A group of shareholders of the Chevron, the third largest company in the United States has begun to reclaim the company to reach an agreement with the natives of Ecuador who claim a multimillion-dollar compensation for an oil spill in the Amazon. Chevron held its shareholder meeting Wednesday in San Ramon, California.
As revealed by the Wall Street Journal, Thomas P. DiNapoli, manager of an investment fund in New York of $ 140 million, sent a letter to Chevron in which he said: "It's time for Chevron to face reality. The effects of this appalling and uncontrolled pollution in the Amazon are still unsolved today.
" "Investors get no benefit from this legal drama without end." The letter also signed by other major funding. The case goes back nearly four decades ago. The oil company Texaco (bought by Chevron in 2000) operated for 25 years in the Ecuadorian Amazon. When he retired in 1990, hundreds of wells left outdoors with toxic sludge draining into rivers of living at least five Indian tribes.
A group of inhabitants of these places sued Chevron in 1993. After Ecuador refer the case to a judge in New York, a local court sentenced on 14 February at the oil company to pay 8,500 million dollars, the most expensive fine in history for an environmental crime. Chevron continues to litigate in a New York court to stop the execution of the sentence.
"Chevron believes that reaching agreement on a fraudulent claim of interest to our shareholders," the company said in a statement. The NGO Amazon Watch, quoted by Efe, said that indigenous communities were present at the shareholder meeting and demand starred much of the session. 
As revealed by the Wall Street Journal, Thomas P. DiNapoli, manager of an investment fund in New York of $ 140 million, sent a letter to Chevron in which he said: "It's time for Chevron to face reality. The effects of this appalling and uncontrolled pollution in the Amazon are still unsolved today.
" "Investors get no benefit from this legal drama without end." The letter also signed by other major funding. The case goes back nearly four decades ago. The oil company Texaco (bought by Chevron in 2000) operated for 25 years in the Ecuadorian Amazon. When he retired in 1990, hundreds of wells left outdoors with toxic sludge draining into rivers of living at least five Indian tribes.
A group of inhabitants of these places sued Chevron in 1993. After Ecuador refer the case to a judge in New York, a local court sentenced on 14 February at the oil company to pay 8,500 million dollars, the most expensive fine in history for an environmental crime. Chevron continues to litigate in a New York court to stop the execution of the sentence.
"Chevron believes that reaching agreement on a fraudulent claim of interest to our shareholders," the company said in a statement. The NGO Amazon Watch, quoted by Efe, said that indigenous communities were present at the shareholder meeting and demand starred much of the session.
- Chevron Feels the Heat: Annual Shareholder Meeting Brings Huge Protests For Oil Giant's Abuses Around the World (26/05/2011)
- "Ecuador: DiNapoli To Chevron - Resolve Amazon Lawsuit" and related posts (25/05/2011)
- Chevron Holders Urge Company To Resolve Ecuador Litigation (25/05/2011)
- Chevron Annual Meeting Protestors Demonstrate Ties to Madoff-style Ponzi Scheme, Ecuador Lawsuit True Cost of Chevron Campaign Is Part of Fraudulent Lawsuit by Plaintiffs Against Chevron (25/05/2011)
- More than a Lawsuit: A Circle of Political Pressure Against Chevron (25/05/2011)
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