LatinNews Daily - 27 September 2018

A Uruguayan court has ordered Uruguay’s state-owned oil firm Ancap to pay US$5.6m in compensation to Paraguayan firm Exor International Ltd, over a breach of contract case. The case dates back to 2012 when Ancap signed a contract with Exor, a financial intermediary firm, under which Exor was to help it settle the debt that Ancap had with Venezuela’s state-owned oil firm, Pdvsa. However, after the start of the negotiations with Pdvsa, Ancap decided to sever its contract with Exor and negotiate directly with the Venezuelan firm. Exor filed a lawsuit against Ancap in March 2017 and Judge Waldemar Aguirre has now ruled in favour of the Paraguayan firm after concluding that Ancap settled its debt with Pdvsa on “similar terms as those proposed by Exor, taking advantage of Exor’s know-how”.

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