colombian hygiene company makes third acquisition in five months

Colombian hygiene company makes third acquisition in five months

18 April 2018

CorralRosales has helped Colombian hygiene company Grupo Familia acquire its Ecuadorian counterpart Industrial Papelera Ecuatoriana (Impaecsa).

US secures second guilty plea in Ecuador bribery case

17 April 2018

Marcelo Reyes Lopez, a former executive of state-owned oil company PetroEcuador, pleaded guilty on 10 April to one count of conspiracy to commit money laundering, according to a court docket entry.

Ecuador hit with claim over oilfield

16 April 2018

A Singaporean company has brought an United Nations Commission on International Trade Law (UNCITRAL) claim against Ecuador under a contract for the development of an Amazon oilfield at the centre of a controversy implicating the country’s disgraced former vice president Jorge Glas.

ExxonMobil divests Andean downstream assets

ExxonMobil divests Andean downstream assets

12 April 2018

Simpson Thacher & Barlett LLP in New York and Palo Alto; the Bogotá offices of Posse Herrera Ruiz; MBCR - Márquez, Barrera, Castañeda & Ramírez, Esguerra Asesores Jurídicos and Brigard Urrutia; Miranda & Amado Abogados in Lima; and CorralRosales in Quito have helped a subsidiary of Chilean petrol station owner COPEC acquire various downstream assets from ExxonMobil for US$715 million.

Ex PetroEcuador official pleads guilty in US bribery case

Ex PetroEcuador official pleads guilty in US bribery case

10 April 2018

A former official of state-owned oil company PetroEcuador has admitted to laundering bribe money through offshore shell companies, one of which is listed in the Panama Papers.